Your lender will order an appraisal of your home and coordinate with your agent to schedule a time for the appraiser to see the home. The 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 appraisal also helps insure the house meets certain standards regarding its condition. The average costs 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.
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