Appraisal: what happens and how long

Your lender orders an independent appraisal of the home's value. Here's what happens, how long it usually takes and what you're owed.

Updated Oct 9, 2026 · 1-min read

What it is

An appraisal is a professional opinion of the home's value, and your lender generally requires one. It's different from a home inspection: you usually need both. Known^1,2,3

The lender needs an independent value, and it lends against the lower of the price and the appraisal. Rule^4,5

How long it takes

Appraisal report: usually 5–20 business days after the lender orders the appraisal. Estimate^6,7

VA reported appraisal delivery times for purchase loans of 6.9 business days in fiscal 2023 and 9.0 in fiscal 2022. Known⁶

Your right to a copy

You have a right to a free copy of every appraisal, sent promptly or at least 3 business days before closing. Rule⁸

The appraiser works independently: lenders aren't allowed to interfere with the appraiser's judgment. Rule⁵

If it comes in low

Buying for more than the appraised value is risky. Get a copy of the appraisal, then ask the seller to lower the price: the appraisal is strong evidence. Known⁵

Is this normal? The appraisal came in low

When to call a professional

Your loan officer, each week. Ask each week what's still open. Known⁹

Your agent or attorney, if the value is low. Cancel if your appraisal or loan contingency is still open. Rule⁵

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