Appraisal Period

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If the buyer is taking out a mortgage to finance the purchase, they will require a professional appraisal report. The buyer’s lender will order the appraisal, and the buyer will pay for it.  Your agent will be present during the inspection.  The buyer and buyers agent will not be. 

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The appraiser uses a visual assessment, county tax records, and comparable home sales to assess the value of the home. It typically occurs during the normal business hours and after the inspection period has closed.

 

The appraisal can take up to 60 minutes.  Appraisals are conducted within 14 days of the offer being accepted. The appraiser will write a report and submit it to the lender to make their final funding decisions. The lender will forward it to the buyer to let them know whether the offer is within the appraised value, or if the price needs to be renegotiated. 

 

If for any reason the appraisal value is below the agreed upon sales price our options are to renegotiate, or the buyer must come up with the difference.  This is another opportunity to negotiate. 

 

Loan approval

 

The buyer has an agreed amount of days to remove their loan contingency based on the original contract.  The buyers lender will be working on everything and at some point they will give the buyer and their agent a thumbs up to remove the loan contingency. 

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This tends to be the final major hurdle when it comes to closing the deal.