appraisal - Posted by sam

Posted by JHyre in Ohio on April 30, 2002 at 10:55:51:


appraisal - Posted by sam

Posted by sam on April 29, 2002 at 13:23:57:

Hi this is to anyone who can answer my question. When you have a prospective property that you are looking to put under contract, at what point do you decide to get it appraised. What i mean is if you are new and you pay $200 for every appraisal and you are not that experienced it might end up being costly just to find out if the property is worth contracting. You might end up paying for 10 appraisals and only one them works out. Is there way to get around that ?

Re: appraisal - Posted by Tim Fierro (Tacoma, WA)

Posted by Tim Fierro (Tacoma, WA) on April 29, 2002 at 19:47:51:

Different strokes for different folks. I say, don’t get an appraisal. What do you need it for?

When doing your research on a prospective property, you should have determined it’s value now as well as it’s fair market value (FMV). FMV is what a buyer is willing to pay for the property. As long as you know how much you can sell it for, you don’t need an appraiser to give you this number. A CMA can give you the information you need.

If you are getting a loan for the property, then the lender will require one; but by then you have already determined the FMV of the property so the appraisal will come in fine.

When you sell, then your buyer’s lender will require an appraisal and they will pay for it, not you.