I’ve heard rumblings recently about appraisers taking way too long to complete their work. In fact, last week I had an out-of-state real estate agent call me to talk about what she might do since escrow was scheduled to close, but the appraiser had been sitting on the report for nearly twenty days. Sound familiar at all?
How long does it take? Some appraisal assignments are complex and they may need a matter of weeks to really do a thorough job. But in these cases, the client should know the complexity of the assignment and has probably already agreed to a longer-than-typical timeline or extended the original timeline. For example, I am working on a file right now where the house has had very extensive fire damage, which requires more research on my end. It’s not your “48 hour special” so to speak.
What about standard tract house appraisals though? In my experience most of these can comfortably be handled in 5 business days unless an appraiser is not carrying any other work and can complete them sooner. Remember, appraisers are balancing a number of assignments all at the same time and they need time to coordinate an inspection, research the market and make contact with quite a few local agents. Most of my lender clients tend to want appraisal reports back in seven calendar days (sometimes less), while private parties often expect the same (or more or less depending on their circumstances and the reason for the appraisal).
What about “rush” appraisals? There is a time and place for “rush” assignments because clients need them to post bail, for tax deadlines, court, estate planning, escrow or whatever the reason. I understand that and I bend like a gymnast for clients when needed (like tonight I’m finishing a “rush” assignment). However, I will say in principle a fast job does not necessarily mean a job well done. Call me anal, but unless I’m at the car wash or buying a cup of coffee, I’m not a huge fan of “quick” as a main platform as it can sometimes attempt to compensate for lower quality. Ultimately it seems “quick” is outweighed by things like experience, accuracy, quality, dependability and service. But are appraisals still needed quickly? Yes, of course they are. I think you get my point though.
Tip: In short, if you hire an appraiser to complete an appraisal for you, make sure to ask the appraiser when the report will be in your hands and get it in writing. It may be helpful to understand general timelines as I mentioned above, but make sure to share any deadlines you have and ask the appraiser if those specific deadlines can realistically be met.
What would you recommend for someone to do in a situation where an appraiser is taking way too long to complete a standard assignment?
If you have any questions, or real estate appraisal or property tax appeal needs in the Greater Sacramento Region, contact Lundquist Appraisal by phone 916-595-3735, email, Facebook, Twitter or subscribe to posts by email.