Lender Appraisals 

As shocking as it may seem, your lender will not just trust your word on the value of the home you are buying. The lender will also refuse to rely on the purchase price you and the seller have agreed upon. If you are getting a bad deal, the lender does not want to be stuck with it as well. Instead, the lender is going to want the home appraised. That being said, lenders can be slow. Try to get the appraisal process underway as quickly as possible so you can find out if there are any problems as soon as possible. Nothing is worse than having the appraisal come back three days before the close of escrow and finding out there is a problem.