Home appraisal - quick question (recommendation, agent, sale, accept)

[Flavia84]

Hi folks,

We have an option of selecting our own appraiser or using the one that our relator recommends.

What is a better way of doing it? Is it the same deal as with the inspections, where it's better to use your own so that it's more objective?

[accufitgolf]

You want it to appraise high for loan purposes, use the one the realtor recommends.

Now watch all the appraisers say no way we all do it by the book.......LOL

[willow wind]

What is the purpose of the appraisal ?

If you are selling a home and want to get an appraisal first to determine how it list it, then choose your own appraiser.

If you are buying a home, then the lender will choose the appraiser. Each lender has their own independent appraisers, house appraisers or appraisal management company appraisers they will use. They won't accept an appraisal from every appraiser out there. To hire your own appraiser in that type of situation is just throwing money away as the completed appraisal may not be accepted.

If you're looking at home and want to have an appraisal done first, just for informational purposes, before you make an offer, then by all means hire your own appraiser. Just be aware that you may have to have another done by the lender if you do go to contract.

You might be able to talk a lender into using your appraisal. However, two things will happen. The appraiser has to change from being your client and then making the lender his or her new client. He or she is going to charge to do that. Also keep in mind each lender out there has their own stipulations as to what they want on an appraisal report. Your appraiser is also going to charge if there needs to be additional work above and beyond what was in the original report. Hopefully, the lender would pay for it.

But basically it's easier, if you're the buyer, to just stay out of the way and let the lender hire and take care of the appraisal.

If you still want an appraisal and don't know of any appraisers in the area, by all means ask your realtor for recommendations, but get a few and pick from there. Don't take the chance of illegal collusion by using just the one person a real estate agent suggests.

[Flavia84]

Thanks for responses, I greatly appreciate it!

We are paying cash from a house that we previously sold, so we're trying to get a fair appraisal to make sure we're paying a fair market price for it.

So looks like realtor's appraiser should do the job, right?

[willow wind]

You're saying that you're using the equity from a previous sale to buy another home?

If so, then yes, you can use any appraiser you like.

[Flavia84]

Thanks to everyone for replies!