How Long Does an Appraisal Last?

If you are in contract to purchase a property and are hoping to have a commercial lending institute lend you money to complete the transaction, chances are that you already know that an appraisal is needed. Appraisals are the best way for you, and also the lender or investor, to confirm that the property is worth what the seller is asking for in terms of price. Though it seems it is a long, drawn-out procedure, an appraisal is completed in little time.

What to expect from an appraisal

Once the appraiser is notified, he or she then makes an appointment to visit the property, with either the seller or the property management company that is in charge of the property in question. Once the appraiser arrives at the property, the whole valuation process takes anywhere from two to three hours to complete, if it is a single property. If it is multiple properties, as is the case when you are dealing with apartment complexes or commercial buildings, the process can take anywhere from several hours to a couple of days to complete. Normally, the appraiser works alone and there is no need for the seller or even you, the buyer, to assist in any way. The appraisal itself consists of measuring the subject property and taking pictures that the appraiser feels are material in determining the value. Once the physical inspection is completed, it can take the appraiser up to five days to submit their findings to you.

Appraisals are necessary steps in attaining financing to purchase a home. The completed report is detailed and contains a wealth of information that you may not have known otherwise. Luckily for you, there is no need for your participation and you can expect the finished report in just a few days time.