Recently, I attended a networking event in Dallas called ‘Skyline Connections’ at the Tower Club of Dallas. It was an exciting opportunity for the Appraisal Brothers team to meet other real estate professionals and expand our network. I had the chance to connect with real estate agents, lenders, inspectors, and other industry experts.
A frequent question I was asked at the networking event was how long it takes to complete an appraisal.
My answer was, ‘It depends.’ I elaborated on why it depends during the networking event. There are various types of appraisal products such as desktop appraisals, don’t require the appraiser to physically visit the property.
Let’s break down a common type of appraisal known as a 1004 URAR appraisal for a mortgage-related transaction. This product, unless otherwise indicated, requires the appraiser to visit the property for inspection.
From the moment I receive the order, my associate starts working on scheduling the appraisal inspection appointment while I start researching property details—a process that takes about 30 minutes. Once the property is scheduled, I go about my day, and as the appointment time approaches, I start researching/gathering comparables, a process that may take between 20 minutes to an hour or longer depending on complexity. After this step, I head to the subject property. The driving time can vary based on the property’s location. The shortest drive I’ve had to an appraisal inspection was 1 minute (a property on the same street as mine), and the longest drive was a 3.5-hour drive to Waco, Texas.
Upon arriving at the subject property, I begin the appraisal inspection. Depending on complexity, this can take anywhere from 25 minutes to 1 or 2 hours. The appraisal inspection includes measuring the subject property and taking pictures, observations, etc. Once the inspection is complete, I take pictures of comparables in the subject’s market—a process that can take between 10 to 20 minutes— and then head back to the office. Working on the report, which requires analysis, reconciling, verifying, etc., may take about 1 to 2 hours to complete, and finally, I send my report to the Appraisal Brothers’ Q/C review team. The review typically takes 1 to 2 hours. Once it’s sent back to me, I review my own report and then proceed to deliver it to the client.
This is an example of a 1004 URAR appraisal, and considering all these factors, it may take anywhere between 4 to 8 hours per appraisal. However, there are many more types of appraisals, and some may take longer or less time depending on the scope of work and complexity.