If the buyer is using a mortgage, the lender will require an appraisal. Not sure what that means? Read our blog post on appraisals.
Who Orders & Pays
- The buyer’s lender orders the appraisal.
- The buyer pays the appraisal fee.
Scheduling & Attendance
- Appointments are typically on weekdays.
- You do not need to attend—we’ll meet the appraiser, provide access, review comps, and explain value-add features.
- Time on site is usually about 30 minutes.
When We Get Results
Expect the lender to receive the report in about 7–10 days after the appointment. The lender then shares the result with the buyer.
Outcomes & Next Steps
- Appraised at purchase price: great—closing proceeds as planned.
- Appraised above price: no change needed; this simply confirms value.
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Appraised below price: the lender will only lend against the appraised value. Options include:
- Buyer asks to reduce the price to the appraisal.
- Buyer brings additional cash to cover the gap.
- We split the difference (price change + some buyer cash).
- We submit a reconsideration of value with stronger comps (case-by-case).
Example: Purchase price $500,000; appraisal $475,000. If we counter at $480,000, the buyer decides whether to bring $5,000 extra (in addition to down payment/closing costs) or walk away per the appraisal contingency. In a low appraisal cancellation, the buyer’s earnest money is typically refunded (per contract terms).
Step 15 to Selling Your Home: The Home Inspection