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

[Fernando]

If want a 3-4 day turnaround, I charge a rush fee. I don't like to be rushed.

 

[Tiffany Gibbons]

If want a 3-4 day turnaround, I charge a rush fee. I don't like to be rushed.

I don't rush, I work up reports in the order I got into the house, as that is usually the hang up, though Lenders who have a record of fast payment upon receipt of the report do have a slight advantage over slow pay clients.

 

[Jacob Coleman]

If want a 3-4 day turnaround, I charge a rush fee. I don't like to be rushed.

Just curious, usually how much is the rush fee? like 10% to 15% of the appraisal fee?

 

[Tiffany Gibbons]

Just curious, usually how much is the rush fee? like 10% to 15% of the appraisal fee?

I was charged a full $100 extra on a cookie cutter subdivision house when we moved here 8 years ago, still took 5 days to turn around, 30 days to close, and the AMC pocketed the difference and didn't pay the appraiser, the appraiser's invoice was attached to the report, but we had to move, over a barrel, much the plight of anyone who moves for a job with no relocation assistance. Like everybody else.

 

[ramrcdk]

Just curious, usually how much is the rush fee? like 10% to 15% of the appraisal fee?

Hi Jacob, In writing your Time/Fee blog-article: it is all subjective and based on the "Subject". Are you asking for a Median?

 

[Jacob Coleman]

Hi Jacob, In writing your Time/Fee blog-article: it is all subjective and based on the "Subject". Are you asking for a Median?

Yep, just looking for the average time it takes to complete an appraisal. Just for a simple house, nothing complex.

 

[Fernando]

Client offered me extra $200 for me to complete an appraisal I just saw within 24 hours.
Hell Yes, they'll get it. Money talks.

 

[Tiffany Gibbons]

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.

Just spent 2 hours hunting for comps for a new "Barndomium" on 59 acres. VA refinance of construction loan. I actually found 3 in the County it's in, and 3 in adjacent counties. Lender helpfully sent over the original appraisal and he did same. I don't even know if it's actually finished yet. Just driving my comps will eat an entire day.

 

[Terrel L. Shields]

Just driving my comps will eat an entire day.

The best part of the job...at least until you go to fill up the tank It's 11 pm, and just sent in my second report of the day- one was a very simple mineral right - the other a report requiring as is and as proposed (remodeling) and I got more for the simple report than the not so simple report...go figure. I need a bookkeeper.

 

[Fernando]

Client offered me extra $200 for me to complete an appraisal I just saw within 24 hours.
Hell Yes, they'll get it. Money talks.

I was able to finished it before I went on vacation so it worked out.
I was afraid there might be stips but didn't bring my laptop.
Thank goodness. Report was accepted with no problems.