A home appraisal in Westchester is an independent estimate of a home’s value, ordered by your lender to make sure the property is worth the loan amount. If it comes in lower than your contract price, you still have options, and it does not always mean the deal is over.
Hi, it’s Priscila. Appraisals tend to surprise buyers and sellers because they show up in the middle of the process, right when everyone is excited about a signed contract. Let’s walk through what actually happens so you know what to expect.
What is a home appraisal, and who orders it?
An appraisal is a professional opinion of value from a licensed appraiser. Your lender orders it, because the bank wants to be sure the home supports the mortgage. The buyer usually pays the fee, so ask your lender about the cost and timing.
The appraiser looks at the home’s size, condition, layout, and updates. Then they compare it with similar homes nearby that sold recently. In Westchester County, that can matter a lot, since two homes a few miles apart can sit in very different towns and school districts.
How is an appraisal different from a home inspection?
An appraisal estimates value, while an inspection looks at condition. The inspector checks the roof, systems, and structure to tell you what might need repair. The appraiser tells the lender what the home is worth. You will likely want both. If you have not read it yet, my post on what to expect from a home inspection in Westchester covers the other half of the picture.
What happens if the appraisal comes in low?
If the appraisal is lower than the price you agreed on, the lender may only lend based on the lower number. That leaves a gap, and there are a few common ways to handle it:
- Ask your agent to review the comparable sales and share any that the appraiser may have missed, then request a review through your lender.
- Negotiate with the seller to lower the price, or to meet somewhere in the middle.
- Cover some or all of the gap with additional cash, if that fits your budget.
- Use your contract’s appraisal protections, if you have them, to renegotiate or step back.
Which option makes sense depends on your contract and your finances, so talk it through with your attorney and your lender. A low appraisal is a good reason to pause and plan rather than panic. It is also one more reason to build a strong closing budget, which I cover in my post on closing costs in Westchester County.
How can sellers prepare for an appraisal?
Sellers can help the appraiser see the full value of the home. A little preparation goes a long way:
- Make a simple list of recent updates and improvements, with approximate dates.
- Tidy up, clear the walkways, and make sure every room is easy to reach.
- Fix small, visible issues like leaky faucets or burned-out bulbs.
- Have your agent share recent nearby sales that support your price.
Pricing realistically from the start helps too. My seller’s guide to pricing your home in Westchester explains how to set a number that holds up.
Quick FAQ
Who pays for a home appraisal?
The buyer usually pays the appraisal fee as part of the mortgage process. Your lender can tell you the exact amount and when it is due.
Can I challenge a low appraisal?
Often, yes. Your lender can request a review if you have solid evidence, such as comparable sales the appraiser did not consider. There is no guarantee the number will change.
Does every home purchase need an appraisal?
Most financed purchases do, since the lender requires one. Cash buyers can sometimes skip it, but many still choose to have one.
Have questions about an appraisal, or about buying or selling a home in Westchester? Reach out to me, Priscila Ny of Dorman Homes Team. I’d love to talk it through over coffee.
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