Once the purchase contract has been accepted, your lender will need to update your credit report to verify the information is still correct. At this time, the lender will also order an appraisal of the property to ensure its value.
Appraisal
The Buyer's obligation to complete the sale is contingent upon an appraisal of the premises by an appraiser acceptable to the lender for at least the sale price. The party responsible for paying of the appraisal needs to do so within five (5) days after contract acceptance, (unless mutually agreed otherwise). Failure to pay for appraisal within the time specified shall constitute a material breach of this Contract rending the contract subject to cancellation.
- NUMBER1EXPERTS™ 
