Consumers eager to buy or sell their homes might find waiting for the appraisal to be stressful. Appraisers want to serve their lender clients as professionally as possible, but they might face roadblocks. Here are five ways real estate agents can explain to their clients why an appraisal might take longer than expected to complete: WeStudio Photographers / Shutterstock.com 1. Research and analysis An appraisal requires much more than looking at similar houses in the neighborhood and developing an opinion of value. For a reliable, credible report, an appraiser researches the property, inspects the site, investigates comparable sales, talks with local government offices, analyzes tax information, MLS data and zoning information -- among many other tasks. These steps take time and shouldn't be rushed. A valuation that is rushed could result in errors and delay the transaction more. 2. Paperwork Federal reforms implemented in response to the mid-2000s real est...
- Appraisers seek to provide appraisals as efficiently as possible while not compromising reliability in any way.
- Real estate agents can help consumers understand the appraisal process, including the reasons for potential delays.
- Lenders may be asked to hire an appraiser with specific expertise and professional affiliations.