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I am selling my house without a realtor & have a buyer.....Who pays for the appraiser & inspector

I am selling my house without a realtor & have a buyer.....who pays for the appraisal and the inspection? Should both I and the buyer have a real estate lawyer?
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April 17 2011 - Lake Villa
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Profile picture for user9639155
Buyer (their lender).
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April 18 2013
Buyer pays for the appraisal and home inspection.  You and the buyer should have your own lawyer.  Email me and I can refer an attorney if needed
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April 18 2013
Most of the time it is the buyer, but it would be clearly stated in your contract.
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April 17 2013

That is stated on the contract to purchase when you signed the contract you accepted certain conditions. Most of the time the buyer will pay but it has to show up in your contract.

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April 17 2013
Buyer should pay both.
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April 15 2013

And on it goes...

Actually, the Lender is not able to choose an appraiser either.
The lender is required to have a third party apparisal ordering company order the appraisal and the the third party assigns the appraiser.

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April 15 2013
Since the inspector is working for whomever pays them, it is best if the buyer pays.   If seller pays, buyer may view this inspection as possibly not being trustworthy and biased.  

The appraiser is paid by the buyer.  Buyers, sellers and agents are not able to choose the appraiser.  Rather, the lender picks an appraiser out of a pool. 
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April 15 2013

Its funny when they troll for business. Actually answering the question does help others that run a search and end up here get an answer.

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April 15 2013
Profile picture for wetdawgs
funny thing that two years after asking the question, some professionals chime in.   I love timely answers.
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April 15 2013
Profile picture for 800lbs In The Room
Funy...
You are asking for the professional advice that would be an afterthought if you had an agent in this process.
Without a seasoned Agent to help you, you will make mistakes, you will be misguided by internet fluff, and in the end will wish you just got a Professional to take care of things...

Even funnier, there are a lot of Agents that will list your home for almost nothing if you buy your next home with them too.


 
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April 15 2013
Buyer for both.
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April 15 2013
In Wisconsin the buyer typically pays for the inspection, its his choice. The appraisal is also paid for by the buyer - requested by the bank. Even if you are paying cash an appraisal could be useful because if you want to sell and it does not appraise at a high enough value you would eliminate all buyers who need a loan.

Of course an attorney is always recommended. Having a licensed real estate agent deal with offers and counter offers is usually better than tackling that yourself.  
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April 15 2013

Who pays for what is all negotiable, however, it is my opinion, that the prospective buyer should pay for both the appraisal and inspections.

Yes, you should both have legal representation.

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April 20 2011
In New York, the inspections and appraisal are paid by the purchasers.  It is in the purchasers best interest to have inspections.  Both parties to the transaction should have their own attorney representation to protect their individual interests.
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April 19 2011
Sometimes it happens where a seller finds someone to buy their home and neither have an agent.  Sometimes a buyer chooses to skip the inspection, however, I never feel this is in their best interest.  In Illinois the buyer would pay for the appraisal and inspection.  A real estate attorney is not very costly and I also recommend that you both have your own.  The good news is that you have a buyer in a market where homes are taking long to sell, congratulations and good luck!
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April 19 2011
In California both appraisal and inspections are generally buyer paid services. However some counties such as Contra Costa it is common for seller to pay for the Pest inspection. www.EastBayPro.com
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April 17 2011
Buyer usually pays for those. Unless it is family or a great friend, you should probably each have your own lawyer. 
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April 17 2011

It's a good idea to get a RE attorney. Inspection and Appraisal fees are usually paid by Buyer, unless it's noted otherwise on a contract.

Best of Luck! J

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April 17 2011
This is why you have a Realtor, they earn their money and probably could have gotten you more for your place.

The buyer pays and their lender automatically orders it from an anonymous appraiser.  The buyer also pays for the home inspector out of their own pocket and they select them.  Now, this is customary, everything is negotiable.

Good luck.
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April 17 2011
The same person who pays for it if you had an agent.....the buyer. Yes you should have an attorney and you should not care too much if the buyer has one or not, but I am sure they will.
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April 17 2011

You should definetly get an attorney, negotiation of a real estate contract is almost impossible if you have never done it before.  The buyer should pay for the appraisal and the inspection, these professionals are protecting the buyer and their interest in the property.  Please get an attorney.

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April 17 2011
Profile picture for Dunes....
If you don't know what you are doing then it most likely not wise to move forward..This is a Huge Financial Transaction

Do more research, learn what your options are and question any information provided by someone who is attempting to SELL you Services


Check out all this information from the Dept. of Justice Web Site for a start...
Competing Models of Real Estate Brokerage

Consumers Can Save Thousands of Dollars in Commissions

Competition and Real Estate... Real Estate Laws in Your State
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April 17 2011
Its a little concerning that you have made it this far and have these particular questions....

The appraisal is typically paid on the buyer's side as demanded by their lender.  If its a cash deal, there doesn't need to be an appraisal.

The inspection is also usually paid for by the buyer.

And most importantly, YES you both need to have an RE attorney!  Please do this ASAP!
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April 17 2011
 
Related Questions
I am selling my house without a realtor & have a buyer.....Who pays for the appraiser & inspector
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Latest answer by user9639155
April 18 2013 | 23 answers
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