Selling house Appraisal

[Dave Mustaine]

I'm selling my first house and just had the home inspection.   The buyers attorneys letter states the appraisal shall not be ordered for at least 5 business days after the attorney review period.   The bank ordered the appraisal already and he called me yesterday and appraiser wants to come asap even though we have not agreed on the home inspection issues yet.  However, I'm almost positive the home inspection will be agreed on before he gets here next week.  Should I agree to let him do the appraisal now?  Why would the buyers attorney be asking for a 5 business day delay before ordering the appraisal? 

Does the appraiser get a copy of the buyers home inspection prior to the appraisal?    If the sale is not closed does the bank eat the appraisal cost or do they send me a bill?  I think In the contract it states if the appraisal does not come in as high as the purchase price the contract will be null and void.  If that happened, could I lower the price or buyer put down money to meet the appraisal to keep the closing date without having to write a new contract and delay the closing.  Thanks! 

[Wayne Brooks]

The appraisal is being ordered by the bank, on behalf of the Buyer.  It's not your problem if they are doing it now....it's all at the cost of the buyer, not you.  Yes, if the appraisal comes in lower than the selling price, the buyer can rescind, you could lower the price to the appraisal or somewhere in the middle, and the buyer could come up with the extra cash.