Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hello. Is an appraisal more accurate than getting comps? Friend of mine wants to sell us the house but it hasn't been updated at all. He's willing to give us a deal but not sure what to ask. We would like to renovate it and maybe sell it. Thank you.
If someone could recommend an appraiser that would be great. House is in East Patchogue. Thanks again.
Hello. Is an appraisal more accurate than getting comps? Friend of mine wants to sell us the house but it hasn't been updated at all. He's willing to give us a deal but not sure what to ask. We would like to renovate it and maybe sell it. Thank you.
If someone could recommend an appraiser that would be great. House is in East Patchogue. Thanks again.
Why pay an appraiser if you dont have to. look at some open houses similar in square footage and location.
There is so much more to a professional appraisal than there ever can be with comparables from MLS, etc. Unless the properties are identical in all ways, any differences would call for adjustments to the value(s).
I just happened to have taken an appraisal class today as part of my continuing education (have taken some previously) and it not only reinforced what I remembered but also went in great detail into how appraisers arrive at their values and how much education and experience now goes into becoming a Certified Appraiser. Of course in the end it is only an opinion, albeit a professional opinion.
Having said all that, even as an experienced Realtor I would hire an appraiser in a private transaction. By the way, if a mortgage is required and the purchase price and appraisal amount differ, the lender will use the lower of the two.
OP you stated that your friend was willing to give you a deal. Well, you can use the appraisal as a starting point from which your friend will "give you a deal". If you're planning on flipping it, make sure you run your numbers carefully, so you don't end up with a loss.
There is so much more to a professional appraisal than there ever can be with comparables from MLS, etc. Unless the properties are identical in all ways, any differences would call for adjustments to the value(s).
I just happened to have taken an appraisal class today as part of my continuing education (have taken some previously) and it not only reinforced what I remembered but also went in great detail into how appraisers arrive at their values and how much education and experience now goes into becoming a Certified Appraiser. Of course in the end it is only an opinion, albeit a professional opinion.
Having said all that, even as an experienced Realtor I would hire an appraiser in a private transaction. By the way, if a mortgage is required and the purchase price and appraisal amount differ, the lender will use the lower of the two.
OP you stated that your friend was willing to give you a deal. Well, you can use the appraisal as a starting point from which your friend will "give you a deal". If you're planning on flipping it, make sure you run your numbers carefully, so you don't end up with a loss.
There is so much more to a professional appraisal than there ever can be with comparables from MLS, etc. Unless the properties are identical in all ways, any differences would call for adjustments to the value(s).
I just happened to have taken an appraisal class today as part of my continuing education (have taken some previously) and it not only reinforced what I remembered but also went in great detail into how appraisers arrive at their values and how much education and experience now goes into becoming a Certified Appraiser. Of course in the end it is only an opinion, albeit a professional opinion.
Having said all that, even as an experienced Realtor I would hire an appraiser in a private transaction. By the way, if a mortgage is required and the purchase price and appraisal amount differ, the lender will use the lower of the two.
OP you stated that your friend was willing to give you a deal. Well, you can use the appraisal as a starting point from which your friend will "give you a deal". If you're planning on flipping it, make sure you run your numbers carefully, so you don't end up with a loss.
Would a lender accept a private appraisal? The ones I’ve spoken with want to order their own, even if a different lender has already done one.
I think it’s useful if you are seeking a cash offer and then have something to back up the price.
Make sure you get a home and termite inspection done.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
