What Factors Affect a Miami Home Appraisal?

It’s no industry secret that the home buying process in Miami can take some time. Even after all the time, sweat, and tears, the feeling of walking into the new home you worked so hard to get suddenly makes it all feel worthwhile. Once you get the notice that your offer has gone through, you’ll be wanting to move into your new home and begin your new life immediately, but there’s still one more obstacle in the way: the Miami home appraisal process. 

In the world of Miami real estate, appraisals are an important part of the home buying process. This is a crucial process because it allows both the buyer and the mortgage lender to know they are making a smart financial investment. 

We know it’s an important process, but what goes into a Miami home appraisal that affects the timeline of when you can move in? We’ll be breaking down the basics of appraisals and why they may affect your plans of moving in.

What is a Miami Home Appraisal?

A home appraisal is a process in which the fair market value of a home is determined so the buyer knows they are paying a fair price. This is different from an in-depth home inspection where an inspector will comb a home for every small defect the home has. A real estate appraiser will focus more on the big picture and look at the home’s overall value and basic condition.

A Miami home appraiser will consider a home’s overall condition, any upgrades or improvements a home has gone through, and do research on other properties in the area to determine a final appraised value, which is then used to create an appraisal report which is sent back to your mortgage lender. 

How Long Does a Miami Home Appraisal Take?

The time a Miami home appraisal takes will vary depending on a few different factors, most importantly where the home is located and the home itself. On average, you can expect a home appraisal to take a few days to a week depending on how complex the property is and the appraiser’s schedule. 

What Does An Appraiser Look For?

There are several different things that an appraiser will look at, including:

• External Integrity – The appraiser will observe the overall quality of the property’s structure, condition, roof, and foundation, while also looking for glaring flaws or damages. The location of the home and the neighborhood it is in will also be included when determining the value of a home. 
• Internal Condition – Appraisers will inspect the interior quality of a home which includes the square footage, number of bedrooms, layout, and structural integrity. The home will also be verified that it includes all basic necessities.
• Comparable Sales – One of the most important parts of an appraisal report is the comparison of similar sales in the area. This is used as a guide to determine if the value of a home is at a fair price. 

An at-home appraisal will usually only take 30 minutes to an hour to complete on average. This will vary depending on the home.

How Long Does It Take to Receive an Appraisal Report?

Once the home in Miami has been appraised and the necessary paperwork and information are collected, the information will be used to create an appraisal report, which serves as a complete guide and analysis for the mortgage lender to know the final appraised value of the home. 

The time it takes for an appraisal report to be finished will depend on the following factors:

• The size or complexity of the home being appraised
• The appraiser’s workload or schedule
• When the mortgage lender requested the appraisal

Depending on these various factors, home buyers can expect their appraisal report within a week or two after the appraisal has taken place. 

How Long Does it Take to Get an Appraisal Scheduled?

Once a mortgage lender has ordered the appraisal from a third party, it will take about 24-48 hours for the appraiser to schedule an appraisal. 

Need Help With Your Miami Home Appraisal?

The home buying process can be long and confusing, but American Bancshares is here to help make it easier. We can help you get the Miami home appraisal process started so you can get into the home of your dreams more quickly. Visit our contact page today if you need help getting your home appraised.