possible problem and recommends that a professional be consulted (heating/AC, roofers, etc.). In this case, the buyer may add to their punch list to have the heating/AC or roof checked by a professional.
5. Appraisal:
If your contract has an appraisal contingency or loan contingency, an appraisal will be performed. The appraiser will call either you or your agent for an appointment. He or she will come to your home and do some measurements, take pictures and notes, and go back to the office to write it up. Depending on the type of loan, the appraiser may also do a minimum home inspection, which includes a visual inspection of the roof and flipping switches on to see if major appliances work. Usually, it takes about 10 days from the date the appraisal was ordered to its completion. If your home appraises lower than the contract amount, there may be some renegotiations, or the buyer may even back out of the deal unless an adjustment is made.
6. Loan Approval:
After the appraisal, and after all the paperwork required to verify the buyer’s ability to pay the mortgage is accumulated, the “loan package” is sent to the underwriter.
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