Residential Appraisal Process - FAQs for Agents

Will the Buyer Receive a Copy of the Appraisal?

Yes. Under the Equal Credit Opportunity Act (ECOA), lenders are required to provide the Buyer with a copy of the completed appraisal, whether or not the transaction ultimately closes.

​

What Information Should Be Given to the Appraiser?

If you are the Seller’s Agent and have concerns about the property appraising, it’s best to prepare an Appraiser’s Package ahead of time. This package may include:

• A copy of the property survey

• Neighborhood details

• A list of upgrades, remodels, dates, and costs

• Most importantly, recent comparable sales of similar size and quality

When putting together comps, run a CMA that supports the contract price. Use sales within the past 90 days, focusing on homes with similar square footage and price per square foot. Contact your Broker if you need guidance.

​

It is strongly recommended to leave this package on the kitchen counter for the appraiser, rather than meeting them in person. A Buyer’s Agent may also prepare and provide this package if they so-choose. 

​

Can I Speak With the Appraiser?

Yes. Agents and other parties to the transaction may communicate with the appraiser, but any attempt to influence or bribe an appraiser is strictly prohibited.

​

What if the Appraisal Seems Inaccurate?

If the appraisal comes in below value, you may submit additional comparable sales or an appraisal package directly to the lender, who will then forward the information to the appraiser for reconsideration.

​

Does Financing Type Affect the Appraisal?

Yes. Appraisers must follow USPAP standards and meet the specific requirements of each loan type. FHA and VA loans have stricter appraisal guidelines compared to conventional loans.

​

How Long Does the Appraisal Take?

• The appraisal is typically scheduled 7–10 days after it’s ordered (often after the Option Period ends).

• Once the appraisal inspection is complete, the report is usually delivered within 2–3 business days.

​

Who Orders the Appraisal?

The lender orders the appraisal on behalf of the Buyer through an Appraisal Management Company (AMC). Most lenders require the Buyer to pay for the appraisal upfront before it is scheduled.