For home buyers in Chicago, the timeline between the buyer’s home inspection and the appraisal is an important question.
How Long After Home Inspection Is Appraisal?
The typical timeframe between home inspection and home appraisal in the Chicago real estate market is 1-2 weeks.
The lender will order the appraisal once the buyer completes their detailed home inspection (usually within the first week of going under contract).
It is standard to allow 1-2 weeks from the inspection date until the home appraisal is performed.
Why does the appraisal occur after the inspection?
The inspection lets the buyer identify any physical issues or repairs needed in the home.
If negotiations with the seller result in repairs or credits, the lender will want the appraiser to see the home in its final condition with repairs made.
The appraisal then provides the lender with an independent, professional valuation of the home to ensure the loan amount requested by the buyer is justified by fair market value.
The buyer does not want to waste time and money appraising a property before knowing the outcome of inspection negotiations.
Key points buyers should keep in mind between inspection and appraisal:
- Negotiate repairs soon after inspection:
- To minimize delays, negotiate any needed repairs quickly within 5-10 days of receiving the inspection report. This allows time to complete repairs before the appraisal.
- Scheduling factors:
- Appraisers may be booked out in Chicago for 1-2 weeks, so don’t wait too long after inspection to order. Build in buffer room when scheduling.
- Monitor repair progress:
- Repairs may need to be pushed back to properly value the home post-repairs if they are not completed as expected before the appraisal.
- Lender coordination:
- Your loan officer will order the appraisal once inspection repairs are negotiated and lender conditions are met. Communicate progress to avoid delays.
- Appraisal timing matters:
- Appraisals are only valid for 60-120 days. You don’t want the appraisal to expire before closing.
- Be flexible:
- The 1-2 week timeframe is typical, but unexpected delays can occur. Weather, contractor availability, or other hiccups can impact appraisal scheduling.
The good news is that in most Chicago home purchases, the buyer can expect to wait 1-2 weeks between finishing the property inspection phase and having the appraiser visit and evaluate the home. This allows ample time to make repairs and prepare the home to maximize appraised value.
As a real estate attorney, let me know if you have any other questions about the home inspection and appraisal process!
I’m here to help ensure this pivotal phase stays on track to close on time.