What it is: The appraisal stage is when the bank will send an appraiser out to place a value on the property that is intended to be independent of whatever the agreed upon sale price is. As long as the property appraises for the same or more than the agreed upon price then everything moves along as expected. Should the appraisal come in low the seller will either need to settle for the appraised price, you can bring additional cash to closing (potentially via a renegotiated price), or we will have to look for another property.
What to expect: I will be contacting your lender to request the appraisal. From there the appraiser will request a date and time to come to the property, but don’t worry because you do not have to be present. Once they are done, they will complete the appraisal report and return it to your lender anywhere from 1 day to a week and a half later. From there your lender should be sharing a copy of the report with you.
What you will need to do: Please let me know if you hear from your lender about when the appraisal is happening, and forward me a copy of the report once you receive it (as I am often not provided it).
Next step (assuming all goes well): Underwriting
Note: Refer to emails or your Project Dashboard for details specific to your transaction