“What’s my home worth?”

That’s the million-dollar question throughout the home sale process. Unfortunately, not everyone will agree on the answer.

Sellers disagree with their agents about the home’s worth when setting a list price. Buyers haggle with sellers over the valuation while negotiating their offer. The buyer’s lender may not agree to the negotiated offer if the appraisal of the property comes back lower than the agreed-upon price.

The worst part? The appraisal happens at the eleventh hour after all parties have invested time, effort, and cold, hard cash into the home sale process.

“The home appraisal is the last part of the loan closing. The lender calls the appraiser on the buyer’s behalf once the house is under contract,” says 22-year veteran agent Peggy Alger in Corpus Christi, Texas. It’s the last thing the lender orders, but it’s a critical step in the process.”

So what is a home appraisal, why is it so important, and just what can a seller do to get the valuation they’re after? Let’s dig into the details.