Your Realtor may advise you to hire a property inspector (either termite or contractor, or both) to evaluate the property you have just purchased.  It's also common for the sellers to obtain these inspections and you might only be reviewing their written reports prior to making your offer.

In any event, I will order a property appraisal as soon as your escrow is opened.  Once I know the cost of the your appraisal (the cost is set by the purchase price), I will ask you to mail me a check made payable to the appraiser.

Once the appraisal arrives at our office (which usually takes 1 to 3 days), I will submit it to the lender for review. After the appraisal has been reviewed by the lender, along with any other requested conditions, your approval is final, and you may remove your loan contingency, pursuant to the terms of your contract. If you don’ t have a loan contingency, the appraisal contingency needs to be removed before your inspection period expires.

At that point, you will be asked to increase your deposit to 3% of the purchase price minus your initial deposit. You should also be making plans to have the rest of your down payment and closing costs ready for the closing. If you need to liquidate funds from your brokerage account, you should start that process now.