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How can I order an appraisal on an active listing to determine the value my lender will place on the home? What would it cost?
It's obviously very important that the appraiser act independently of my wish for a lower price, or the seller will never accept it.
Since lenders are not giving mortgages on properties that don't appraise (regardless of who the buyer is), I think this could be a valuable negotiating tool, if somewhat rare.
I agree with keeshonder. An appraisal is one person's opinion of value. You can take three appraisers and they will all have a different take and hence, value determination, for the property.
They cost about $400 out here and you'll have to pay that fee again if you can negotiate an offer because the bank won't accept that appraisal. They will order their own.
What do the comps show? Even if your appraisal showed a lower price, there is no guarantee that the Seller will accept that or all your other conditions.
Why not negotiate a price, all conditions and have a Appraisal Contingency in place?
How can I order an appraisal on an active listing to determine the value my lender will place on the home? What would it cost?
It's obviously very important that the appraiser act independently of my wish for a lower price, or the seller will never accept it.
Since lenders are not giving mortgages on properties that don't appraise (regardless of who the buyer is), I think this could be a valuable negotiating tool, if somewhat rare.
thanks
We frequently do these for both prospective buyers and sellers. It is a great tool.
Yes, three appraisers can come up with 3 different values, but if there is more than a 10% difference there is something wrong.
If its your own house, ask a Realtor for a value. They usually do it for free. If you are thinking of buying the house, look up sales of similar homes and save the appraisal fee.
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