When you place an order to have a valuation done on your house, it can take as much as a few weeks or as little as a few days to get an expert appraiser to perform a full valuation on your property. The time it takes before the appraiser arrives on your property depends entirely on the company you use. If you’re buying or remortgaging a property, a lender would normally have an independent surveyor assess the property.
The time it will take for a property appraiser to perform a complete valuation of your property will depend on the particular appraiser as well as the size of the property. It also depends on the level of appraisal that is to be done on your property.
Normally, an in-depth survey may take anywhere from 50 minutes to two hours. Meanwhile, for a valuation, the appraiser may only take as little as 10 minutes or as much as 30 minutes. The time it takes to complete the valuation depends on the size of the property, how difficult or easy the property is to measure, and if the house has peculiar features that would need to be carefully investigated by the appraiser.
It is normal to find property owners eager to find out what they’re property is worth once the appraiser has performed the on-site valuation of the property. Often, the appraiser will be unable to provide a figure instantly because the on-site inspection of the property is only the first stage of many the property expert will have to go through before a final estimated value is arrived at.
Once the on-site inspection of your property is complete, the appraiser will inspect properties similar to yours within the same area. This is necessary to compare your house to other houses in your vicinity. The appraiser will look at the value of these other houses based on the prices they have sold for recently, usually within a time frame of three to six months. Upon completion of the field work, the appraiser will complete his report and you’ll be able to get your figure within 1 to 3 days.
If you’re remortgaging or interested in buying a house and the mortgage lender has an appraiser perform a valuation, you may not be given a copy of the valuation report. Even if you pay for it, you may not have access to see what the surveyor has said or written about your property. However, this is not always the case.
There is no official expiry date placed on a house valuation report once the property is on the market. The period of time in which a valuation report is valid depends on any number of factors including the nature of the market. Ideally, your valuation report should not be older than 3 months when you put your house on the market. For a property that has been on the market for a considerably long period of time, it may be necessary to obtain a refresh valuation report.
To get a refresh home valuation may cost a fee determined by the surveyor or appraiser. In some cases, the appraiser will waive the fee and update the valuation report free of charge. However, if there is a fee to be paid, the potential buyer and the owner of the property will have to come to an agreement on who will pay. It is possible to take a property off the market for as long as a month and put it up again without performing another valuation on the property.
A property valuation is performed to provide the mortgage lender with enough information to determine the amount that should be offered for the mortgage loan as well as how safe it would be to lend on the property. The appraiser will have to take their time to look around your property to come up with an appropriate figure for its estimated value. They are also likely to ask you questions and talk to you about their associated mortgage providers or real estate agency. All of these add to the cumulative time it would take to get the entire exercise done.
For a simple valuation without a full survey, the appraiser will not go in-depth but will judge the value of your house based on what he can see of its condition as compared with similar properties to yours. The agent will want to find out from you what price you initially purchased the property for, how long you’ve owned the property, as well as the nature of any renovations you may have done on the house. They would also want to know what kind of problems the property has, if any. Failure to be honest when answering questions about the state of the house may eventually lead to delays in the process or even the transaction falling through.
An online valuation is the fastest option for getting a valuation done, however, online valuations cannot be used for serious transactions, and will never be accepted by a mortgage lender. If you are contracting an independent appraiser yourself, you should use a reputable company with good reviews. Otherwise, you’ll have to rely on the appraiser approved of by your lender.