1. Welcome to AppraisersForum.com, the premiere online community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Appraisal Turn Around Times

Discussion in 'Ask an Appraiser' started by John Robinson, Jul 18, 2011.

Thread Status:
Not open for further replies.
  1. John Robinson

    John Robinson New Member

    0
    Aug 8, 2007
    Professional Status:
    Banking/Mortgage Industry
    State:
    North Carolina
    I am interested in knowing if there is an 'industry standard' that has been set for appraisal turn times when it comes to the following reports:

    1. Residential
    2. Commercial - Complex
    3. Commercial - Non-Complex
     
  2. DMZwerg

    DMZwerg Senior Member

    0
    Mar 25, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Wisconsin
    How long does it take to build a house or building?

    Without additional factors as to the specific property in question no answer can really be given as the only "industry standard" I know of is "their is no standard". Every appraiser is different and every appraisal is different. Also, work load can vary, response times (from the county as well as real estate agents and other people that may have information the appraiser needs to find out, clarify or confirm). Even with residential appraisals complexity and situations may vary widely.

    So, what is the specific?
     
  3. Noreen

    Noreen Senior Member

    15
    Feb 5, 2011
    Professional Status:
    Certified Residential Appraiser
    State:
    New Hampshire
    I can only speak to residential, I am Certified and do High end and FHA assignments as well. The turn time is not about an address on a paper, it's about the complexity of an assignment. And depending where the "subject" is located, the complexity speaks more to lack of same/like/kind sales than to some artificial time frame arbitrarily set by a FNMA, perfect world cookie cutter neighborhood. There are towns here that have not had any recorded transfers since 4/30/2011. How does that fit with this "must have two sales within 90 days within a mile"???? We are lucky to have them within the town. There is a city here, right over the MA border that has a 43% foreclosure recording record. I have told my own clients "It is ugly out here". Your turn time speaks to the complexity of the assignment. Remember, the sooner we get these reports off our desks, the sooner we get our paycheck. We do not drag our feet, we are more than likely tearing our hair out trying to do the job the right way.
     
  4. Scott R Marshall

    Scott R Marshall Senior Member

    0
    Dec 14, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    To answer briefly, no there is no standard. Every assignment is unique. How unique is the subject property and the subject propertys market. How knowledgeable is the appraiser of the market area. Have they performed 15 appraisal in the market area in the last 12 months or the last 12 years? No real definitive answer to give you but a week for most residential assignments is normally sufficient although, as mentioned, there are exceptions. I do not do commercial work so I can't help you there.
     
  5. Michigan CG

    Michigan CG Moderator Staff Member Moderator

    218
    Nov 1, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Michigan
    Typical turn time for residential appraisals is typically a week. I do not accept any assignments with a turn time under a week.

    For non-complex commercial it is 3-4 weeks. For complex commercial I once had a six month contract.
     
  6. Tom Woolford

    Tom Woolford Elite Member

    34
    Nov 20, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Turn time is a function of complexity and work load. A cookie cutter in slow times can be two days. Complex when busy can be ten days. There is no "rule".
     
  7. The Argus

    The Argus Member

    0
    Feb 15, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    A week is pretty reasonable for my market (although it can take longer based on many of the variables above). A week is not a particulary long period of time considering that many residential appraisal assignments are used to decide whether or not to loan a lot of money for a 1,560 week period.

    Some in the lending community may disagree with this since the onslaught of amc activity has served to commodotize and marginalize what it is that we do as appraisers. What we do is still very important to the function of real estate markets.
     
  8. Mile High Trout

    Mile High Trout Elite Member

    11
    Feb 13, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Quick turn times is a product of competition in the marketplace for lenders.

    What does the lender want more of: Quality well developed service or quick turn times? They become apart when appraisers must abide amazingly quick turn times to attain work. Sometimes it takes longer and single or multiple instances of that should not cost appraisers future work.

    Residential - 2 weeks.
     
    Last edited: Jul 19, 2011
  9. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    316
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    PRICE
    QUALITY
    TIME

    Pick 2 and I will vary the other :)

    I take no residential work that has to be done inside 2 weeks and no commercial that has to be done in less than 3 to 4 weeks without a significant bonus involved.

    If you start putting people ahead in the rotation, then someone gets a 6 week report...and I have 8 folders at the desk right now...None can be finished in less that 10 hours actual work and I am awaiting 2 to call back that I called yesterday...
     
  10. Michael S

    Michael S Senior Member

    16
    Mar 18, 2009
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico
    Commercial typically 3-4 weeks. 2 weeks is possible if it's a repeat job and/or there's a lot of data available. That would entail a higher fee as well. Anything less than that is not really feasible.
     
Thread Status:
Not open for further replies.

Share This Page