Once you’re under contract, your lender will order an appraisal from a licensed, independent appraiser. During the visit, they’ll evaluate:
The home’s location
The size, layout, and features
The condition of the home and any upgrades
Recent comparable sales (aka “comps”) in the areaThe goal? To estimate fair market value based on data—not emotion.
After the inspection, the appraiser creates a report that gets sent to your lender. This report includes:
Photos and property details
Comparable home sales
The appraised value of the homeThe lender uses this number to determine how much they’re willing to loan—because they won’t lend more than what the home is worth.
What if the home appraises for less than your offer?
Don’t panic—a low appraisal doesn’t mean the deal is dead. But it does mean you’ll need a plan.
Download our free “Appraisal Prep Guide” — includes tips for buyers and sellers, plus what to do if values fall short
Chat live now to ask about local appraisal trends or comparable sales
Schedule a call with a Stairway Mortgage advisor to make sure your loan stays on track—no matter what the report says
At Stairway Mortgage, we guide you through every step—
so surprises become strategies.
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