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  #1  
Old 07-18-2011, 06:14 PM
John Robinson John Robinson is offline
 
Join Date: Aug 2007
State: North Carolina
Professional Status: Banking/Mortgage Industry
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Default Appraisal Turn Around Times

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
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  #2  
Old 07-18-2011, 08:24 PM
DMZwerg's Avatar
DMZwerg DMZwerg is offline
 
Join Date: Mar 2009
State: Wisconsin
Professional Status: Certified Residential Appraiser
Posts: 4,485
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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?
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  #3  
Old 07-18-2011, 08:35 PM
Noreen Noreen is offline
 
Join Date: Feb 2011
State: New Hampshire
Professional Status: Certified Residential Appraiser
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Default

Quote:
Originally Posted by John Robinson View Post
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
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  
Old 07-18-2011, 09:08 PM
Scott R Marshall's Avatar
Scott R Marshall Scott R Marshall is offline
 
Join Date: Dec 2006
Location: Rio Rancho, NM
State: New Mexico
Professional Status: Certified Residential Appraiser
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Quote:
Originally Posted by John Robinson View Post
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
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  
Old 07-18-2011, 09:27 PM
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Michigan CG Michigan CG is offline
 
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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.
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  #6  
Old 07-18-2011, 09:43 PM
Tom Woolford Tom Woolford is offline
 
Join Date: Nov 2005
Location: Nature Coast
State: Florida
Professional Status: Certified Residential Appraiser
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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".
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  #7  
Old 07-18-2011, 11:12 PM
The Argus The Argus is offline
 
Join Date: Feb 2005
Location: The Mile High City
State: Colorado
Professional Status: Certified Residential Appraiser
Posts: 861
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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.
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  #8  
Old 07-19-2011, 03:30 PM
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Mile High Trout Mile High Trout is offline
 
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Location: -
State: Colorado
Professional Status: Certified Residential Appraiser
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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.
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Last edited by Mile High Trout : 07-19-2011 at 06:09 PM.
  #9  
Old 07-19-2011, 06:30 PM
Terrel L. Shields's Avatar
Terrel L. Shields Terrel L. Shields is offline
 
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Location: Springtown, AmeRica
State: Arkansas
Professional Status: Certified General Appraiser
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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...
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  #10  
Old 07-22-2011, 11:56 AM
Michael S Michael S is offline
 
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Location: Albuquerque
State: New Mexico
Professional Status: Certified General Appraiser
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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.
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