The next step in the process is important. Your lender will order the appraisal, which is when an appraiser will come to the property and determine the current value.
During the appointment:
- The appraiser will take 1-2 hours on the property
- Walk through room by room on the interior and examine the exterior
- Record the layout of the property
- Note any health or safety code violations
- You do not need to be present for this appointment
After the appointment:
- Your lender will notify you if the appraisal report says the house:
- At the purchase price: which is great! No further action needed.
- Below the purchase price: time to negotiate, either a lower sales price from the seller, or you bring more cash to close, it is really situational and we have the tools to help you decide.
- Above the purchase price: you move in with instant equity!