How long does it take for the bank to get an appraisal report?

Asked by Primatanya, 08816 Thu May 7, 2009

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13
Susana Trevi…, , Philadelphia, PA
Wed Jul 18, 2012
How long after the bank receives the appraisal report does it take to approve the loan?
1 vote
John DeMars, Agent, West Orange, NJ
Thu May 7, 2009
Without knowing your particular situation. (Purchase, Refinance, FHA etc) Depending on the Bank and several other factors it could take up to a week or more. Normaly the bank will place the order for the appraisal. The order will be assigned to an appraiser. The appraiser has to make an appointment and do the inspection at the property. This can take a few days. Once the inspection is completed the appraiser has to gather all of the data needed for the report. Usually the report is submitted back to the bank within a day or two of the inspection. The appraisal report is then reviewed by an underwriter before being approved. Without any outside factors the bank should have the appraisal within a week. Any further questions please ask.
Web Reference:  http://www.JohnDeMars.com
1 vote
the appraiser did site inspection 2 weeks ago and has not sent any reports or feedback in any way to the bank's underwriters or my realtor. does this mean something is wrong this property,it has had only two owners since it was built and they took fairly good care of it, a lot better than the others I looked at.
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Sandra Patti, Agent, Hillsborough, NJ
Mon May 18, 2015
Generally should take the bank less than 2 weeks to turn around once the appraisal is done; usually less. Sometimes, just 7-10 days.
0 votes
Dlhowell998, Home Buyer, Franklin Park, NJ
Wed Aug 29, 2012
A long time...

Had an appraisal ordered for a conventional loan in the Austin area for a rural property. Was accepted by an appraiser a few days after being ordered (Tues), 4 days later (Friday afternoon) that appraiser declined the job. The next appraiser accepted the job the following Wednesday and visited the property for the inspection on Friday. Was told the report would be complete by the following Friday. Nothing. We are now Wednesday of the following week and still nothing.

Oh - and this was a "rush job" with pay of $600 for the appraisal because of previous VA appraisal issue where the appraisal was unusable. In all, we have been trying to get a usable appraisal of this property for over 2 months now.
0 votes
Bill Eckler, Agent, Venice, FL
Sat Aug 25, 2012
Hi Tanya,

Typically 2-5 days but when working through a lender this term is highly dependent upon their sense of urgency. If they sit on making the request, it could take considerably longer.......

Bill
0 votes
Out and About, Home Seller, New Jersey
Sat Aug 25, 2012
have appraisals been coming in more favorably than in recent years?
0 votes
Ben Wooten, Agent, Copperas Cove, TX
Wed Jul 18, 2012
Appraisers are typically required to provide a report within 10 days.

You pay for the appraisal. The lender will provide you with a copy upon request.

Once the lender has the appraisal, the amount of time required to complete loan processing and close is extremely variable and lender-specific. Details of your "deal" and the lender's workload have an impact.
0 votes
Christopher…, Agent, Tarrytown, NY
Wed Jul 18, 2012
It can take anywhere from 48 hours to a week for the appraiser to turn the report around. The report then goes to underwriting where they carefully look it over. As long as they dont challenge anything in the report the deal continues to move smoothly.

Chris
0 votes
Ron Thomas, Agent, Fresno, CA
Tue Jun 19, 2012
I am surprised that no one has told you:

The answer to your question is; maybe never!

Although you are paying for the Appraisal; the Bank does not normally share it with you.
The Bank needs the Appraisal to make sure that their Loan to you is covered.
And the Appraiser is actually selected by and working for THE BANK.

You can ask them.....
0 votes
Dominica86, Home Buyer, North Carolina
Tue Jun 19, 2012
I was told that my appraisal would be done on Monday and I would have my results by now..How long does it normally take to get an appraisal back?
0 votes
Ruth Bonapace, , 07030
Sun May 10, 2009
At my company it takes anywhere from a few days to a week after the appraiser goes to the property.
Ruth Bonapace
mortgage specialist
ruthbonapace@gmail.com
0 votes
Vicky Chrisn…, Agent, Purcellvile, VA
Thu May 7, 2009
allow 30 days - new changes are delaying this process.
0 votes
John Sacktig, Agent, New Jersey, NJ
Thu May 7, 2009
Two sided question...

One.. after the apprasial report is ordered, depending upon the bank, it could be a week to get the appraiser into the property and it could happen within a 48 hours ( very rare)

Two.. if the appraisal has just been done.. you are at the mercy of the apprasier and his/her schedule, when they get back to the office complete the data entry and send it to the bank.. I have seen 48 hours and I have seen10 days... also depends on the appraiser and performance.
0 votes
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