10 Things to Know About a Home Appraisal


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Ask for a Copy of Your Appraisal Report

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The buyer is entitled to see the appraisal, but not the seller, unless the buyer wants to use it to negotiate a lower selling price. Hill Stree Studios/Getty Images

Since the buyer pays for the appraisal, he or she has the right to get a free copy of the full report. Lenders are required to send appraisals to buyers promptly but at a minimum no later than three days before the loan closes. If the appraisal comes in at a lower price than the one the buyer and seller agreed upon, the buyer will have good ammunition to negotiate a lower price.

The only time a seller will see a copy of the appraisal report is if the buyer wants to use it to negotiate this lower sales price. If the appraisal comes back at or above the asking price, the seller has no reason to worry about it. In a hot real estate market, the buyer may have to pay cash for the difference between the appraised value and the amount the seller is asking.