THE PATHWAY TO SELLING:
LENDER’S APPRAISAL
(if Buyer is mortgaging)
Timeline: It varies. Sometimes, this happens after and sometimes during the inspection period. The Lender’s typical appraisal timeline is often built into the closing date. The Appraisal typically needs to be done 7-14 days before closing for the underwriting process to be complete before closing.
The Buyer’s Lender will order the Appraisal. The house must “appraise” at a value greater than the agreed-upon price. If the home does NOT appraise at or above the price, this is usually a second point of negotiation. The Buyer will either have to increase their down payment or make a price concession.
Once all of these timelines are complete the transaction will move into the final stage: