WHAT IS THE APPRAISAL AND HOW DOES IT WORK?
Your lender requires the property to be appraised by an independent appraiser to determine its value. Your lender should order this appraisal within two weeks of you signing the contract, so you should double check with them make sure it was ordered. The lender typically requires you to pay for the appraisal, and all lenders charge around the same amount for an appraisal. You do not and should not be there during the appraisal, but your realtor may decide to attend.