when does the house get appraised ??

I am buying a home and we are in contract now. When does the house get appraised and who does it ?? do we pay for it ??

Re: when does the house get appraised ??

Your bank handles the appraisal once they receive a copy of the fully executed contract. You will be responsible to pay for it, however, this should already be included in your bank fees.

Re: when does the house get appraised ??

thanks. some older posts say if the house appraises for more then you are buying it for then you may not needa PMI is this true ??

I am buying a short sale so the house will def be appraised for more and we are putting down 12 % if the house apraises for say 30,000 more the we are buying it for then we would have the equity in the home and essentially have the 20 %

Is this true ??