# Home Appraisal Guide: What It Is, How Long It Takes & What to Expect By Opendoor Editorial Team | 2026-03-11 Buying or selling a home involves dozens of moving parts, and the home appraisal is one of the most important. Whether you're a first-time buyer wondering why the bank needs an appraisal before approving your mortgage or a seller preparing for one, understanding the appraisal process can save you time, money, and stress. This guide covers everything you need to know about home appraisals in 2026 — from what they are and how much they cost to what appraisers look for, how to prepare, and what to do if the numbers don't come back the way you hoped. [Get your offer](#) ## What Is a Home Appraisal? A home appraisal is a professional, unbiased estimate of a property's value conducted by a licensed or certified appraiser. Mortgage lenders require appraisals before finalizing a loan to confirm that the home is worth at least as much as the amount being borrowed. Think of it as a safeguard. The lender wants to make sure that if a borrower defaults, the property could be sold for enough to recover the loan balance. For buyers, it provides assurance that you're not overpaying. For sellers, it validates that your asking price is grounded in reality. Appraisals are different from [home inspections](https://www.opendoor.com/articles/home-inspection-checklist-for-buyers), which focus on the physical condition of a property and identify needed repairs. An appraisal focuses specifically on determining a dollar value based on the property's features, condition, and how it compares to recently sold homes nearby. ### Why home appraisals matter - **For buyers:** The appraisal protects you from borrowing more than the home is worth. If the appraisal comes in low, you have leverage to renegotiate or walk away. - **For sellers:** A strong appraisal validates your listing price and keeps the sale on track. A low appraisal can delay or derail a deal. - **For lenders:** It's a risk management tool. Lenders won't approve a loan that exceeds the appraised value of the collateral. Appraisals are required for virtually all mortgage-financed transactions, including conventional, FHA, VA, and USDA loans. [Cash offers](https://www.opendoor.com/articles/what-is-a-cash-offer-in-real-estate-and-why-consider-it) sometimes skip the appraisal entirely, though some cash buyers still opt for one to confirm value. ## How Does a Home Appraisal Work? The home appraisal process follows a fairly standard sequence, though timelines and details can vary by lender and property type. Here's how it typically unfolds, step by step: ### Step 1: The lender orders the appraisal After a buyer goes [under contract](https://www.opendoor.com/articles/under-contract-meaning) on a home, the mortgage lender orders an appraisal. In most cases, the lender works through an Appraisal Management Company (AMC), which assigns a licensed appraiser who's familiar with the local market. Buyers generally cannot choose their own appraiser — this separation exists to prevent conflicts of interest. ### Step 2: The appraiser visits the property For a traditional appraisal, the appraiser schedules an in-person visit to inspect both the interior and exterior of the home. They'll measure the property, note its condition, take photos, and evaluate features that affect value (more on what they look for below). ### Step 3: The appraiser researches comparable sales After the visit, the appraiser analyzes recent sales of similar properties — known as "comps" — in the surrounding area. They typically look for homes that sold within the past three to six months, are within a mile of the subject property, and share similar characteristics (size, age, style, condition). ### Step 4: The appraiser makes adjustments No two homes are identical, so the appraiser adjusts the comp values up or down based on differences. For example, if a comp has a two-car garage and the subject home has a one-car garage, the appraiser subtracts value. If the subject home has a recently renovated kitchen that the comp lacks, they add value. ### Step 5: The appraiser submits the report The appraiser compiles their findings into a formal appraisal report and submits it to the lender. The report includes a final opinion of value, supporting comps, interior and exterior photos, and notes on the property's condition. The lender then shares the report with the buyer. The entire process — from ordering to receiving the report — generally takes one to two weeks, though the in-home visit itself is much shorter. ## How Long Does an Appraisal Take? One of the most common questions in the home buying process is how long the appraisal takes. The answer depends on whether you mean the physical inspection or the full turnaround time. **The on-site visit** typically lasts **30 to 60 minutes** for a standard single-family home. Larger, more complex, or unique properties can take longer — a multi-family or luxury home might require 90 minutes or more. **The full appraisal process** — from the date the lender orders it to when the completed report is delivered — usually takes **7 to 14 business days**. However, this can vary based on several factors: - **Appraiser availability:** In busy markets or peak buying seasons, appraisers may be backlogged. - **Property complexity:** Rural properties, homes on large acreage, or properties with unusual features require more research to find suitable comps. - **Lender requirements:** FHA and VA appraisals may involve additional inspection criteria that extend the timeline. - **Market conditions:** In competitive housing markets, AMCs may have difficulty scheduling quickly. If you're on a tight closing deadline, communicate with your lender early and ask whether the appraisal has been ordered. Delays in the appraisal are one of the most common reasons [closing takes longer than expected](https://www.opendoor.com/articles/how-long-does-closing-take). For a deeper breakdown of appraisal timing, see our guide on [how long an appraisal takes](https://www.opendoor.com/articles/how-long-does-an-appraisal-take). ## What to Expect at a Home Appraisal If "what to expect" is the question keeping you up at night — whether you're the buyer, the seller, or just the homeowner sitting in the living room when the appraiser rings the doorbell — here's a detailed walkthrough of what actually happens. ### Before the visit Once the lender orders the appraisal, the AMC assigns an appraiser and the appraiser (or the AMC) contacts the homeowner or listing agent to schedule the visit. You'll usually get a day or two of notice, sometimes more. If you're the seller, this is your window to tidy up, complete any minor repairs, and gather documentation (more on preparation below). ### During the visit The appraiser arrives and spends approximately **30 to 60 minutes** walking through the property. Here's what typically happens: - **Exterior walkthrough:** They'll examine the roof (from the ground), siding, foundation, landscaping, driveway, and overall curb appeal. They'll also note the lot size and any outbuildings like sheds or detached garages. - **Interior walkthrough:** The appraiser moves room by room, noting the number of bedrooms and bathrooms, measuring square footage, and assessing the condition of flooring, walls, kitchens, and bathrooms. They'll check that major systems — HVAC, plumbing, electrical — appear functional. - **Photos:** Expect the appraiser to take photos of every room, the exterior from multiple angles, the street view, and any notable features or deficiencies. - **Questions:** The appraiser may ask the homeowner or agent about recent renovations, the age of the roof or HVAC system, any known issues, or neighborhood details. The appraiser won't move furniture, open walls, or do anything invasive. They're not looking for hidden problems — that's what a home inspection is for. ### After the visit Once the appraiser leaves, the behind-the-scenes work begins. They'll research comparable sales, apply adjustments, and compile the formal report. This typically takes **5 to 10 business days**. The completed report goes to the lender first, and the lender is required to provide the buyer a copy at least **three business days before closing**. ### What to expect as a buyer vs. a seller | | **Buyer** | **Seller** | | **Role during the appraisal** | Typically not present at the visit | May or may not be present; listing agent often attends | | **Who pays** | The buyer, in most purchase transactions | Typically no cost to the seller | | **What you receive** | A copy of the full appraisal report from your lender | You can request a copy from the buyer's lender or your agent | | **What to worry about** | Whether the appraised value supports your offer price | Whether the appraised value meets or exceeds the contract price | ## What Do Appraisers Look For? Understanding what appraisers look for helps both buyers and sellers know what drives the final number. Appraisers evaluate a property across several categories, weighing each factor's impact on value based on what buyers in the local market care about. ### Interior factors - **Square footage and layout:** Total livable square footage is one of the biggest value drivers. Open floor plans, functional layouts, and usable space all contribute positively. - **Number of bedrooms and bathrooms:** More bedrooms and bathrooms generally mean higher value, especially in family-oriented neighborhoods. - **Kitchen condition:** Updated countertops, modern appliances, and functional cabinetry can significantly affect the appraisal. The kitchen is often the most scrutinized room. - **Bathroom condition:** Updated fixtures, tile, and ventilation matter. Outdated or damaged bathrooms pull value down. - **Flooring:** Hardwood floors, quality tile, and well-maintained carpet are positives. Damaged or visibly worn flooring is a negative. - **HVAC, plumbing, and electrical systems:** The appraiser checks that these major systems are present and appear operational. Age and condition are noted. - **Interior updates and renovations:** Recent remodels, additions, or [improvements that increase home value](https://www.opendoor.com/articles/improvements-that-increase-home-value) — such as a finished basement or a new primary suite — are documented and factored into the valuation. ### Exterior factors - **Roof condition:** The appraiser notes the roof's material, approximate age, and visible condition. A roof nearing the end of its lifespan may reduce value. ([Does a new roof increase home value?](https://www.opendoor.com/articles/does-a-new-roof-increase-home-value-roi-costs-and-what-sellers-need-to-know)) - **Foundation and structural integrity:** Visible cracks, settling, or water damage are flagged. - **Siding and exterior finishes:** Peeling paint, damaged siding, or deferred maintenance affect value. - **Landscaping and curb appeal:** Well-maintained yards, mature trees, and clean hardscaping contribute to a positive first impression. - **Garage and parking:** Attached garages, the number of car spaces, and driveways add value. - **Lot size and usability:** A larger, flat, usable lot is generally worth more than a steep or oddly shaped one. ### Location and market factors - **Comparable sales (comps):** The most important external factor. The appraiser identifies three to six recently sold homes nearby that are similar in size, age, and features, then adjusts values based on differences. - **Neighborhood quality:** Proximity to schools, parks, shopping, and employment centers matters. So do neighborhood trends — are values rising or falling? - **Street and lot position:** Corner lots, busy streets, proximity to commercial zones, and views all influence value. Learn more about the [factors that influence home value](https://www.opendoor.com/articles/factors-that-influence-home-value). ### Structural and safety issues - **Code violations:** Unpermitted additions, illegal conversions, or work that doesn't meet local building codes can reduce value or trigger lender concerns. - **Health hazards:** Lead paint, mold, asbestos, or environmental contamination may be flagged — especially in FHA appraisals, which have stricter safety requirements. - **Structural damage:** Significant foundation issues, termite damage, or water intrusion are noted and can substantially lower the appraised value. For additional tips on what drives your home's valuation, check out our [home appraisal tips guide](https://www.opendoor.com/articles/home-appraisal-tips-and-what-is-home-appraisal-based-on). ## How Much Does a Home Appraisal Cost? For most single-family homes in 2026, a standard home appraisal costs between **$300 and $600**, according to [Bankrate](https://www.bankrate.com/real-estate/home-appraisal-cost/). However, several factors can push that number higher. ### What affects appraisal cost - **Property type:** Single-family homes fall at the lower end. Condos, multi-family properties (2–4 units), and manufactured homes typically cost more due to additional analysis. A multi-family appraisal can run **$600 to $1,500**. - **Property size and complexity:** Luxury homes, large estates, and properties with unique features (waterfront, acreage, historical designation) require more research and time, pushing costs to **$800 or more**. - **Appraisal type:** FHA and VA appraisals often cost slightly more than conventional ones because of additional inspection requirements. Jumbo loan appraisals — for properties above conforming loan limits — can cost **$500 to $1,000+**. - **Location:** Rural properties, where finding comparable sales is harder, may carry a premium. Costs also vary by region and metro area. ### Appraisal cost comparison | **Appraisal Type** | **Typical Cost (2026)** | **When Required** | | Standard (conventional loan) | $300–$600 | Most home purchases and refinances | | FHA appraisal | $400–$700 | FHA-insured loans | | VA appraisal | $425–$750 | VA-backed loans | | Jumbo loan appraisal | $500–$1,000+ | Loans above conforming limits | | Desktop appraisal | $75–$200 | Select low-risk refinances | | Multi-family (2–4 units) | $600–$1,500 | Investment or multi-unit purchases | ### Who pays for the appraisal? In a home purchase, the **buyer** almost always pays for the appraisal. It's typically collected upfront as part of the loan application fees or rolled into [closing costs](https://www.opendoor.com/articles/how-much-are-closing-costs-for-seller). In a refinance, the homeowner/borrower pays. ### Can you shop around for an appraiser? Generally, no. Federal regulations and lender policies require that appraisals be ordered through an AMC to maintain independence. You can't hand-pick your appraiser or call in a favor. This separation is intended to prevent inflated valuations — and it's been in place since the Home Valuation Code of Conduct was introduced after the 2008 housing crisis. The appraisal fee is a standard part of the [total cost of buying a house](https://www.opendoor.com/articles/how-much-does-it-cost-to-buy-a-house), and while it's non-negotiable in most cases, it's a relatively small expense compared to the protection it provides. ## How to Prepare for a Home Appraisal If you're selling your home, how you prepare for the appraisal can directly influence the outcome. Appraisers are trained to be objective, but a well-maintained, clean, and clearly documented home makes it easier for them to justify a higher value. ### High-impact preparation steps 1. **Complete minor repairs.** Fix leaky faucets, patch wall holes, replace cracked tiles, and address anything that signals deferred maintenance. Even small issues can create the impression that the home hasn't been well cared for. Here's a list of [things to repair before selling](https://www.opendoor.com/articles/things-to-repair-before-selling-a-house). 2. **Deep clean the entire home.** While appraisers don't formally grade cleanliness, a dirty or cluttered home can unconsciously affect their perception of condition. A spotless home signals pride of ownership. 3. **Boost curb appeal.** Mow the lawn, trim hedges, power-wash the driveway, and add fresh mulch or potted plants near the entrance. The appraiser's impression begins the moment they pull up. 4. **Make sure all systems are operational.** Turn on the HVAC, check that all light fixtures work, run water in every sink, and confirm the garage door opener functions. The appraiser will note non-functional systems. 5. **Compile a list of improvements.** Document every upgrade you've made — new roof, HVAC replacement, kitchen remodel, added square footage — along with approximate dates and costs. If you have permits and receipts, include those too. This gives the appraiser concrete evidence to support a higher valuation. 6. **Provide your own comps.** While the appraiser will do their own research, you or your agent can provide a list of recent comparable sales that support your asking price. This is especially helpful if there are favorable sales the appraiser might overlook. 7. **Ensure full access.** Unlock all doors, gates, sheds, and utility areas. If the appraiser can't access a space, they may note it as incomplete — or assume the worst. ### What NOT to do during the appraisal - **Don't follow the appraiser around.** It's fine to be available for questions, but hovering creates an uncomfortable dynamic and doesn't help your case. - **Don't argue or pressure.** If the appraiser asks a question, answer honestly and concisely. Don't try to "sell" them on your home's value — they're independent evaluators, not buyers. - **Don't start a major renovation the week before.** An unfinished project looks worse than no project at all. - **Don't hide problems.** Appraisers are professionals. If there's a known issue, it's better to be upfront. Concealing defects can backfire if they're discovered later. For a more comprehensive pre-sale preparation plan, see our guide on [how to prepare your house for sale](https://www.opendoor.com/articles/how-to-prepare-your-house-for-sale). ## Types of Home Appraisals Not all appraisals involve an appraiser walking through your living room. Depending on the loan type, property risk level, and lender guidelines, your appraisal might take one of several forms. ### Traditional (full) appraisal This is the most common type. The appraiser conducts a complete interior and exterior inspection, measures the property, takes photos, and analyzes comparable sales. Required for most purchase transactions and many refinances. ### Desktop appraisal In a desktop appraisal, the appraiser never visits the property. Instead, they rely on MLS data, public records, prior appraisal reports, and automated valuation models (AVMs) to estimate value. Desktop appraisals became more widely accepted during the COVID-19 pandemic, and in 2024 Fannie Mae and Freddie Mac formalized guidelines allowing them for certain low-risk refinances and purchase transactions where the lender's AVM confidence score is high. **Typical cost:** $75–$200 **When used:** Low-risk refinances, GSE-eligible waivers ### Hybrid appraisal A hybrid appraisal splits the work. A trained third party — not the appraiser — conducts the physical property inspection and collects data (photos, measurements, condition notes). The licensed appraiser then completes the valuation remotely using that data plus comp analysis. This model has grown significantly since 2020 as a way to improve efficiency while maintaining quality. **Typical cost:** $200–$400 **When used:** Select purchase and refinance transactions approved by the lender ### Drive-by (exterior-only) appraisal The appraiser views the property from the street, evaluates the exterior condition and neighborhood, and relies on public data for interior details. No interior access is required. **Typical cost:** $150–$300 **When used:** Low-risk refinances, home equity loan assessments ### FHA appraisal An FHA appraisal follows the same process as a traditional appraisal but includes **additional health and safety requirements** mandated by the Department of Housing and Urban Development (HUD). The appraiser specifically checks for: - Peeling or chipping paint (especially in homes built before 1978, due to lead paint risk) - Missing handrails on stairs - Broken windows - Exposed wiring - Adequate water heater function - Safe and sanitary water and sewage systems - Evidence of pest damage If the property fails to meet FHA minimum property standards, the issues must be repaired before the loan can close. | **Appraisal Type** | **Physical Visit** | **Interior Access** | **Best For** | | Traditional (full) | Yes | Yes | Most purchases | | Desktop | No | No | Low-risk refinances | | Hybrid | Third party visits | Yes (by third party) | Efficiency-focused transactions | | Drive-by | Exterior only | No | Refinances, equity loans | | FHA | Yes | Yes | FHA loan purchases | ## What to Do If Your Home Appraisal Comes in Low A low appraisal — meaning the appraised value comes in below the agreed-upon purchase price — is one of the most stressful surprises in a real estate transaction. But it's not uncommon, and there are clear options for both buyers and sellers. ### Why low appraisals happen - **Rapidly appreciating markets:** When home prices rise faster than comps can keep up, appraisals lag behind what buyers are willing to pay. - **Limited comps:** In rural areas or neighborhoods with few recent sales, the appraiser may struggle to find truly comparable properties. - **Property condition:** Deferred maintenance, outdated features, or needed repairs can lower the appraised value. - **Appraiser unfamiliarity:** Occasionally, an appraiser from outside the immediate area may not fully understand local market dynamics. ### Options for buyers 1. **Renegotiate the purchase price.** Use the appraisal as leverage to ask the seller to lower the price to the appraised value. 2. **Pay the difference in cash.** If you love the home and can afford it, you can cover the gap between the appraised value and the purchase price out of pocket. Your lender will loan based on the appraised value; you bring extra cash to the table. 3. **Request a Reconsideration of Value (ROV).** If you or your agent believe the appraiser missed relevant comps or made factual errors, you can submit a formal ROV through your lender with supporting data. 4. **Walk away.** If your contract includes an appraisal contingency (see below), you can back out of the deal and recover your [earnest money](https://www.opendoor.com/articles/earnest-money). ### Options for sellers 1. **Provide additional comps.** Work with your agent to identify recent sales the appraiser may have overlooked — especially sales that closed after the appraiser's data cutoff. 2. **Dispute factual errors.** Review the report for mistakes in square footage, room count, or condition descriptions. Even small errors can affect the final value. 3. **Lower the price.** If the appraisal reflects reality and the property is genuinely priced above market, adjusting the price may be the fastest path to closing. 4. **Offer \[seller concessions\](https://www.opendoor.com/articles/what-are-seller-concessions).** Instead of lowering the price, consider covering a portion of the buyer's closing costs or offering repair credits to bridge the gap. ### How the Reconsideration of Value (ROV) process works An ROV is a formal request submitted by the lender to the appraiser asking them to reconsider their valuation. To be effective, the request should include: - Specific comparable sales that were not included in the original report, with explanations of why they're appropriate - Documentation of errors or omissions in the report - Evidence of property features or improvements the appraiser may have missed An ROV doesn't guarantee a changed value, but it's a legitimate and sometimes successful way to challenge a low appraisal. ## Appraisal Contingency: What It Is and Why It Matters An **appraisal contingency** is a clause in a real estate purchase contract that allows the buyer to back out — or renegotiate — if the home appraises for less than the purchase price. It's one of the most important protections a buyer can have. ### How it works If the appraisal comes in low, the appraisal contingency gives the buyer several options: renegotiate the price, request the seller make up the difference, or cancel the contract entirely and receive a full refund of their earnest money deposit. ### When buyers waive it In highly competitive markets, some buyers waive the appraisal contingency to make their offer more attractive to sellers. This signals confidence and willingness to cover any gap, but it carries real risk. If the appraisal comes in low and you've waived the contingency, you're obligated to find the extra cash or risk losing your earnest money. ### Should you waive it? Unless you have significant cash reserves and a high tolerance for risk, most real estate professionals advise keeping the appraisal contingency in place. It costs nothing to include, and it can save you thousands if the numbers don't work out. Understanding how contingencies affect your deal status? Learn the difference between [contingent vs. pending](https://www.opendoor.com/articles/contingent-vs-pending) offers. [Get your offer](#) ## Home Appraisal vs. Market Value: What's the Difference? These two terms are often used interchangeably, but they represent different concepts — and they don't always align. **Appraised value** is a professional, objective opinion of a home's worth at a specific point in time, based on the property's condition, features, and comparable sales data. It's backward-looking, grounded in what has already sold. **Market value** is the price a willing buyer will actually pay in current conditions. It's influenced by supply and demand, buyer competition, emotional factors, and market momentum. In a bidding war, market value can exceed appraised value by tens of thousands of dollars. ### Why the gap matters When market value exceeds appraised value, it creates the low-appraisal scenario described above. Conversely, in a slow market, a home might appraise at a price higher than what any buyer is currently willing to pay. Neither number is " --- *Originally published at [https://www.opendoor.com/articles/home-appraisal-guide-what-it-is-how-long-it-takes-what-to-expect](https://www.opendoor.com/articles/home-appraisal-guide-what-it-is-how-long-it-takes-what-to-expect)*