The 5 Step Process to Getting an Appraisal for Real Estate in Everett, WA
Do you want to find the value of your home from an appraiser in Washington state? If so, you may be wondering how long it will take for a professional appraiser to evaluate the property. The answer depends on several factors:
Who is doing the appraisal? How many comparable sales are in your area? What type of property is it (single-family vs. multi-family)? In this blog post, we will explain what influences how long it takes an appraiser to complete their work and give you some tips to help ensure that everything goes smoothly.
To complete an appraisal, the mortgage lender must request it, the appraiser must schedule it, gather information about the home, and send the finished report back to the lender. It typically takes two to three days to a little over a week to complete all aspects of the process.
It should only take
to complete the appraisal process.
It may depend on the appraisal company you choose. Some of them take longer than others. The difference with North Sound Valuation is how quickly our valuation process takes to complete. Let’s look at the factors and estimate how appraisals work since it’s not just about the appraisal company.
The answer to the question depends on many factors. For example, suppose you are selling a luxury home that is highly sought after and has been on the market for a while in Seattle, it will take more time for an appraiser to complete their job because they need to gather and analyze a significant amount of data about the property. This process is completed much faster if you sell a smaller house in Everett with fewer complications and sales much closer to the subject. Like comparing apples to oranges, comparing houses in King County is quite different from a valuation in Snohomish or other counties in Washington.
A recent study performed by OREP says that each year the number of available appraisers decreases by 3%, so it may take time for a homeowner to find an appraiser quickly. The lack of professional valuation services may lead to delays lasting 2 to 3 weeks for homeowners and potential buyers of a house to receive a full report.
In addition to the specifics of your property and its location in Washington State, there are various reasons why an appraisal might take longer than expected:
- There’s been a lot of construction activity near these neighborhoods recently; this can affect how quickly appraisers are able – or willing – to complete their tasks before moving on with other projects.
- The seller hasn’t scheduled the site visit quickly; this prevents them from completing their assignment within reasonable deadlines.
- The size of the home. How many square feet is your property? The larger your property is, the longer it may take to appraise.
- The condition of the home. Are there any major repairs or renovations you’re planning on making? If so, this can affect how long your appraisal process takes since it requires more time and effort from an appraiser than a standard assessment would require.
- Where in Washington State do you live, and what type of market conditions exist in that area at that moment (e.g., whether or not homes are selling fast)?
- The appraiser will inspect your home and develop an opinion of its value as determined by the state laws.
Time approximation of Real Estate Valuations
- Your lender will order an appraisal from a licensed third-party professional. The appraiser has 24-48 hours to respond to the lender.
- Appraisals generally take 48 hours to process, so you’ll get a response within two business days of your initial outreach. The actual appointment date will be dependent on your and the appraiser’s availability.
- You’ll make an appointment with the appraiser to come to your home. The appraiser conducts a field inspection, also known as a physical inspection, which can take 20 minutes to 3 hours.
- The appraiser will pull comparable homes to factor into their valuation, which takes less than an hour.
- Your appraiser compiles their findings into an appraisal report, typically 10 – 20 pages long. With the speed of technology and top-of-the-line equipment, you may get your report the same or the next day.
Appraisals can often be done within a day or even a few hours. As long as you have all the necessary information and the appraiser has access to your home, an appraisal can be completed quickly.
If you need an appraisal for financing purposes, it’s important to know how long such a process takes so that you don’t miss any closing dates.
If your lender says they want an appraisal by Friday afternoon, but it takes two weeks for them to receive one from their preferred appraiser, then there’s no need for concern—they’ll simply give you more time before calling in their next commitment fee or extending their deadline.
Related article: What to Look for in a Home Appraiser for Best Real Estate Valuation Services