As a condo buyer, understanding the appraisal process and its impact on financing options is vital for securing the best terms for your purchase. Appraisals directly influence loan-to-value ratios, down payment requirements, interest rates, and the overall financing package. In this blog, we will explore actionable tips to help condo buyers maximize their financing options during the appraisal process.

  1. Research and Choose the Right Appraiser: Conduct research to find a reputable and experienced appraiser familiar with the local condo market. An appraiser with expertise in condo valuations can provide a more accurate and favorable appraisal.
  2. Prepare the Property for Appraisal: Ensure the condo is in its best condition during the appraisal visit. Tidy up the space, repair any visible damages, and highlight recent upgrades or renovations that might positively impact the appraisal value.
  3. Collect Comparable Sales Data: Gather data on recent sales of comparable condos in the area. Providing this information to the appraiser can help support your opinion of the condo’s value.
  4. Advocate for the Condo Association: If the condo association is financially stable and well-managed, ensure the appraiser is aware of this information. A strong condo association can reflect positively on the condo’s value and influence financing options.
  5. Be Present During the Appraisal: Offer to be present during the appraisal to answer any questions the appraiser may have about the condo or the surrounding community. Your insights can help the appraiser gain a better understanding of the property’s value.
  6. Include an Appraisal Contingency: Include an appraisal contingency in the purchase agreement. This provision allows you to renegotiate or back out of the deal if the appraisal comes in lower than the purchase price.
  7. Consult with Your Lender: Have open and proactive communication with your lender throughout the appraisal process. Understand their criteria for financing options and inquire about any additional documents or information they may require.
  8. Seek a Second Opinion if Necessary: If you believe the appraisal is inaccurate or undervalued, discuss the possibility of obtaining a second appraisal with your lender. However, be aware that the lender must agree to consider the new appraisal.


Condo buyers can take proactive steps to maximize their financing options during the appraisal process. Choosing the right appraiser, preparing the condo for the appraisal, and providing relevant data on comparable sales are crucial actions that can positively influence the appraisal value. Open communication with the lender and including an appraisal contingency in the purchase agreement offer additional protections. By staying informed and engaged throughout the process, condo buyers can increase their chances of securing favorable financing options, making their dream of condo ownership a reality.