How Does An Appraisal Work When Selling A Home?
Posted by benny in Uncategorized on December 9th, 2009 | 4 responses
I sold my house and I now need an appraisal.
Popularity: 1% [?]
Related posts:
- How Genuine Is Work From Home By Google Like Form Filling Or Adsense? I want to know how it works and how...
- Does Home Insurance Cover When You Rent Out The House And The Tenant Causes A House Fire? Does home insurance cover when I rent out the house...
- How Do I Find A Legitimate Work At Home Job? I am having trouble finding a job that I can...
- Who Pays For The Home Insurance When You Let Your House? I ask this question on behalf of my friend, who...
- What Type Of Insurance Should I Get On A Vacation Home / Rental? I am purchasing a second home near Canyon Lake, Texas....
Related posts brought to you by Yet Another Related Posts Plugin.
4 Responses to “How Does An Appraisal Work When Selling A Home?”
Leave a Reply
Confused???? You usually need the appraisal prior to the closing of the home.
Please tell us why you need it now….after the home as been purchased??
Why do you need an appraisal after you have sold it?
Do you mean you have an offer on it, but it has not closed yet?
If so, the buyers need an appraisal from their lender but that is their responsibility not yours.
If you are unclear about this please ask your Realtor to explain it to you.
I’m assuming you have a signed purchase agreement on the house.
If that is the case, now the lender needs an appraisal on the house to make sure that it is actually worth the selling price agreed upon.
Banks are very careful now to make sure that houses aren’t selling for more than they are actually worth. There has to be proof that there are comparable properties that are selling for similar prices.
First thing you don’t need a appraisal or could you order an appraisal for the buyer!! The buyers lender will have to place the appraisal order through a AMC and then the AMC will assign it to a appraiser. This is all part of the new HVCC mandated by Federal law. Anyone working on a commission can not order a appraisal from a appraiser, this would include RE Agents, Loan officers, Mtg brokers, buyers, sellers. There MUST be NO contact or direct dealings with these people and the appraiser. The Federal government does not want any pressure put on the appraiser to over inflate the value, as have been done in the past. A homeowner can only order an appraisal for marketing, tax reasons or estate reasons, divorce.