How soon do you close after an appraisal?

When buying a house, one of the most important steps in the process is getting an appraisal. This is when a professional evaluates the home’s market value to ensure the lender is making a sound investment. Once the appraisal is complete, many buyers wonder, how soon do you close after an appraisal?

FAQs about closing after an appraisal:

1. What is an appraisal?

An appraisal is a professional opinion of a property’s value based on factors such as location, size, condition, and recent sales of similar properties.

2. How long does an appraisal take?

Typically, an appraisal can take anywhere from a few days to a week to schedule and complete.

3. When does the appraisal happen in the home buying process?

The appraisal usually takes place after the buyer and seller have agreed on a purchase price and signed a purchase agreement.

4. Who pays for the appraisal?

In most cases, the buyer is responsible for paying for the home appraisal.

5. What happens if the appraisal comes in lower than the purchase price?

If the appraisal comes in lower than the purchase price, the buyer can try to negotiate with the seller, pay the difference out of pocket, or walk away from the deal.

6. How long does it take to review an appraisal report?

Once the appraisal is complete, it can take a few days for the lender to review the report and make a decision.

7. Can the closing date change based on the appraisal?

Yes, depending on the appraisal results, the closing date may need to be adjusted to allow time for any necessary negotiations or adjustments.

8. What is the closing process like after an appraisal?

After the appraisal, the lender will review the report and make a final decision on the loan. If everything is in order, the closing process can begin.

9. Can the appraisal be waived?

In some cases, such as in a competitive market or with certain loan types, the appraisal may be waived. However, this is not common.

10. How does the appraisal affect the loan approval?

The appraisal is a key factor in the loan approval process as it helps the lender determine the property’s value and the amount they are willing to lend.

11. Can the appraisal delay the closing?

Yes, if there are issues with the appraisal or discrepancies in the property value, it could potentially delay the closing process.

12. What happens if the appraisal comes in higher than the purchase price?

If the appraisal comes in higher than the purchase price, it can benefit the buyer by giving them additional equity in the home.

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