Your family is growing, and you finally decided that it’s time to sell your old house and start fresh somewhere in the suburbs. But this is not as easy as it sounds.
You need to take care of many things before you finally say “goodbye” to your old house, from finding a suitable real estate agent to having your home appraised. You hear all these terms, but you don’t know anything about them, and all you keep asking yourself is – how long does an appraisal inspection take?
We are here to help you with that. In this article, we will go through everything you need to know about the appraisal business, finding the right appraiser to inspect your house, how long this process is bound to last, and calculating how much money you should prepare.
So, buckle up, and let’s get down to business.
The Purpose Of Appraisal Inspection
If you want to sell your house, why do you have to get it appraised? Well, whether you like it or not, this is an obligatory procedure.
Appraisal inspection will measure your house’s value and some other significant factors like the overall condition of the house itself, the number of rooms inside the house, and any kind of work or upgrades that have been done before you decided to put it on the market.
Attention, this procedure isn’t just about the property of your house. It is also about the surroundings. The appraiser will most likely look at schools, shopping centers, and parks in your area.
We can conclude that this is by no means a one-day process.
The appraiser must convince the buyer that the appraised value matches the market one.
If he fails to do so, the buyer has three choices:
- Ask the seller to lower the price.
- Increase the amount of down payment.
- Get out of the deal.
Appraisal Inspection – Checklist
- The appraisal inspection can be divided into two main parts: the exterior and interior inspection.
- Here is what appraisers look for when inspecting your humble home.
- Exterior inspection:
- Overall land area
- Roof condition
- Landscape quality
- Garage type
- Pool quality (if there is one)
- Interior inspection:
- Number of bathrooms and bedrooms
- Type and quality of the basement
- Built-in appliances
- Electricity and plumbing
- General upkeep
- HVAC system
- Peeling paint
How To Prepare Your House For Appraisal Inspection?
If you want to sell your house and do it fast – you have to be prepared. What does this mean? Well, consider this appraisal inspection as your first live performance. If you present your house in the best light possible, it will be appraised quickly, and you will be half-way done with the process of selling your house.
So, what can you do?
When it comes to the interior part of the house, many things need to be double-checked.
Check if your electricity is good, make sure that your garage door opens automatically without any trouble, check the water flow, and take care of any possible plumbing issues and leaks in the kitchen and bathroom. You should also watch out for any cracks on the walls, quality of paint, etc.
Now, the outside. This can be fun and relaxing for someone who likes gardening. It’s all about the appearance.
Mow the lawn, trim the bushes, plant some beautiful flowers next to the entrance and paint the door in some fresh color. Remember to throw out any trash and remove laundry.
Please pay attention to detail, because they are not that small in the eye of the buyer!
How Long Does An Appraisal Inspection Take?
You are in a hurry to get everything done, and you are wondering how long will this take?
To be honest with you – this depends on the size of the house you are selling and the current situation on the market.
Getting your house appraised can take from a few days to a few weeks. In the worst-case scenario, you might be looking at a month or two.
The answer you are desperately waiting for also depends mainly on the market situation. If you get your response within 24 hours, you are a lucky guy.
We should also mention that there are situations in which your appraisal might be delayed. Yes, this happens from time to time. Unfortunately, there can be certain issues in gaining access to the property.
This is not your fault. The broker might be a little busier than usual and keeps delaying your appointment – but don’t worry – it will all come together as it should.
Find An Appropriate Appraiser – Tips
- If you are the first in your friend group that is selling a house and you don’t know what to look for in an appraiser, here are some useful tips for you:
- Look for someone with experience and a good reputation.
- Request some recommendations from the real estate agency.
- Ask a lot of questions.
- Talk to more than one appraiser.
- Work with an appraiser who has a certificate or license.
How Much Will I Pay For Appraisal Inspection?
Now that we have examined the appraisal inspection in detail and explained the process, let’s break down the numbers and prepare you for the upcoming costs:
The average appraisal inspection can cost you around $340, but this depends on many different factors. While single-family homes cost about $400, multi-family homes can empty your pocket by $1500.
Take into consideration the type of property that is for sale:
- Single-family home standard loan – $300 – $400
- VA single-family home – $400 – $500
- Multi-family home – $500 – $1000
- Apartment building – $1500 – $3000
- Commercial Properties – $1500 – $10000
- Raw Land – $1000 – $3000
To make this matter even closer to you, here are some appraisal inspection costs in towns near you:
- Georgia – $290 – $365
- Texas – $320 – $425
- Florida – $300 – $380
- Colorado – $340 – $495
- California – $300 – $400
- Nevada – $300 – $370
About appraisal feels – don’t worry – the buyer has to deal with them.
How Long Does An Appraisal Inspection Take – Conclusion
By reading this article, we went through everything you need to know about the appraisal business, finding a respectable appraiser, how long this process is going to last, and how to prepare your property.
Appraisal inspection will measure the value of your house, as well as some other significant factors, and remember – this is not a one-day process.
It is divided into major parts: interior and exterior appraisal inspection.
The interior is all about the number of bathrooms and bedrooms, type and quality of the basement, built-in appliances, electricity and plumbing, general upkeep, etc. And in the exterior, we have an overall land area, roof condition, driveway, chimney, landscape quality, etc.
For things to go well, you must present your house in the best light possible. Check if your electricity is good, make sure that your garage door opens automatically without any trouble, mow the lawn, trim the bushes, plant some beautiful flowers next to the entrance and paint the door in some fresh color.
Getting your house appraised can take from a few days to a few weeks. In the worst-case scenario, you might be looking at a couple of months. This also goes for the answer you are waiting for – you will be extremely lucky to get your response in the next 24 hours.
When searching for the right appraiser, look for someone with experience and a good reputation, request some recommendations from the real estate agency, ask many questions, and talk to more appraisers before you meet the one.
The cost of the appraisal inspection depends mainly on the type of property. While single-family homes cost about $400, multi-family homes can empty your pocket by $1500.
Don’t worry about the appraisal fees – the buyer is the one paying for them.