How long does it take to complete an appraisal on average?

[Jacob Coleman]

Whenever I ordered an appraisal before purchasing a property, I usually could get the report within a day or two. I always wonder how much time an appraiser really put into my appraisal report and what the actual steps involved are.

So last week, I did a survey asking appraisers how long it takes them to complete a full appraisal on average. Assume this is for a simple house and not a desktop appraisal. Many of them answered 5 to 7 hours. Is that the average time for you as well?

I also connected with an experienced Certified General Appraiser in Michigan, where he shared the workflow of a recent appraisal he completed, the steps from start to finish, and the time it takes for each step.

I though it would be a good idea to share my finding here. You can find the case study and the poll result in this blog post.

I hope it helps.

 

[jay trotta]

In my area, 5-8 hrs. would be typical - complex 10-16 hrs, as always it depends.

 

[glenn walker]

Whenever I ordered an appraisal before purchasing a property, I usually could get the report within a day or two. I always wonder how much time an appraiser really put into my appraisal report and what the actual steps involved are.

So last week, I did a survey asking appraisers how long it takes them to complete a full appraisal on average. Assume this is for a simple house and not a desktop appraisal. Many of them answered 5 to 7 hours. Is that the average time for you as well?

I also connected with an experienced Certified General Appraiser in Michigan, where he shared the workflow of a recent appraisal he completed, the steps from start to finish, and the time it takes for each step.

I though it would be a good idea to share my finding here. You can find the case study and the poll result in this blog post.

I hope it helps.

Depending on where you are in California, I could be on freeways 1.5 hours each way, 40 minutes driving by comparable sales , so all in all usually 7 to 8 hours start to finish.

 

[Joe Flacco]

I average about 4-5 per week and including non-billable hours I probably work 50-60 hours per week.

 

[Bobby Bucks]

This is a topic that has been around for years and won’t go away. I’ve always thought the question “How long does it take to complete an appraisal?” is about as useful as a survey asking “How long does it take to mow a lawn?” The average amount of time is only of interest to AMCs and those afflicted with widget erotica, appraisals are not widgets no matter how much some segments of the industry have attempted to make them so.

 

[Tim Hicks (Texas)]

It takes less than the time it takes the mortgage company to order the appraisal and less than the time it takes to underwrite the appraisal. Yet, appraisals turn times are what they concentrate on eliminating.

 

[Fernando]

It depends on each appraisal. If it's under appraiser's control, could be as within few days.
If have to wait for docs or info from client or management company, will take longer.

 

[Terrel L. Shields]

Tim's estimate is pretty much typical but for us rural appraisers - I can spend 4-5 hours getting to the place, taking pix, both comp and subject, inspection and get back home - my average is about 20-30 one way. Then figuring 2-3 hours crunching the numbers. And completing the report (narrative) is about 2-4 hours more. With a backlog of work, I usually can get the report out the door within 2 weeks of accepting the assignment.

 

[Tiffany Gibbons]

Whenever I ordered an appraisal before purchasing a property, I usually could get the report within a day or two. I always wonder how much time an appraiser really put into my appraisal report and what the actual steps involved are.

So last week, I did a survey asking appraisers how long it takes them to complete a full appraisal on average. Assume this is for a simple house and not a desktop appraisal. Many of them answered 5 to 7 hours. Is that the average time for you as well?

I also connected with an experienced Certified General Appraiser in Michigan, where he shared the workflow of a recent appraisal he completed, the steps from start to finish, and the time it takes for each step.

I though it would be a good idea to share my finding here. You can find the case study and the poll result in this blog post.

I hope it helps.

Is this assuming the Lender gives you the correct information to gain access to the home? I just spent a week chasing down the wrong agent (house an estate sale, not listed) given to me by the Lender. She gave me the right agent for the attorney handling the estate, 2 days chasing him to finally get in a vacant home one week later. Due to repairs, it will not be a quickie.

 

[Tiffany Gibbons]

It takes less than the time it takes the mortgage company to order the appraisal and less than the time it takes to underwrite the appraisal. Yet, appraisals turn times are what they concentrate on eliminating.

Seems to take 30 days to close, even if I get the report turned in 24 hours later.