Profile picture for ritchdawg24

is it smart to have a house appraised before you make an offer on it?

  • December 29 2008 - Glen Burnie
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Answers (4)

no need I good realtor makes the contract offer subject to the properties
appraising for at least the purchase price.Plus many other cinditions can be added to the contract.Good luck
  • December 29 2008
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I would not spend the money on a home that you aren't sure you are going to get. I would think that your agent can show you what homes in that area sold for. You will have to pay for an appraisal when you get your loan. The bank will not loan on a home that doesn't appraise out. Most lenders today are even doing a second appraisal on homes just to make sure they are right. Work with your agent. If you have a buyers agency aggrement with your agent they will be able to show you everything. But I would not pay up front for an appraisal.
  • December 29 2008
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Profile picture for Drew Ferrara
Agree with above, in PA an appraisal prior to purchase is not frequently done, though I would definately be sure that your agent includes an 'APPRAISAL ADDENDUM' to cover you in case the house is not what the price you agreed upon. This is a great idea for every Realtor to use in this crazy market we're in.
  • December 29 2008
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Profile picture for sunnyview
You don't really need to have an appraisal first as long as you have a good idea of current values from your realtor's CMA or from your independent research If you do make an offer, make sure that it contains an appraisal clause in it. That way if the house does not appraise for as much or more than your offer, you will not be required to go through with the purchase.
  • December 29 2008
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