Usually your lender will order the appraisal after you have negotiated any repairs during the inspection period, but you, your Realtor, and your loan officer should discuss this and be on the same page.
This is one of biggest challenges people face in working with lenders out of a national call center who are pushing the process as quickly as possible. Our team works directly with your Realtor to ensure all pieces of the puzzle come together in a way that supports your best interests.
Your lender will order the appraisal from a third-party appraisal management company, that will assign an appraiser to go out to the property and determine its appraised value. This is a safeguard to ensure that appraisals are less biased in their value.
The length of time to get the appraisal back can vary greatly depending on what kind of appraisal it is and how backed up the appraisers are at that time of the year. Once it is back, if it appraises at or over the contract sales price, the process is complete. If it comes in low, you will work with your Realtor on the best course of action.