Appraisals: In the first 15 days once the inspection period is over then the appraisal will be ordered by your lender if you are getting financing. Appraisals cost about $450. The appraiser goes out to the home and takes pictures. They then will research comparables to determine what the value of the home is. Occasionally, the appraised value will come back being less than what the purchase price is. This creates a problem because lenders will not lend for more than what the home appraises for. The seller must then come down on the price to what the home appraised for or the buyer and seller can negotiate. It will be up to the buyer if they can pay more than what the home appraises for at closing but the lender will not lend on that amount. If you have questions about this or anything else regarding to real estate please feel free to contact me at 850-445-5129.