The appraisal usually occurs after an offer has been made and the home has been inspected. As a buyer, you'll pay for the appraisal and you'll most likely need to make arrangements for it to be done as well.
A home appraisalis a process by which a real estate appraiser determines the fair market value of a home. You can assure yourself and your lender that the price you have agreed to pay for a home is fair.
Appraisals are also often used to determine property taxes, making them a requirement in most counties. It usually takes a few weeks to receive an evaluation report. However, your appraisal may take even longer, depending on the complexity of the appraisal and local market demand. As a mortgage borrower, you are entitled to receive a free copy of the appraisal report at least three days before the loan closes.
It's a good idea to read the report for accuracy.