Your lender will order a real estate appraisal of your home and coordinate with me to schedule a time for the appraiser to see the home.  The real estate appraisal determines the fair market value of the home and insures the home is worth the price you are paying in order to secure the loan.  The real estate appraisal also helps insure that the house meets certain standards regarding its condition.  The average cost is $400 for an owner-occupied home.

If the home does not appraise for the sales price, negotiations will begin with the Seller to adjust the price.

Next Step...Removing Contingencies