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.
As an appraiser, I often get telephone calls from the person whose home I have appraised asking that I send them a copy of the appraisal. I have to tell them that I can not do so legally. The appraisal is the property of the one who ordered it...no matter who paid for the appraisal.
Just a little more info...
I work for a mortgage company and the appraised value is important no matter the downpayment amount. If the appraisal is low and you were putting 20% down, you would now be required to pay private mortgage insurance. If the lender stated the appraisal was fine, the house appraised for the sales price or higher. They should always inform you of a low appraisal!!!!
Hello,
I just received the appraisal report from my bank and I am supposed to close on the 18th of October. But the report shows that the hose got appraised from the bank's appraisal 40 thousand dollars lower that what we agreed to buy the house. What should I do? The appraisal is not in the contigency of the sale.
Please let me know, because I am very upset about this today.
lule, what does your agent say? and your mortgage person? usually you won't be able to get financing or would in the least have our financing changed. If you can't get a mortgage on the amount, that should be in the contract....
Usually the appraisal is part of the mortgage contingency so my clients usually see the appraisal well before closing. If my client is putting a large amount down then the appraised value technically does not matter however, I always have it written into the contract that the house must appraise at purchase price. Again, we know the value well before closing. I often get the appraisal emailed to me and I sent it to the attorney and to the client. Each state must be different.
If a house does not appraise out you should be able to cancel the deal based on your mortgage contingency. Or, ask the seller to drop the price. I just did this for a client and it is what it is. Ask the listing agent for comps, how did he/she arrive at the list price. The appraiser and the listing agent usually see the same information and will pull the same comps. Call your agent and your lender. You should be protected in your mortgage contingency.
Last edited by irish setter girl; 10-05-2007 at 08:43 PM..
Reason: spelling
I never get to see the appraisal, however I always remind my clients to officially request a copy of their appraisal the mortgage company will mail it out to them after closing.
For those who do not see the appraisal, are you notified that it has been done and the house appraised out? Or, are you not informed at all? I guess if I didn't hear anything I would assume everything is just fine, but I would still want to know what the final number is just so I know we not over paying for the home especially in this market! How does this work in other areas where the appraisal is not disclosed?
Typically, the mortgage person will at least tell the buyer (some will only tell me that th appraisal is fine and not the number if the buyer hasn't agreed to them telling me). Purchase offers are made based on the mortgage amount, if the appraisal amount does not come in to meet the mortgage amount, trust me we know about that!! The listing agent only hears the appraised amount IF there is a problem and IF the appraiser wants to give us a chance to show different comps.
I am taking into account that the home you are purchasing is not a new home therefore you may be able to use the internet to go to the court house records and do a search (and most are free!) and there you could get a good idea of how much the home is worth. After doing this you can go to the website Zillow - Real Estate Valuations, Homes for Sale, Free Real Estate Information to get a free estimate as well as some comparables on other homes sold in the area. On a technical standpoint you could pay for an engineers report on the home ( they know about home prices too!!) and they will tell you if your paying for a lemon or a good deal. hope this helps !
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.
Bank's appraisal for my house
