Conventional Loan Appraisal in Nevada

The buyer typically pays for the appraisal, either upfront when ordered or at closing. Costs in Nevada range from $450-$650 depending on property size and location.

In some cases, sellers may agree to credit the buyer for appraisal costs as part of closing cost negotiations.

No. Federal regulations require lenders to order appraisals through an independent third party (Appraisal Management Company or AMC) to prevent conflicts of interest. This ensures appraisers remain objective and unbiased.

You have several options:

• Renegotiate price: Ask seller to reduce to appraised value
• Increase down payment: Cover the gap with additional cash
• Challenge appraisal: Provide additional comparable sales
• Walk away: Use appraisal contingency if contract allows

Your lender can only approve a loan based on the lower of purchase price or appraised value.

Not required, but you or the seller/agent should provide access to all areas including garage, attic, basement, and storage. You can be present if you wish, but avoid hovering or influencing the appraiser. Let them work independently.

On-site inspection: 30-60 minutes depending on property size

Full report delivery: 7-10 days in Nevada (may be longer during peak seasons)

Yes, most conventional refinances require a full appraisal. The lender needs to confirm current home value to calculate loan-to-value (LTV) ratio.

Some lenders offer appraisal waivers for low-risk refinances if you have significant equity and meet specific criteria. Ask your lender if you qualify.

Generally no. Lenders typically require appraisals to be less than 120 days old (4 months), though some allow 6 months in stable markets. In Las Vegas, where values can shift quickly, lenders often require fresh appraisals within 90 days.

If the appraiser notes safety or structural issues, you have options:

• Seller completes repairs before closing
• Escrow holdback: funds held to complete repairs post-closing
• Price adjustment: reduce purchase price by repair cost

Yes. Condo appraisals also evaluate:

• HOA financial health and reserve funds
• Percentage of owner-occupied vs rental units
• Condo project approval status with Fannie Mae/Freddie Mac
• Shared amenities and building condition