What happens
- We order the appraisal through an approved appraisal company.
- The appraiser visits the home, reviews its condition and features, and compares it to recent sales nearby.
- We receive the report, usually within one to two weeks, depending on the area.
Appraisal vs. home inspection
They're different. An appraisal is about value and is required by the lender. A home inspection looks closely at the home's condition and is for you, the buyer. We always recommend getting one.
What if the appraisal comes in low?
It happens, and there are options. You may be able to renegotiate the price, cover the difference, request a review, or adjust the loan. We'll walk you through your choices.