What are the most effective ways to speed up the appraisal process?

In what context are we speaking? First, I agree that a "local reputable appraiser" should be one of the first steps. However, it is against PA law for an residential appraiser to be hand selected by a lender. Buyers purchasing a home with a loan do not have a say in who conducts the appraisal. Most lenders in PA use an Appraisal Management company that will send out the appraisals to be bid on by several appraisers or use a "round robin". It is the lenders best interest to have a relationship built with a reputable appraisal company that hires local appraisers. Feel free to correct me if i am wrong! In the case of estates, cash buyers, or investors; having a local reputable appraiser could be a game changer for your business!

Look for the character trait of "helpfulness" in a real estate agent and one who has respect for the appraisal profession. An experienced agent with ambition will be quick to provide the appraiser with relevant background information the appraiser needs. By saving the appraiser some research time that a good agent already has saved in their workfile, the appraiser will be able to focus on the analysis rather than research.

In the race to accelerate the appraisal process, the first lap starts with a local, reputable appraiser. They're the neighborhood whisperers, armed with the latest data and an intuitive understanding of the local market. Their efficiency stems from familiarity, offering a quicker and more accurate appraisal than out-of-town counterparts. The key lies in their credentials, experience, and unblemished reputation. Finding the right appraiser is akin to discovering a gem. Seek referrals from your lender, agent, or trusted friends. Dive into online reviews and ratings. With the right appraiser, you're on the fast track to a reliable and unbiased report. In the world of real estate, local expertise is the compass that points to swift.

Best way to speed up appraisal process is to secure the services of competent local appraisers who currently engaged in the appraisal works in area. Has a reputation to deliver his appraisal report/services immediately. To make this possible, you must ensure to provide complete documents, information, contact details, invoice/PO, coordination and authorization necessary for the appraiser to perform his investigation immediately.

Excellent insight, @Jacob. I think there’s a lot of misconceptions about the appraiser process and, as a lender, I especially appreciate when experienced and knowledgeable agents like yourself help dispel these misconceptions! 100% correct. Choosing an appraiser is a thing of the past. Not saying it’s not done, but it’s certainly not compliant. Most appraisal management companies do have panels based on specific ZIP codes, though, so it does help guarantee that the assigned appraiser is local.

In my experience and talking to appraisers, they rarely look at the comparable properties that a seller or their agent provide. It is still necessary for them to perform their due diligence according to their licensing. With that said, it is always in your best interest to be prepared with the comparable properties that were used to price the home. My best "preparedness" advice is to make the appraisers life as easy as possible when they reach out to schedule. There is nothing worse than having an appraiser annoyed by working around your personal schedule and not being flexible to allow them to complete their job.

I think that the listing agent should always provide the appraiser with a Comparative Market Analysis with detailed information about the comparable properties. It cannot hurt. Also, the listing agent should provide the list of improvements (not maintenance issues, but true improvements such as kitchen/bath remodels, new roofs/windows/HVACS, additional permitted square feet, etc.). Appraisers are appraising staging, cleaning and/or decluttering so while that should be done to prepare the property for the market it isn't necessary for the appraiser.

As a broker and an appraiser I have been given many CMA's by agents.. They did not help me much, because by training and experience I already had the be comps to choose from. But if you have inside information about a comparable because it is in your farm, like seller motivation or the condition at time of sale, the appraiser is probably not aware and this could be very helpful.

Prepare the property and the paperwork Another way to speed up the appraisal process is to prepare the property and the paperwork before the appraiser arrives. You can make the property look its best by cleaning, decluttering, repairing, and staging it. You can also provide the appraiser with any relevant information or documents that can support the value of the property, such as a list of improvements, upgrades, or renovations, a copy of the sales contract, a survey or plat map, a floor plan, or a list of comparable properties. By doing this, you can help the appraiser save time and avoid confusion or errors.

From a Mortgage Professional's perspective, transactions are delayed when an appraisal is issued "subject to" repairs. Common repairs called out are typically due to deferred maintenance, such as missing singles, or peeling paint. Others items are as simple as missing smoke and carbon monoxide detectors, lack of water heater (double) straps, or the existence of an uncertified woodstove... requirement vary by county and/or state so be sure to ask your Real Estate Professional prior to listing.

The latter part of this is often overlooked (“You can also respect the appraiser's independence and professionalism, and avoid pressuring, influencing, or interfering with their work.”)In the rare event I do have a tie up due to an appraisal it typically comes down to the agent spending too much time going back and forth. Look for an upcoming article where I explain the UCDP—the portal that helps ensure “independent oversight” and why it can really tie the hands of the appraiser. Oftentimes it’s not about an appraiser’s willingness to work with the agent.

In CA the appraiser contacts the agent listed by the lender as the "point of contact" to schedule the appointment. They often leave their phone numbers and names in order to schedule the appointment. I haven't had an appraiser not appreciate the package i put together for them as they will verify all of the information. Agents are not allowed to influence or interfere in the appraisers work.

Meet the appraiser that gets assigned to your listing. Make sure he or she is acquainted with the immediate area. I have had appraisers ask me how I arrived at a valuation. Be completely open with them.

This is all excellent! Access will need to include clear entry to crawlspaces, attics, and outbuildings. Should it not be immediately available you can expect delays and a costly reinspection fee.

Often times we are told appraiser waiting on access or in many cases builder comps. The more we prepare the seller and all parties ahead of time the better off we are.

If an appraiser will "negotiate" with you then you should fire them for unethical conduct. You can show them other data to consider or ask questions or even challenge certain findings (we are used to all of this) but if it becomes a negotiation your appraiser is less than worthless.

The reason why the appraisal process is slower is because each request is "bidded out" by an AMC when it comes to lending transactions instead of going directly to an appraiser to accept the assignment and start building a file. Thats the way it is. If I was independent regarding financial transactions, I would respond to each request within 2 hours and immediately build my files accordingly. Having a direct connection saves time in any relationship.

This would be best left up to the Lender and Real Estate Agents to resolve, and not one for the consumer to handle directly. Protocols exist for situations like this. If you find yourself having to rebut an appraisal, while ultimately it is your decision to do so, please leave it up to the pros to remedy any shortfalls.

Negotiating with an appraiser is not an option. They must remain independant and impartial, not influenced towards any value. If the appraisal is for a mortgage, the lender is client and the appraiser may not be able to communicate with the Realtor or Owner without consent of the client. If you discover factual data that is inconsistent with public records, you can attempt to contact the appraiser, but they may only take information from the lender (Client). If you disagree with the value, each lender has a specific ROV "reconsideration of value" where they take your additional sales for the appraiser to consider. The faster to submit this request to the lender, the faster the appraisal.

Find Middle Ground: Disputes are part of the process. What matters is how you handle them. Don't let disagreements slow down the process. Be ready to negotiate, find the middle ground. Quick resolution can build trust, speed up the process, and result in a more favorable valuation.

Today's market is completely different than just a few years ago. With the number of transactions decreasing due to rising interest rates, there is a certain amount of pressure being placed on Appraisal Management Companies (the companies who actually order your appraisal), and the appraisers themselves. The main difference I have noticed is a very quick turn time of often less than one week. Due to this, you may notice the appraiser wanting to schedule a property visit within a couple of days of first contact. Be prepared and flexible. It is not a pushy appraiser you are attempting to accommodate, but an actual professional who is simply trying to meet often unrealistic timelines that are out of their control.

In my 25+ years of real estate investing experience, I am an advocate of being first at the finish line. Prior to your property being sold, interview a minimum of 3 appraisers asking pertinent questions. A good example is what other market comparables do you use other than the local MLS? In every market, properties are sold "off market", i.e., private sales. These overlooked private sales play a pivotal role in properly assessing the value of your property. The neutral advise from an appraiser is important, as many real estate agents have been known to inflate the selling price to lure a homeowner into signing a listing agreement.

Agreed... in my experience having a "Plan B' in place before the unexpected happens will help to reduce stress in having to adjust last minute. I can recall a transaction where a Buyer's Agent actually was upset with me for suggesting a back up plan to the clients. Well, their contingent sale was held up three days, which in turn delayed their purchase. It was a move across state lines and had they not had a plan to stay with Family along the way. They would have spent it in a hotel with the pets or double back a few hours out of the way.

Anticipation is key. Consider potential snags the appraiser may hit and plan for them. If you can align with the appraiser's schedule, be flexible, you'll be a step ahead. Your preparedness could lead to a speedier appraisal process.

Scheduling an appraisal is the most critical thing an agent or homeower can do to speed up the appraisal process. The appraiser will schedule multiple inspections in a day with an efficient travel plan in mind. Offering alternative access to the home is second best, such as lockboxs or neighbors assistance is also good ideas. Being flexible with days and time is the best thing you can do to speed up the process.

Yes, yes, and yes! With the exception of the choosing the appraiser if financing is to be obtained. See #1... Home Valuation. Code of Conduct (HVCC) and Appraiser Independence Requirements (AIR) will require this to be handled by the Lender and it's Appraisal Management Company (AMC).

Engaging a professional real estate agent to manage your property sale is an excellent decision.?Their established system ensures that you receive the?optimal market value for your home. Understanding the intricacies of pricing the listing, navigating contract negotiations, and local market dynamics can?expedite the appraisal process. It’s important to note that appraisers don’t merely select three sales; each must meet specific criteria to be considered comparable. Lenders often require them to ‘bracket’ each feature, and all adjustments must be well-supported. A professional, helpful agent and a correctly priced listing significantly help the appraiser expedite the appraisal.

Find and hire one of the about 15% of professional agents, the other 85% are hacks and useless. Even then, agents look forward (listings); appraisers have to look back (closings). The ideal agent is experienced enough to understand this, develop a packet of legit comparables and data that the appraiser will find useful. Most agents bring nothing and their annoyance quickly makes walls go up...

The appraisal industry is being dismantled and many skilled appraisers are dropping out. As this happens, we'll see "data collectors" and agents ineffectively stepping in. Bifurcated reports will be problematic and issues have/will continue to grow. As management companies chop fees, the lowest level workers remain and their work is/continues to be problematic. As always, seek out and work only with pros as that will help achieve the best result.

Often times the lender will not expedite the appraisal unless asked to do so. I ask the lenders to order the appraisal immediately upon opening escrow as opposed to waiting until after inspections. This way appraisal and inspection contingencies run concurrently. We consistently close within 17 days in San Diego, including VA appraisals.

First, start with using a local lender. Local lenders will normally have an appraisal panel of approved and vetted local appraisers who receive the option to accept your appraisal order first. After which the order is sent to AMC's which can delay order acceptance. Depending on your area, many lenders will not order an appraisal without up front payment so be sure the appraisal payment is paid promptly. In order for a lender to accept payment to order the appraisal your application must be signed with intent to proceed. Be sure to review and sign your application promptly to allow appraisal payment and ordering. This is especially important in areas where appraisers are backed up and you have a short window to close.

First find out what the appraisal schedule look like..If he is over booked.The appraisal should be able to give a time frame. How long it will be.

Lean on your professionals... that's what they are there for. I tell all my clients that the only dumb question is the one not asked.