As a homebuyer or home seller, it’s essential to be knowledgeable of the appraisal processes, as it’s one of the final steps during the closing of a home. By understanding the factors affecting how long an appraisal may take, proactive steps can be taken to make sure this process goes according to plan.
Home appraisals are done by lenders to see if your home is worth the loan amount you’re requesting to complete the homebuying process. Typically, the appraisal process can take around 1 to 2 weeks but when the market is busy, an appraisal can take upwards of about a month.
When a home doesn’t meet certain standards, and the appraised value comes in lower than the asking price, issues can arise. When this happens, a lender may require repairs to be made on the property and then for an additional appraisal report to be submitted.
In addition, if the market in the area you wish to purchase a property in is busy, the home appraisal process may take longer if there is a lack of appraisers available.
If the appraised value comes in lower than the asking price, either the difference needs to be met, or an additional appraisal needs to be done for the mortgage loan to be approved.
However, once the appraisal is approved, the mortgage lender then starts the underwriting process, in which a mortgage underwriter ensures needed documents and conditions are placed before issuing the loan.
During this process, they examine the borrower's credit, debt-to-loan ratio and other relevant factors to make sure the borrower is fit for a mortgage loan.
A home appraisal is a vital step of the home buying journey, so it pays off to work closely with a lender to explore your options to solidify a smooth appraisal process.
Buying and selling real estate isn't a do-it-yourself endeavor. You need a home pricing expert, a skilled negotiator, and someone who's been trained and inspired by the best in the business. With over 30 years of experience in both real estate and the customer service industries, Nicki truly puts her clients first.
While the Binghamton area was where she was born and raised, she knew the Capital Region was the perfect place to raise her 2 sons. Since travel sports were a large part of their lives, there isn't a town from Albany, Columbia, Greene, Rensselaer, and Saratoga Counties she isn't familiar with.
Her core values in her commitment to her clients are integrity, hard work, and specialized attention to every aspect of the home buying process. She prides herself in being an innovative thinker, coming up with creative and practical solutions for her clients. Whether you are buying your first home, ready to expand, or downsizing she would love to help you reach your real estate goals! Welcome Nicki!
