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 you will either need to settle for the appraised price, try and get the buyer to bring additional cash to closing via a renegotiated price, or try your luck with another buyer.
What to expect: The appraiser will request a date and time to come to the property which they or I will share with you via ShowingTime. Just like a showing you should not be present for the appraisal, but you can expect it to only take 15-30 minutes. Once they are done, they will complete the appraisal report and return it to the buyer and lender anywhere from 1 day to a week and a half later. In addition, please note that I am not told the appraised value unless it is low.
What you will need to do: Accept the appraisal showing request when it comes in. Vacate the property at the scheduled date/time. If you have a list of recent major additions/upgrades please feel free to share them with me and I will share them with the appraiser as appropriate (and to be up front, very rarely will it be appropriate).
Next step (assuming all goes well): Underwriting
Note: Refer to emails or your Project Dashboard for details specific to your transaction