When purchasing a home, typically an appraisal is required. The reason an appraisal is done is to determine if the property meets lending standards, in addition as to how much money a client can borrow for a home.
An appraisal has to be ordered by the appraisal department of the lending institution, which your loan officer can request for you.
It usually takes approximately 1-2 weeks to complete the appraisal, which includes a home inspection, comparing similar homes, and submitting the report to your lender. This report helps lenders evaluate risk and helps in making a lending decision.
Please contact your loan officer if you have any questions about the appraisal process and for more detailed information!