Your lender will order the appraisal within a few days of opening escrow. The appraiser will contact the listing agent to conduct an appraisal. 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.

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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. If the appraisal ends up coming in below what you need your realtor will explain the steps at that time.