How Long Will You Have to Wait for An Appraisal?

So, finally you have found your dream nest, got it inspected by an expert and successfully done negotiations. Finally, your request for a home mortgage loan has been preapproved. You have now got the fully furnished sales contract for your new nest. What Next? A Home Appraisal!

You will need a home appraisal as soon as you receive a mortgage loan. The appraisal process is not always smooth. But as a buyer, you should know why it is important in the entire process.

 

If you are buying a home for the first time, you might not be aware of the steps until you’re involved in the process. It helps if you prepare yourself for the home appraisal procedure and know beforehand how long it will take.

 

How Long Will It Take?

 

Most appraisers take 1-3 hours to inspect a home physically. However, some appraisals can take less than an hour. In some cases, it may go up to a week or two to present the final appraisal report.

 

After the appraisers from the commercial real estate agents in Phoenix visit the property, they will try to know about the comparable homes on sale in the locality. They include all the details about what they found during their inspection, in the appraisal report.

An appraisal, depending on the professional’s work pressure and current housing market in your locality, can take longer. A few factors including the size and complications of the property affect the duration of appraisal.

What Is An Appraisal? Why Is It Needed?

A home appraisal is an accurate and unbiased estimate of the value of a real estate property, done by a licensed appraiser.

You should need a home appraisal for the following reasons:

⮚  First, the mortgage lender, who has sanctioned a loan for your home purchase, will most likely ask for an appraisal. As an appraisal projects an estimate of the real estate property value at the current market price, it will give the lender an assurance that lending money for such a purpose is worth it.

⮚  An appraisal also ensures that you, as a borrower, are not paying more than what you should.

Who Orders Home Appraisal?

A mortgage company orders the appraisal after the home inspection is done and repair deals are finalized. The buyer has to bear the expenses for appraisal. There is no fixed cost for home appraisal; it depends on the size and complexity of the real estate property. The seller is allowed to be present but usually, their real estate agents step in on their behalf.

The agent, being a hardcore professional and knowledgeable person, is capable of answering any question shot by the appraiser or the team of appraisers. Once appraisal is done, you can proceed forward with a company and get the deal closed on your new house.

The appraisers usually check for any sign of damage in:

⮚  Foundation and roof

⮚  Walls and floors

They also inspect the quality of building materials and strength of construction. They take a note of the home’s dimension and other features including:

⮚  Age of home

⮚  Location

⮚  Total space (in square feet)

⮚  Number of bedrooms and bathrooms

⮚  Heating and cooling arrangement

⮚  Recent repairs and renovations (if any)

⮚  The surrounding area

After the appraisal report is complete, it is submitted to your lender. You can then go ahead for the closing process. It will be ultimately showing you some of the best ideas that will be lucrative enough to make it worthy. All you need here is the idea to make it a perfect deal.