The buyer pays for an appraisal of the property as part of normal mortgage closing costs. The lender will require an appraisal of the property to assure that the value of the property is sufficient for the loan. The lender may select the appraiser for the buyer. If the buyer feels that the appraisal is too low, he or she can choose another appraiser and have a second appraisal done. The buyer would have to pay for both appraisals. For more information on appraisals, consult an appraiser or real estate professional.