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t1 | Who pays to have an appraisal done for a house that is being sold by the seller? |
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JoJo4321
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A price estimate that an real estate agent does for free is not an official appraisal that will be accepted by a mortgage company. You will have to have a certified appraiser for that. But again, you can specify that the seller to pay for that in your bid. It's a buyers' market. You can ask for anything you want....you just may not get it. But contracts can be modified back and forth.
Jo |
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?!
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usually it's the buyer because it's their mortgage lender who is determining how much they are going to loan so they need to see it's worth. sometimes you can get the seller to share closing costs with you but most times things like appraisials or testing of water or septic is at the buyers expense. |
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teran_realtor
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Buy the house with cash, and no appraisal is needed. You don't have cash you say? Well, an appraisal is part of the expense of getting a loan - the seller isn't getting a loan. He shouldn't have to pay for your appraisal.
Buyer's expense, but as noted above, it's all negotiable. If the seller is willing to sell for $200,000. Bump it up to $200,400 and ask him to pay for your appraisal. |
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artwhiterealtor
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Here is the San Francisco Bay Area, the borrower/buyer pays the appraisal fee. I imagine that this is the typical arrangement since it is the borrower/buyer who is the client of the lender and the lender is ordering the appraisal. It will be interesting to hear if there are any variations. On rare occasions I know that loan agents have reimbursed the borrower for the appraisal, but that was under the terms of some special promotion. |
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krogers160@yahoo.com
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Trick Question.
The reason being it is a negotiable item in the contract.
The Buyer usually pays for it through his mortgage company in the closing cost of the loan.
But You the buyer can negotiate that with anyone party who has their hand in the deal.
You could have the seller pay for it by asking them to contribute 1 point in closing cost. OR Ask for any type of monetary contribution.
I would normally tell the Bank to Eat the charge since they are the one requiring it.
Depending on where you are getting your money from anyone can pay for it. |
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yourmtgbanker
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The appraisal is one of the fees included in the closing costs of a loan. Most lenders require it to be done by a certified appraiser that is approved by their company. If the seller has agreed to pay for the closing costs then this can be charged to them on the HUD stmt at closing. If the seller has not agreed to pay closing costs or a portion of them then this is the buyers expense in the loan transaction. |
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wartz
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Whoever the parties agree to. As a practical matter, the buyer's lender will probably insist on their guy doing it. |
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Creatine Monohydrate 3-5gr daily
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it varies, it can be absorbed/add to or by the sale price of the house, discounted from the price of the house, or the buyer can incur the cost or the seller can incur the cost, there are some loan companies that will cover the cost for you if you finance with them. |
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westlakewizard
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The seller pays to have the house appraised...HOWEVER and BUT... the seller's real estate agent should be able to achieve this function for free, as part of his/her job...no real reason to pay another person to do it. The seller's real estate agent should suggest pricing the house in comparison to similar houses in the area that have recently sold. |
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GodsChild
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The seller pays. The Realtor does not do an appraisal they do a comparative analysis which means they compare your house to others within your area that have recently sold. That is how they figure your asking price. |
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Frank S
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Just to add to the other good answers already noted...
Ultimately, both parties (seller/buyer) have a vested interest in getting an appraisal (that favors his/her agenda.) But at the end of the day, the buyer (& mortgage lender) will have the weighted value to the appraisal - to safeguard his/her purchase (worth). - - As it is said, "let the buyer be ware"...
Maybe look to split the cost 50/50... |
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