Your lender will order the appraisal within a few days of ratifying the sales contract. The appraiser will contact the listing agent to conduct an appraisal inspection. Once the appraiser has viewed the property they will make a price recommendation based upon recent sales of similar properties. If the home appraises at or above the sales price and satisfies your lenders’ requirements we are free to remove the appraisal contingency.
Should the home appraisal for less than the agreed upon sales price there are a few options including re-negotiating the price and voiding the sales contract. Should the appraisal come in low for any reason with will discuss all your options at that time.
For further questions or advice, please call us at 703.539.2053 or email us at Abraham@AskAWalker.com