For a variety of reasons, real estate appraisers are occasionally asked to inspect and deliver an appraisal report on short notice. In the appraisal industry, this is known as a “rush” appraisal.
There is no precise definition for what constitutes a “rush appraisal,” as turnaround times depend on a variety of factors, including the type of property to be appraised, seasonal factors, the appraiser’s qualifications and experience, and other local supply and demand factors.
However, residential appraisal reports are usually delivered within 5 to 10 business days of engagement. Commercial appraisals tend to take a bit take longer, but are usually completed within 2 to 4 weeks.
Clients requesting appraisals on a shorter than typical timeframe may have difficulty finding a qualified appraiser that is available to assist them with their valuation needs. Moreover, appraisers that have availability will generally charge a premium “rush fee” for their services. That means clients will end up paying an additional 25% to 50% premium on top of the typical appraisal fee.
We serve a clientele that often requests rush appraisal services. These clients include:
Since a significant portion of our business comes from clients that occasionally request rush appraisal services, we strive to keep an open schedule that accommodates our client’s needs. This includes being available for early morning or late evening inspections, and weekend and holiday service. Additionally, if our schedule permits, we provide “same day” or “24-hour” rush appraisal services for most residential properties.
On a rare occasion when we have to rearrange our schedule to meet a client requested deadline, we only charge a slight premium for the scheduling inconvenience and “overtime” work requirement. However, often times we are able to meet our client’s deadlines without charging any premium at all.
St Paul Appraisal Office
Minneapolis Appraisal Office