Profile picture for Keatod

Getting appraisal before selling good idea?

Question - if we get an appraisal done on our house we are selling, independant of any transaction - so we know what a bank will feel our house is worth - is that transferrable/usable by a buyer? Or would it be a waste of money?

We have a day light basement and when we bought it they had a hard time with comps and it came in at 8k under what the market value definitely was based on comps - and we had a kink at the end... we offered 370 and the seller to pay closing and it only appraised at 362k which coincidentally was the current asking price...

I want to avoid any turmoil when we list our house.. we HAVE to relocate - not really wanting to sell in this market - so lets say it appraises at 440 we could list for 435 with 5k toward closing?

Thoughts? Ideas? Advise?!
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August 15 2007 - US
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In most cases the buyers bank will do there own appraisal so yes it generally is a waste of money. I would get some CMA's from different realtors. You don't have to use them to list. Usually they will come out and do it for free.
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August 15 2007
Profile picture for Keatod
Why do the appraisals "magically" come back at the price of the sale it seems? One would think that the appraiser shouldn't be tainted by knowing the specifics of the sale?
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August 15 2007
They don't always but they often do. I have had them higher and I have had them lower than the sale price. I think when they come in on the dot the appraiser may be being lazy. Although sometimes the sales price could be on the dot.
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August 15 2007
Profile picture for Alan May
the appraisers "magically" used-to come back at the sale price, because they were hired by the bank, to accommodate the loan... in other words, they wanted a rubber stamp.

with the tightening of lending standards that we've seen in the last couple of weeks, we're going to see a lot closer inspection of appraisals, and that's a good thing.

Having an appraisal in advance is almost certainly a waste of money, in terms of transferrability, but might help to have the information for your own peace of mind... an average appraisal (in our area) is anywhere from $300-$550.00
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August 15 2007
First, the appraisal is yours and it is not transferrable to the buyer. Comparable sales are the best way to determine your homes value without coming out of pocket.

be careful that you have all comparable sales that are recent and not just the low ones. Some Realtors may bring you low comps so that they can sell quickly.

Appraisals are tricky. I agree with you about the appraisal coming in at the sale price. Makes you wonder what you just paid for. If a house is worth more than the sale price, then it should still appraise for what it is worth. You can get the appraisal even if the bank orders it. You pay for it.
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August 15 2007
Profile picture for robin398
The homeowner can have their own appraisal done before selling their home to figure out the price. The cost runs between $300-500 and the bank will probably not accept it and have another done by one of their own appraisers.
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August 15 2007
Best thing is to have a CMA.. done by agents.. also.. you should have one of those agents take you to homes that are currently listed so you can see for your self the market. when I am working for a seller, I take them to 2 or 3 homes that are listed in the area that are like theres. and do a cma mthly and I also send them a listing everytime a home comes on the market that is in there area.. this way you are ahead and you always know.. as far as an appraisal.. save your money.. ***just my opinon** and expressed only by me for the purpose of this post***
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August 15 2007
 
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