Appraisal results (contingency, negotiating, sale, price)

[NC_Paddler]

As the seller, do I have a right to know what the home appraised for?

I know it came in above the sale price, as expected, but I'd like to know the precise results.

Must the lender provide this information?

Thanks.

[MikeJaquish]

There is no precision in the results.

All the appraisal does is tell the lender that their funds are adequately collateralized. It does not set any sort of true market value for the property.

Appraised for the contract price or more? Good. Actually... Great! It won't trigger the appraisal contingency.

[NC_Paddler]

Originally Posted by MikeJaquish

There is no precision in the results.

All the appraisal does is tell the lender that their funds are adequately collateralized. It does not set any sort of true market value for the property.

Appraised for the contract price or more? Good. Actually... Great! It won't trigger the appraisal contingency.

So the appraiser doesn't actually put a dollar value estimate on the home? Interesting . . . thanks.

[ETex2]

Originally Posted by MikeJaquish

There is no precision in the results.

All the appraisal does is tell the lender that their funds are adequately collateralized. It does not set any sort of true market value for the property.

Appraised for the contract price or more? Good. Actually... Great! It won't trigger the appraisal contingency.

True, an appraisal does not SET any sort of market value for the property. An appraisal is an ESTIMATE of market value based upon what the market is telling the appraiser.

And yes, a specific dollar amount is specified in the appraisal.

[LynnKK]

But, you don't get a copy because it belongs to the buyer and his/her lender. Appraisal goes to those who paid for it.

[adlnc07]

Originally Posted by LynnKK

But, you don't get a copy because it belongs to the buyer and his/her lender. Appraisal goes to those who paid for it.

Yep! My current house appraised for $10K-$12K more than the contract price, and it wasn't any of the seller's business. In reality, all that matters is that the appraisal supports the contract price - if not, you go back to the negotiating table (assuming you have an appraisal contingency).

[middle-aged mom]

As been said, you have no right to the appraisal. The buyer paid for it and the buyer's lender ordered it.

Rarely will two independent appraisals of the same property, at the same time, agree on value.

What matters, is that your property appraised and this eliminates one major hurdle to getting closed.