With transactions involving financing, the lender will be requesting a home appraisal. Most often your lender will have their own appraisers so they will order this to be done. It is a valuation by a qualified person and they will have 3 comparables that have sold within the last 6 months with the same search criteria or somewhat close. If an appraisal report comes in lower then the accepted offer, the seller will need to decide to lower the price to that appraisal price or the contingency will not be met & therefore it will create a Null n' Void.
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