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Home Equity Appraisal time, start to finish?
I have been approved for a home equity loan but the computer appraisal is only valuing my house at 222k. I just completed 45k worth of renovations on my home including a new kitchen and bathroom so I know it will appraise much higher. My question is, if they ordered the walk thru appraisal today, about how long will it take for the appraisal to be completed and the report sent to my bank?
2 Answers
- 1 decade agoFavorite Answer
In appraising, cost does not equal value.
So even though you spent a lot of money upgrading your home, you may have only upgraded your home to the typical neighborhood standards (modernized it). In which, you might be right in line with all the other similar houses in your area, therefore you may have not added much value at all, but have have put out a lot of cost. I'm not saying this is true with your particular house, I'm just explaining an appraisal "concept" to you.
Every appraiser is different. I verify everything with realtors, homeowners & zoning officials. So it really depends on how fast an appraiser receives the info back from these third party sources.
Good luck!
Source(s): Certified Real Estate Appraiser - Anonymous1 decade ago
depending how usy there are 15-75 days.
Most appraisers do not go inside the house.
Most appraisal are based on comp. homes in the area and square foot. A new kitchen and bath may not increase you value at all.
