Can a home buyer do their own Appraisal on a house?

[JD59]

Originally Posted by jghorton

As suggested before, you can work with a competent Realtor to give you a 'comp work-up' on any house that you are seriously interested in buying. You could also check actual sales prices of similar homes in the area on the website of your County Tax Appraiser. There are also other ways you can validate asking prices and conduct 'rule of thumb' estimates. The question is, Are you really trying to narrow-down five potential houses to the best value ... which you will then buy --- or something else?

However, it sound like you aren't really working with a Realtor, don't understand comps or appraisals ... and yet, have narrowed-down your search to 5-houses and want to know how to save $300 per house in appraisal fees before buying one??? Are you honestly a real, serious buyer ... or just an 'interested tire kicker?'

I just don't want to buy this house and then when I sell it I will have to take another four years to sell it like my old house did in a subdivision. Looking to buy a great deal for the money and this house will be for only one person. Had a real bad experience owning a house in a subdivison where I had to deal with a Meth house across the street for 14 years and 250 foot Celltower was built next to my house. I lost money my old house because of Meth house and celltower. I hate to move to country to find a house because traveling to work everyday.

[Jkgourmet]

Personally, I think you should rent. Solves all your problems.

[JD59]

Originally Posted by Jkgourmet

Personally, I think you should rent. Solves all your problems.

I live now in a RV Trailer Park and it gets old after living here for over one year. I just think it's waste of money to pay rent when can invest in a house or land. I'm making the landlord rich.

[Lovehound]

I bought my current residence with no appraisal and didn't miss the expense a bit. It was last year in Los Angeles. The market was moving fast and DOM under a week was not unusual. Bidding wars abounded, and I lost several. Asking prices were low-balled, perhaps code for "we want a bidding war, come see if you want to participate."

Really, what is a house -- or anything -- worth? It is worth the price that a willing buyer will pay to a seller that is willing to accept that price.

Now my deal was cash of course, so there was no lender to appease. I'd been losing bidding wars for many months. I saw my house and within 5 minutes I knew I wanted it. I spent far less time looking at it than I had any previous properties. Maybe you have not experienced it, but sometimes there comes a time when you know that you know. This was my time for that. I knew!

This was Thursday, first day of showing. My Realtor contacted seller's Realtor and asked when they were presenting: Tuesday. I instructed my Realtor to make no further contact with seller's Realtor. We sat down and discussed our offer. I asked my Realtor what offer would guarantee no bidding war. He thought a minute or so, and told me. I gulped! I thought about the offer for a minute, $40K over asking price. Mind you, it was a sure thing this house was headed for a bidding war at $30K over asking.

Here is the point I'm trying to make. I'd been in the market a year and a half. I was finally adjusting to reality in the last 6 months. I'd seen a hundred, maybe two hundred properties. Most I disdained. I'd been in a half dozen bidding wars and ended up with nothing but ulcers. There comes a time when you know you know your market, and that time had arrived for me.

I instructed my $40K over asking, cash offer on Monday afternoon. Mind you, they had an open house Saturday and Sunday. That was a very bad weekend for me, wondering who was stomping through MY house! Monday was bad, we submitted our offer in the afternoon, Tuesday was bad.

Finally the answer came back, I forgot either Tuesday evening or some time Wednesday, a counter offer. "We accept all your terms provided you agree to close escrow in 11 days." Hell yes!!!

No bidding war. Closing was delayed a few days because seller didn't provide me with HOA details with sufficient advance to allow me 48 hours to review them. Of course I had an inspection, but appraisal???

We don' need no steenkin' appraisal! I did my own appraisal. I'd been losing bidding wars for months. I wanted the property, I knew what it would cost, it was worth it to me, that was all the appraisal I needed!

I'm going to live here for the rest of my life. I don't care what it cost. I'm going to be pronounced and carried out feet first, and some family member can decide what it's worth. Or toss a match on it, I don't care.


But..... There is the Golden Rule: "He who has the gold rules." If you have a lender then your only choice is which lender to go with. Your lender picks THEIR appraiser. You pay the appraiser but the appraiser works for them. You will probably see the appraisal -- I always have -- but your only choice is play by the lender's rules or pick another lender.

BTW I have been paying $575 on my Mesa AZ appraisals. And glad I got the properties. Worth every dollar!

[ocngypz]

As a cash buyer I offered $XXX contingent upon the house appraising for that same amount. No other contingency.

Appraisal was $400

House did not appraise.

[Lovehound]

You have a right to an appraisal even as a cash buyer. If you want it enough to pay for it, go for it. It gives you an easy out if it does not appraise in case you change your mind -- for any reason at all or for no reason. A "does not appraise" is an automatic way out.

The real question for a cash buyer: is the house worth that much to YOU? If you want a second opinion then you got it.

It's a $400 parachute.

[middle-aged mom]

Originally Posted by John1960

The next door house owner told me he is selling it for 50,000 because it needs major home repair because of flooding under house. Termites ate two bedroom floors out to the point the floors caved in.

Therefor he has no certain idea of what the market will pay.

You need a new buyer's agent familiar with local property who can perform a CMA based on the facts of the local market. Ideally they will have personally seen the properties used as comps.