The appraisal helps the buyer’s lender obtain the true and current value of your home. The appraisal process is initiated by the buyer’s lender after the Home Inspection has been waived.
The appraisal process usually takes an appraiser under 30 minutes to complete. They will also look at comparable properties in your area to justify your property selling price.
A few days after the appraisal you will be notified whether or not your home was favorably appraised. If the lender has an issue with the price or condition of your property the appraisal may be lower than expected.
If the appraisal comes in at value and there are no issues to resolve, congratulations, it’s time to have your moving plans in order.