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frostytink | When purchasing a home who normally pays for the home appraisal? the buyer or the seller? |
my fiance and i r trying to buy his late grandmothers home and have run into a bit of a dilemma. "The Aunts" had a comparitive market analysis done, but our bank wants a copy of an appraisal, sounds like "The Aunts" want to just use the analysis. we r 1st time buyers and r unsure how all this stuff works |
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mlb278
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The buyer should be paying for it since the buyer is the one who is going to need it for getting a loan.. Appraisal costs are considered closing costs for a loan.
There is an exception if you are putting very little down (such as 0%). You would have to ask the seller pay for some or all of your closing costs as part of the deal.
If you are putting down more than 20% then there is no reason for the seller to pay for it. |
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sureno
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IT IS USUALLY THE BUYER |
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orderless1
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That is really easy to answer. You as the buyer must arrange Your finanacing. The bank that lends you the money requires an acceptable appraisal.
That is as cut adn dry as it gets. It is your responsibility or you may find a bank or broker that will pay for the appraisal. Either way it has nothing to do with the seller. |
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Krissy
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Normally the buyers pay for the appraisal. Unless to have a ton of money & the bank knows that & they want all of your business. Then the bank will. Congrats on your first home buying. |
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sylviavnpttn
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Unfortunately, the comparative market analysis is just that- a comparison of what similar houses sold for in that particular area. The bank will require an appraisal from an appraiser which will give the bank the figures for the loan (yours). When you go into the contract it can be done a couple of ways- You can pay for the appraisal and ask for it to reimbursed at close of escrow by the seller- or you can simply pay for it. Either way an appraisal will have to be done for lending purposes which is a requirement for all lending. |
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J M
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The buyer would pay, and use the appraiser of their choice. Often the seller has already had it appraised and hopefully the two are close. |
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dandantheshinnyman
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The comparative market evaluation was to show your aunt how much her home should fetch on the open market. The appraisal your bank wants is for their own self assurance they are not lending you too much for a home not worth what is being asked. You would pay for this service. You can have a certified home inspection done for about $400.00. The inspector will go over the home with a fine tooth comb checking everything from wiring, plumbing to roof and foundation. Good Luck |
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Princess of the Realm
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The buyer pays for the appraisal. One is always required by the lender even if you are refinancing. |
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T F
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Here in NY - the bank does the appraisal
you may need to pay for it yourself |
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Andrew H
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It's is up to your bank. Most can not use the CMA unless you have alot of capital. The lender will order an appraisal if it needs one. This is not up to you or your "Aunts". If the lender orders the appraisal and you should pay for because you need the loan. The ownership of the appraisal is the lenders and they will give you a copy at closing. Oh by the way. make sure you pay less then the appraised value unless you are paying for a REALTOR. Most comparable sales involve 6-7% comisssion and this factor is not deducted from the comparables. If you are not using a REALTOR, you should pay less. |
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Elsa
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Hi. I'm a Realtor, and I know this stuff gets confusing, so here's a little info
Appraisals are often required to obtain financing and are usually the responsibility of the buyer. Even if your bank doesn't require it - it is really important to get one and ensure that you aren't making a bad investment. The bank should have someone that they use regularly. It is VERY seldom that a home does not appraise at or above purchase price.
Inspections are also a great idea and again, the buyer usually pays. A whole house inspection in this market (midwest) can usually be purchased for under $400.
Also, be aware that even if you have a zero down, 100% loan, there may be closing costs for which you will be responsible. Ask the bank - just say you need to know exactly how much you will owe at closing so that it isn't a surprise. Sometimes, you can ask the sellers to cover closing costs in an offer. Best of luck to you! Hope you get the home of your dreams... |
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Kim Y
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Normally, you pay for the appraisal because your lender needs that to see if the home qualifies within the range that the loan will be. If the home appraises for $100k, but the seller wants to sell for $125k, then the seller needs to come down $25k or you need to come up with the $25k to make the sale as a down payment.
When my hubby and I were interested in a country property, our original lender balked at the asking price, (180k), so the Lender did an appraisal (which we would pay at close), but they hired an appraisal company who had no expertise in evaluating country property. They could never come up with the value anywhere close to the asking price of $180k. So, the Lenders to our loan backed out and wouldn't touch it. The next time, we paid for 2 appraisals - one of the house with the original acerage & the second of just the adjoining land. This would have worked, and we found a new lender, BUT this is where the country appraiser was delayed (due to his ill health) and our Realtor didn't return calls. By the combo of the two elements, we lost the home because a cash buyer walked up and bought it without our knowledge. We were out $650 of our own money for the two country appraisals (I felt it was worth the risk as I knew we could come up with the value & the Sellers had come down to $170k).
So, typically the Buyer pays via the Loan. Unless the Seller had a very recent one done on hand, then it's unusual that the Seller is out the money. It's up to the Lender & Buyer to find justification for whatever price is offered the Seller. If the Seller can get away with an over-inflated sales price, they'll do it if they know the Buyers will come up with the cash difference over the true market value of the home at that time.
040207 6:46 |
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Rachel S
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I think the buyer typically pays for it. The appraisal for our house was about $350, I think. The mortgage company will want the appraisal to make sure the house really is worth what they are loaning you. The market comps on our house were $5K higher than the appraisal. |
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iceman
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Almost always the buyer---unless you negoiate with the seller as part of the contract they pay for it. |
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peapod_mommy
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Normally buyer pays for the appraisal. In california it runs anywhere from 375$ to 425$. The reason the buyers pay for it is because it is normally a prior to doc condition to obtain a loan. I hope this helps. Need anything else email me. I'll help you FOR FREE!!! This is NOT SPAM!!! |
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D M
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The seller never pays for an appraisal unless they want it for themselves. If the bank is requesting an appraisal on their own, usually they will pay for it. Check with your bank to see if this is the case. If not, and they expect you as the buyer to pay for it, go to your town office to seek what they value the property at. If your bank doesn't accept this as an appraisal, then unless there is good reason to stick with this bank, i.e. good interest rates, then I would move on to another bank. |
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