Obtain an Appraisal
Most purchase contracts contain a provision for the appraisal, making the appraisal a contingency of the contract. This means if the home does not appraise for the amount you offered to pay, you are not obligated to complete the transaction. The lender will order the appraisal.
- Your lender will require an advance payment for the appraisal. Every so often, a lender will, as a promotion or incentive, agree to pay for your appraisal. Ask about it.
- If you receive a low appraisal, discuss options with your agent. As a buyer, it is natural for you to want the seller to reduce the price, but that might not be the only solution.
- Ask for a copy of the appraisal. If you paid for the appraisal, you are entitled to receive it.