The physical inspection of the residential property being appraised can take approximately fifteen minutes to a couple hours, depending upon the size and complexity of the property. The onsite inspection is typically the easiest part of the process.
After the initial inspection of the property the appraiser spends time driving through the neighborhood and surrounding area to search for comparable sales and listings. The sales can be no more than 12 months old. When the field work is finished, the appraiser completes the report at their office. Research and writing a report typically takes four to six hours to complete depending upon the complexity of the assignment.
Then the report goes through at least one review process that often generates additional questions for the appraiser to address before the lender is ready to proceed with the rest of the loan process.
Feel free to call us with any Real Estate Appraisal questions. 706-633-3709