Seller Is Asking for Appraisal; What Should I Do?

Seller Is Asking for Appraisal; What Should I Do?

Getting the right appraisal is essential when you buy a house. However, the issue is that it can cost a lot of money, and it might not be accurate. If the seller is asking you for the appraisal copy, remember that you do not have to provide it. You paid for it, and it is yours to keep. In general, the seller has no right to demand a copy.

What Is an Appraisal?

An appraisal will show that the price of the property is fair. The people who complete the task are professionals who are licensed and knowledgable. However, the real estate market is not simple, and it is subject to much turbulence. Additionally, there are many cases where a home receives an appraisal for a value at which it is unable to sell. Under these conditions, it might not be a bad idea to get a second appraisal, just in case.

Finding the Right Appraiser

There are resources that you can use to find a qualified appraiser in your local area. To find an appraiser, you can contact your state agency. If you are selling your house, the local realtor should have a few names at hand. All appraisers must be certified; they cannot appraise a home without a certificate or license. Even so, keep in mind that an appraisal is merely an opinion of value. It is not a formal disclosure.

Always Look at the Contract

In real estate, there are exceptions to nearly every rule. Generally, the appraisal is for buyers. Additionally, after the sale, legal protection mostly tends to veer toward the buyer. So, if the person from whom you bought the house is asking for an appraisal copy, you most likely have the law on your side. However, there could be a condition in the agreement which indicates that the seller must get a copy. Different states may also have different legal norms.