How appraisal timing fits inside a purchase contract

It is a clause in many purchase contracts that links the buyer's commitment to the home appraising at or above an agreed value.

The exact wording differs from contract to contract and from state to state. Some contracts include one, some do not, and some fold it into a broader financing clause. Your agent or attorney can walk you through what yours actually says. This page only explains how the timing tends to fit together.

Most contract deadlines count from the date the contract is accepted, not from the date the appraisal is ordered.

That matters because the appraisal cannot begin until the loan is far enough along for the lender to order it. Every step on the home page of this site, from the order going out to the final review, has to fit inside the same window. The earlier the loan application moves, the more breathing room the appraisal gets.

Buyers and sellers can often agree in writing to extend a contract date, but the contract sets the rules.

What happens when a deadline passes depends entirely on the agreement you signed. That is why agents tend to raise an extension early, while there is still time to talk calmly, rather than on the last day. Keep your agent and lender in the loop the moment scheduling looks slow, and ask what dates are coming up.

You still have choices, and the first step is getting a copy of the report.

The CFPB describes the steps in order. Get your copy first, then consider asking the seller to lower the price, since a low appraisal is strong evidence the price sits above market value. If the seller will not move, the CFPB notes that cancelling may be an option, that it can carry costs depending on your contract, and that an attorney can explain where you stand. Low values are unsettling, but they are also useful information arriving before you are committed to the loan.

For loans sold to Fannie Mae, the appraisal generally must be dated within 12 months of the note.

Fannie Mae's Selling Guide, section B4-1.2-04 (checked September 2026), also says that when the original report is more than four months but less than 12 months old, the appraiser must complete an update that includes an exterior look at the property and a review of current market data. Other loan programs set their own rules, so ask your lender which ones apply to you.