By Margo Allan
I walk clients through the appraisal process on nearly every transaction on Lake Sammamish, and it remains one of the most misunderstood steps in a home sale. The appraisal determines whether a lender will actually finance the purchase price both parties agreed to, which makes it one of the few steps in a transaction neither the buyer nor the seller fully controls. Knowing the timeline and what happens if the number comes in low removes a lot of unnecessary anxiety. Here is what I want every client on Lake Sammamish and across the Greater Eastside to understand about the appraisal process.
Key Takeaways
- An appraiser typically visits the home and reviews recent sales within the first three to ten days after going under contract
- The on-site visit for a standard home usually takes 30 to 60 minutes
- The full appraisal report is generally completed within seven to fourteen days
- An appraisal contingency gives buyers options if the home appraises below the purchase price
The Appraisal Timeline From Contract to Report
Once a home goes under contract, the appraiser typically schedules a visit and begins reviewing recent comparable sales within the first three to ten days. The on-site portion of the visit is usually brief for a standard single-family home, generally running 30 to 60 minutes.
What Happens During Each Stage
- The appraiser schedules and completes the on-site visit within the first several days under contract
- Recent comparable sales in the immediate area are pulled and reviewed alongside the physical inspection
- The full written report is typically finished within seven to fourteen days
- The buyer's lender receives a digital report used to finalize the loan
What the Appraiser Is Actually Evaluating
An appraisal is fundamentally a comparison exercise, weighing the subject property against recent, truly similar sales nearby. Condition, square footage, lot characteristics, and any waterfront-specific features all factor into how an appraiser arrives at a final value on a property on Lake Sammamish.
What Goes Into the Final Number
- Recent closed sales of comparable homes in the same immediate area
- The property's condition, updates, and overall maintenance
- Lot size, topography, and any waterfront-specific characteristics
- Square footage and layout compared against the closest available comparables
Understanding the Appraisal Contingency
Most purchase agreements include a decision period, typically falling between days 10 and 21 after the report comes back, during which the buyer decides whether to move forward, renegotiate, or cancel based on the appraised value. Missing that deadline can mean losing the right to walk away if the number comes in low.
What Happens If the Deadline Passes
- The buyer generally has a defined window to act once the appraisal report is in hand
- Missing that window can cause the contingency to expire automatically
- Once expired, a buyer may lose the ability to renegotiate or cancel based on a low appraisal
- Staying in close contact with your lender and broker during this window prevents missed deadlines
What Happens If the Appraisal Comes In Low
A low appraisal does not automatically mean a deal falls apart. Buyers typically have several paths forward, from renegotiating the price to increasing their down payment to cover the gap.
Your Options When the Number Comes in Low
- Renegotiating the purchase price with the seller based on the appraised value
- Increasing the down payment to cover the difference between the appraisal and the contract price
- Disputing the value through a formal Reconsideration of Value request
- Walking away from the contract with earnest money intact, if the appraisal contingency is still active
Frequently Asked Questions
How soon after going under contract does the appraisal happen?
The appraiser typically schedules the visit and begins the review process within the first three to ten days after a home goes under contract.
What can I do if my home appraises below the purchase price?
Buyers generally have several options, including renegotiating the price, increasing the down payment, disputing the value through a Reconsideration of Value request, or walking away with earnest money intact under an active appraisal contingency.
How long does the entire appraisal process take?
From the initial visit to the completed report, the process generally takes between seven and fourteen days, though timelines can vary depending on the appraiser's schedule and workload.
Navigate Your Appraisal on Lake Sammamish With Margo Allan
I guide both buyers and sellers through every stage of the appraisal process, from what to expect at the on-site visit to how to respond if the number comes back lower than expected. As a Real Estate Broker focused specifically on Lake Sammamish and the Greater Eastside, I know how waterfront-specific features factor into these valuations in ways a generalist appraisal conversation often misses.
If you are heading into a transaction on Lake Sammamish and want a clear picture of what the appraisal process actually involves, I am ready to help. Reach out to me to
learn more about how I guide clients through the appraisal process.
