Step 17: The Appraisal

The appraisal

If the If the buyer is purchasing the home with a mortgage, the lender will require an appraisal to be conducted. An appraisal is ordered by the buyer's mortgage lender, but the buyer covers the cost. The appraisal usually takes around 30 minutes and typically occurs during weekday business hours.

You do not need to attend the appraisal. The appraiser will schedule the appointment through the same showing service, and you can accept or decline via text. After the appraisal, the mortgage lender usually sends the appraisal report within a week to 10 days.

Once the report is ready, the buyer will be informed if the property appraised at, below, or above the purchase price. If the property has appraised at the purchase price, the closing process will proceed smoothly. However, if the property appraised for less than the purchase price, negotiations may be needed to adjust the purchase price.

If an agreement cannot be reached the buyer's earnest money is refunded.