Home Buying in Las Vegas>Question Details

baldyhomey, Home Buyer in La Grange Park, IL

how long it takes to get home apraisal after it is done?

Asked by baldyhomey, La Grange Park, IL Fri May 9, 2014

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Hi BaldyHomey,

The short answer is, usually after the appraiser has visited the home, it can be anywhere from one to five days depending on how much research the appraiser did in advance. It also depends on how busy the appraiser is, and, if it is a VA loan, they usually take a bit longer.

But I thought it might be helpful (and fun!) for you to understand the appraisal ordering process for the lender. Since the mortgage meltdown scandals, lenders are not allowed to call just any appraiser any more. They have to order an appraisal through a 3rd party "appraisal management company" and the lender is NEVER allowed to talk to the assigned appraiser. The 3rd party appraisal management company then sends out a "blast" to all the appraisers on its list to find out who can complete the appraisal in the speediest time and for the lowest cost.

That's right, the lowest cost! The price of the appraisal might be set at $450 to the borrower. But when the appraisers respond to the the appraisal management company's blast, one appraiser might offer to do the appraisal for $300 and another might offer to do it for $200. The appraisal management company gets to keep the difference, so they will naturally hire the cheapest appraiser if he/she can do the job as quickly as the more expensive one can.

Unfortunately, this discourages the most competent appraisers from even becoming part of these appraisal management services. And explains why there can be such a wide variation in value between one appraiser and another on the same property! We recently had one appraiser give a $210k value to a property that was under contract for $250k. And the appraiser refused to give a "reconsideration" even when we supplied much more valid comparable sales to him. Fortunately the buyer was getting a conventional loan and really wanted the house, so they switched lenders. The second appraiser went out and gave a $265k value to the same house! (That was exactly in line with what both agents felt the home was worth in the first place.)

Just keep in mind that an appraisal is an opinion of value that is supported by comparable sales. But it really does matter how good the appraiser is and how they interpret those comparable sales to arrive at a value.

Diann Tonnesen
Berkshire Hathaway Home Services
702-985-7654
sold@greatlasvegashomes.com

The Tonnesen Team - with over 30 years of experience helping families call Las Vegas "home!"
0 votes Thank Flag Link Sat May 17, 2014
It depends on the appraisal company, but my AMC (Appraisal Management Company) has a 24-48 hr. turn around. Hope this helps.

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0 votes Thank Flag Link Mon May 12, 2014
Would say the 3-5 business day statement Hank made is the most accurate.
0 votes Thank Flag Link Sat May 10, 2014
Hello,...

If it is the lender's appraiser,... you should receive it within 3 - 5 business days.

If you are paying an appraiser directly as a consumer,... you can usually get it much faster...

I hope this helps....

Hank Lauzon III
Your Las Vegas Realtor

Signature Real Estate Group
9525 Hillwood Drive #120
Las Vegas, NV 89134

Cell 702-449-0899
Fax 702-799-9598

Web : http://www.HanksLVRealestate.com
Email: HankLVRealestate@aol.com
Facebook: http://www.Facebook.com/HanksLasVegasRealEstate

Never look down on anybody...unless you're helping them up.
0 votes Thank Flag Link Sat May 10, 2014
My Las Vegas Appraiser Has a 24 Hour Turnaround.

David Cooper. Let Me Find You a Great Foreclosure Deal. 20 Years Experience
READ MORE http://www.lasvegaswinner.org
0 votes Thank Flag Link Sat May 10, 2014
Baldy,
It normally takes 2-5 days depending on the inspector and how much research they did before going out to the house.
0 votes Thank Flag Link Fri May 9, 2014
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