13 - The Appraisal.
Buyer's lender always requires that
a property be appraised prior to funding.
The Lender will order an appraisal
which is paid for by the buyer- usually
C.O.D. Average appraisals run $300-$600
depending on the size of the property.
Your real estate agent will make sure
that the appraisal is ordered and
advise you if you need to pay upfront.
Only if you have excessively overpaid
for a property will you have an appraisal
problem, and this rarely happens.
Furthermore, you can be protected
from the rare occurrence of overpaying
for a property if you stipulate in
your RPA that the property must at
least appraise for the purchase price.
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