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Who pays for apprasials?

Who pays for apprasials? I was told the buyer. What happens if the seller don't want to sell after a low apprasial comes in?
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January 12 2010 - US
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Answers (7)

He's from Overland Park, KS metro.  That's where all the scamsters come from.


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February 02 2010
This post is a few weeks old, but I will throw this out there anyways :o)

The appraisal is typically paid by the buyer. In some cases, the lender or loan officer will eat the cost. B of A and Wells Fargo are known to absorb the cost of the appraisal in some of their products/offerings.

If the appraisal comes in low and the seller refuses to lower their price, the person paying for the appraisal eats the cost.

Good luck...

Robert L Walker, CIPS, ABR
Trabell, Realtors
[contact removed by moderator due to self-promotion]
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February 02 2010
Jason Weatherman, can you please answer the question why do you not show the appraisal fee on any of your quotes?
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February 02 2010
Jason - That's a curious statement about appraisals. If it is an upfront cost in purchasing a home, why do none of your quotes have an appraisal fee?
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January 28 2010
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If the seller does not want to sell for the amount of the appraisal, then the buyer is out the cost of the appraisal. Banks will generally not lend over the appraisal amount so the seller would have to find a cash buyer or a buyer that is willing to bring money to the table over the mortgage and down amount to close the deal. 
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January 12 2010
The buyer usually pays for the appraisal. This is one of the upfront costs in purchasing a home. Very few lenders will allow you to finance it in the loan.
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January 12 2010

The buyer usually pays for the appraisal unless seller concessions are offer in the sales contract. If the appraisal comes in low then the lender will have trouble getting financing at the sales price. If the appraisal comes in higher then nothing happens. Buyer is geeting a great deal.

Call me if you have questions

Justin- Mortgage Banker- Firstier Bank mortgage division 

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January 12 2010
 
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