How the appraisal process works
What happens when the bank sends an appraiser, and what to do if the value comes in low.
Why appraisals happen
Your lender requires an appraisal to confirm the home is worth what you are paying. The appraiser is an independent professional hired by the lender, not by you or the seller. They visit the property, measure it, assess its condition, and compare it to recent sales of similar homes nearby.
What to expect
The appraiser typically visits the home for 30-60 minutes. They photograph the exterior and interior, measure the living space, and note the condition. The appraisal report usually comes back within 5-10 business days. In Virginia, appraisal costs typically range from $400-600.
If the appraisal comes in low
A low appraisal means the appraiser valued the home below your purchase price. You have options: negotiate a lower purchase price with the seller, pay the difference in cash, challenge the appraisal with additional comparable sales, or exercise your appraisal contingency and walk away with your deposit.
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