If the buyer is using a mortgage to buy your home, then the lender will require that an appraisal be conducted.
Who orders the appraisal? The buyer’s mortgage lender orders the appraisal, but the buyer pays for it.
When does the appraisal occur? Usually, during weekday hours after the inspection process has been resolved.
Do I need to attend the appraisal? No, you will not attend the appraisal. We’ll provide the comps and state our case as to why we think the purchase price is justified.
How long does the appraisal take? Usually about 30 minutes.
How long until we know if the property appraised for the purchase price? Usually a week to 10 days after the appraisal appointment. Once the report is written, the buyer’s mortgage lender forwards it to the buyer to let the buyer know whether the property appraised at the purchase price, below the purchase price, or above the purchase price.
If the property appraised at the purchase price, nothing further needs to be done, and the closing process will proceed forward as planned.