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muggs | I went to put offer on house. Realtor says no need for apprasial. Does this sound right? |
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CanadianBlondie
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Your bank will probably complete an appraisal before lending you the money. They do that themselves, though.
What you might want to do is have a home inspection completed, though. |
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YahooGuru2u
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The institution you borrow money from may see it differently. Most will not make a loan unless they know the fair market value of the property. |
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S B
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That is a HUGE red flag.
Get an apprasial. Do NOT use someone referred by your realtor. Video-tape or photograph the apprasial.
Property values are trending down most places right now; so a solid apprasial may be very useful.
If you are lucky (depending on your location), you can get a decent idea by comparing your house to other recent sales on "zillow.com" (or similar sites). |
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acermill
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Depends on what sort of appraisal you speak of. If he's indicating that no appraisal is necessary for you to tender an offer, he is correct. However, when you apply for a mortgage, an appraisal WILL be required by the lender involved. If you are considering an appraisal merely for your own information, you can do so, but the lender will not accept the appraisal you have ordered. They use the appraiser of their own choice, so you will need to have another for the mortgage.
As far as the suggestions offered above about starting 10% below the asking price, that's utter nonsense. You need to determine the fair market value of the property involved, and then make your offer based upon such value. It's entirely possible that the property is overpriced, as well as possible that it's fairly priced, or even UNDER priced. Perform the due diligence by obtaining records of similar and recent sales as a guide. |
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Brad D
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Unless your paying cash an appraisal is needed. Usually $300.00 to $400.00 dollars. Banks will not lend you the money unless they have the proof that the house you're buying is worth that. Your realtor should have a good idea what the comps are for the house but should not have stated that an appraisal is not necessary.
Licensed Realtor in AZ |
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gigi
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The bank will not let you buy the home if it does not appraise up to the price that you are going to pay. You could do a check by yourself, by taking a look at houses for sale in the area that are similar to the home that you are planning on buying and see what they sold for. You can find that information on the Internet. You could also look at the houses that are for sale that are similar to the one you plan to buy in that area and see what they are selling for. The bank always sends a appraiser out to make sure that the property is worth what you are planning on paying for it. If it does not meet the price you are not bound to the contract. If you are concerned make sure that you put that in the contract before you sign. IF the house does not meet appraisal then the contract is null and void. |
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zedekiah77
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No, if you are buying a house ALWAYS do your market research first...remember, the realtor is not working for the buyer, but for the vendor (seller)...and their own commission. get an appraisal done, check local websites for what the prices are for similar properties, and even then...offer 10% less and haggle. Never buy at the asking price. And never, ever, trust a realtor when they say no need for an appraisal! Not even if they assure you you are getting a bargain! Believe me, I have bought three houses and looked at many, many more. It's the same anywhere. The Golden Rule about Realtors is: Pirhanas Always Smile Before They Eat You Alive! |
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long lashes
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suspicious! |
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lepr0kan
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The lender would determine if an appraisal wasn't needed, normally they are unless the lender does an estimate based upon comparable sales in the area and determines that the purchase price on the house is significantly below what they estimate the house to be worth. This is rare though and only occurs in areas where the market is still exceptionally good. Call your lender to verify what is going on. |
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Melisagain
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An appraisal is usually something that would be requested by the lending Institution. Therefore, if your bank or finance company REQUIRES this in order to get a loan and or it is an issue with the title company..they will notify you of this requirment, not your Realtor. I don't have enough info on your particular situation but maybe at this point in the process you really don't need an appraisal. |
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Zipperhead
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no... it doesn't sound right. Just make sure that you have it inspected by someone certified. Don't cut corners there. |
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Ross
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Your Realtor is right, there is allot of advice here that will lead to waiting your money. It is too early for an apprail at this point.This is why you have a Realtor, they will know the market. Your Realtor will have comparables available and that is what you will base your offer on. I would suggest going lower than the comparables. Make sure you have a contingency in your contract based on the appraisal as well as other contingencies your Realtor will recommend. Your bank will order an appraisal before they will lend out the money on your home. Your bank may or may not accept your appraisal and you could end up paying for two appraisals.
If you offer is not accepted you just wasted your money, if you do this every time you make an offer you waist allot of money.
The only time I would recommend an appraisal to be used in making an offer. would be if the home is so unique you have no usable comparables. |
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LoFlo
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The only thing I can possibly think of is that you are putting down a very large down payment, financing a relatively low amount relative to prices of comparable homes sold recently? |
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thebigcheese1993
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No need for an appraisal if you pay cash.
Otherwise, appraisal is needed, and I wouldn't expect the bank to foot the bill. |
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rajat jain
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confusing |
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garden
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sure, no problem.
i don't know **** about realty. i just know honesty, love, and poetry. |
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