Question Details

Natalia Hals,  in Woodbury, MN

If a seller gets his own appraisal (hoping to justify thier asking price)...

Asked by Natalia Hals, Woodbury, MN Wed Feb 25, 2009

whatever the outcome does it become public knowledge that needs to be disclosed?

Help the community by answering this question:

Answers

6
Hi Natalia,
If seller requests and pays for his own appraisal it is not public knowledge. It is a private business transaction between the appraiser and the seller. As you say, seller is trying to justify their asking price. However, depending on the competitive properties that are used, it will either justify his price and bring him into a more realistic mental state. LOL. that benefits you!! If the appraisal supports his price, you might consider and benefit from disclosing that fact. Good luck!
1 vote Thank Flag Link Wed Feb 25, 2009
No,the appraisal is only desclosed to the person who paid for it. In addition,appraisers are held to strict standards & any kind of unethical practice could lead to loss of license. When a lender orders an appraisal,the seller's side is only informed as to whether or not the property appraised,and no details are given out.
1 vote Thank Flag Link Wed Feb 25, 2009
i would not think so but it is probably best to ask your local board.

Thanks
Mike
1 vote Thank Flag Link Wed Feb 25, 2009
Usually, Do not order the appraisal report if there is no lender's requirement.

Real estate appraisal value is different to real estate marker value whatever we are talking about the principle or practice. As a real estate agent, you should use your real estate opinion to serve your client. Appraisal value is for lender and other non-real estate purpose such as tax. If your client was damaged because you used appraisal value to discuss the deal, that is malpractice.

For example, appraisers do not have to consider the materiel and age of the floor and windows. They do not care the type of the roof style. They don't care the trees in the backyard. They do not care the floor plan. Do not you think realtors would not care those things too? Of cause not. We care all the materiel out clients care.

Tell your clients, we will not use appraisal value to do anything. We, as realtors have our own professional opinion that come from clients concerning.

Finally, if there is an appraisal report, that is a materiel fact. The agent shall disclose it. That is the other reason why do not order the report without lender's requirement.
0 votes Thank Flag Link Sat Mar 7, 2009
Seller can get an appraisal anytime they need to - the question is - will two appraisers (buyers and sellers) be using the same comps? Appraisers have different opinions so it's likely the estimated value may not be the same. If the sellers appraisal is higher than what the lender has (buyer), then the seller can only back out of the deal or not sell the property. I'm sure he/she has the right to do that, but he can't force the buyer to pay for something he or she's not willing to.

Charita King
Century 21 My Real Estate
562-276-8681
0 votes Thank Flag Link Wed Feb 25, 2009
Thanks Mike and Dana.

I just wanted to make sure before I suggest it. Seller is pretty sure his house is more valuable than the market reflects and better than those around him so I thought suggesting he get his own appraisal that it satisfy him.
0 votes Thank Flag Link Wed Feb 25, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer