In today’s constantly evolving real estate market, the success of a home sale hinges on an important metric–the home’s appraisal value. A real estate appraisal’s results not only have significant implications for buyers and sellers but also lenders. Unfortunately, with all the steps involved in the home-selling and purchasing process, home appraisals are often undervalued and overlooked. Lenders and their borrowers can make the mistake of relying on a seller’s appraisal team or simply looking for an available local appraiser with fast home appraisal turnaround times.
While faster appraisal turnaround times can cut costs, buyers and lenders should look for a reputable and reliable appraisal management company (AMC) with a proven track record of:
- Quality work
- Superior communication & support
- Great coverage options
In this article, we’ll discuss the role of an AMC, average appraisal turnaround times, and why appraisal timelines shouldn’t always be valued over quality, coverage, and communication.
What is an AMC?
What does an AMC actually do?
An AMC is an independent third-party appraisal provider that manages and streamlines the entire appraisal process for lenders and/or buyers. AMCs act as intermediaries between appraisers, lenders, and buyers, helping to maintain an unbiased and accurate home valuation and appraisal process.AMCs often handle:
- Selecting, contracting, and managing local appraisers
- Ensuring compliance with appraisal laws, regulations, and requirements
- Background checks and licensing for all real estate professionals on staff
Reputable AMCs offer lenders a convenient and cost-effective approach to home appraisals, while buyers, or borrowers, get peace of mind that a property is accurately valued and they are not overpaying for a property.
How Long Does a Home Appraisal Take?
If you’re new to the appraisal process, you’re probably wondering: “How long does it take to appraise a house?”
The average appraisal turnaround time takes between 7 and 10 days. The appraisal itself can take anywhere from 1 to multiple hours, depending on a home’s size and complexity. However, aside from the physical property appraisal, clients must take into consideration an appraiser’s availability and the time it will take for them to research findings, analyze comparable properties, and write a final report.
Response times from appraisers can vary depending on the housing market and interest rates. When interest rates are higher, markets are often slower, and appraisers will often respond within 48 hours. Lower rates and active markets can mean longer wait times to get an appraiser to your property.
How long does an appraisal report take? Like the physical inspection, these can vary depending on home size, features, complexities, and local comparables. However, on average, a home appraisal report will take between 1 and 3 days to complete, review, and submit to a client.
With these considerations, receiving a final appraisal report can take anywhere from 6 to 20 days. For borrowers looking to capitalize on a property, speed is important, but should never be valued over accuracy.
The average appraisal turnaround time takes between 7 and 10 days. The appraisal itself can take anywhere from 1 to multiple hours, depending on a home’s size and complexity. However, aside from the physical property appraisal, clients must take into consideration an appraiser’s availability and the time it will take for them to research findings, analyze comparable properties, and write a final report.
Response times from appraisers can vary depending on the housing market and interest rates. When interest rates are higher, markets are often slower, and appraisers will often respond within 48 hours. Lower rates and active markets can mean longer wait times to get an appraiser to your property.
How long does an appraisal report take? Like the physical inspection, these can vary depending on home size, features, complexities, and local comparables. However, on average, a home appraisal report will take between 1 and 3 days to complete, review, and submit to a client.
With these considerations, receiving a final appraisal report can take anywhere from 6 to 20 days. For borrowers looking to capitalize on a property, speed is important, but should never be valued over accuracy.
The Importance of Quality Appraisals
There’s a reason lenders require borrowers to order an AMC appraisal. A rushed, under-prepared, or biased final appraisal report can result in inaccurate valuations, further costs, and loan denial.
Following the 2008 housing market crisis, where inaccurate home valuations played a pivotal role in market instability, and the introduction of new regulations like the Truth in Lending Act, integrity in property valuations became even more central to home purchasing or selling success. While local independent appraisers can guarantee “fast appraisal turnaround times,” unlicensed or unvetted appraisers increase the chances for inaccuracies. Lenders and borrowers must remain vigilant and aware of common property appraisal red flags throughout the entire appraisal process when working with local unvetted independent appraisers.
Following the 2008 housing market crisis, where inaccurate home valuations played a pivotal role in market instability, and the introduction of new regulations like the Truth in Lending Act, integrity in property valuations became even more central to home purchasing or selling success. While local independent appraisers can guarantee “fast appraisal turnaround times,” unlicensed or unvetted appraisers increase the chances for inaccuracies. Lenders and borrowers must remain vigilant and aware of common property appraisal red flags throughout the entire appraisal process when working with local unvetted independent appraisers.
That is why many lenders turn to AMCs. While AMCs may offer longer home appraisal turnaround times, they guarantee clients:
- Licensed, vetted, and fully trained appraisers and other real estate professionals.
- Adherence to established appraisal guidelines like the Uniform Standards of Professional Appraisal Practices (USPAP).
- Established checks and balances, with reviews of each appraisal report to verify compliance, accuracy, and alignment with regulatory guidelines before submission to clients.
- A facilitated, uniform appraisal process that guarantees accuracy and timely delivery.
Furthermore, an established AMC provider offers a more transparent and engaged experience for lenders and their borrowers.
The Power of Superior Communication & Support
Imagine getting an offer accepted on a property and paying a local appraiser for a speedy appraisal, only to discover the appraisal valuation is significantly different from the asking price. When you inquire about these inconsistencies with the appraiser, they are either unresponsive, unable to explain their valuation processes, or refuse to re-evaluate the property without additional pay.
Unfortunately, lenders and borrowers prioritizing appraisal turnaround times over operations and accuracy fall victim to inaccurate, inconsistent, or incomplete home valuation processes. By working with a reputable AMC appraisal provider, lenders and borrowers are paying for a team of real estate professionals tasked to streamline their appraisal processes.
AMCs offer processes with full transparency, superior communication, and support. With a team of professionals at your disposal, you always have a direct line of communication to help you:
Unfortunately, lenders and borrowers prioritizing appraisal turnaround times over operations and accuracy fall victim to inaccurate, inconsistent, or incomplete home valuation processes. By working with a reputable AMC appraisal provider, lenders and borrowers are paying for a team of real estate professionals tasked to streamline their appraisal processes.
AMCs offer processes with full transparency, superior communication, and support. With a team of professionals at your disposal, you always have a direct line of communication to help you:
- Ensure accurate appraisals
- Address potential issues
- Understand the appraiser’s role and process
Enhancing Coverage Options & Minimizing Risks With Tamarisk’s Quality, Communication, & Support
While home appraisal turnaround times are important for real estate movers and shakers, they should never be prioritized over appraisal quality, communication, and support. With accurate, transparent, and unbiased appraisal processes in place, AMCs can unlock a wealth of advantages for lenders and borrowers, including:
- Proper Pricing: Lenders looking to accurately finance a property based on location, market conditions, and overall potential receive peace of mind with an accurate home appraisal.
- Better Loan Terms: Accurate, thorough, and unbiased appraisals simplify the lending process and often unlock better terms and options for borrowers.
- Smooth Transactions: Establishing a fair market value reduces disputes among buyers, sellers, and lenders, creating a more seamless transaction process.
- Minimizes Legal Risks: Inaccurate, false appraisals can potentially lead to costly and time-consuming legal disputes and accusations of fraud.
Tamarisk Appraisals, a leading nationwide AMC provider, has established itself as a trusted name within the appraisal industry by holding our teams and processes to the highest standards. Our operational balance of speed and thoroughness allows us to guarantee quality standards and accuracy with quick appraisal turnaround times.
Tamarisk’s services:
If you’re ready to streamline your home buying, selling, or lending processes with quality and compliant appraisal reporting, transparent operational support, and quick appraisal turnaround times, contact a Tamarisk team member today. Call (800) 607-9925 to learn more about our AMC services.
- Are available in all 50 states with experienced and local valuation experts throughout the country.
- Offer residential appraisal services for single-family homes, multi-family residences, condos, vacant lots, duplexes, lakefront homes, ranches, and more.
- Provide a free upfront estimate for your unique appraisal needs.
If you’re ready to streamline your home buying, selling, or lending processes with quality and compliant appraisal reporting, transparent operational support, and quick appraisal turnaround times, contact a Tamarisk team member today. Call (800) 607-9925 to learn more about our AMC services.
