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Bill DiBerna…, Other/Just Looking in Bricktown, NJ

What do you do with a buyer that does not want to give the appraisal company their CC number?

Asked by Bill DiBernardo, Bricktown, NJ Mon May 21, 2012

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Cash is king. Don't let something like that stop you. You take the cash and pay for the appraiser with your cc
1 vote Thank Flag Link Mon May 21, 2012
Ask for a certified check or money order.
0 votes Thank Flag Link Tue May 22, 2012
You can suggest to the buyer to get a money order and make it payable directly to the appraisal company it that's possible. Some buyers might be close to their limit on their credit card and prefer to not use their cards or use them at minimum.

Good luck!
0 votes Thank Flag Link Tue May 22, 2012
If the borrower is getting a loan the mortgage company must order the appraisal. If the borrower is paying cash the appraiser can take a check and not make the inspection until the check clears if that is a worry. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Tue May 22, 2012
First remind them, no appraisal, no mortgage, no house. If it's a cash purchase, I would be a bit concerned. Let them pay by cashiers check.

I would, under no circumstances, take cash from them and pay with MY credit card. Appearance of fraud, collusion, influence is too great to have your name and credit card associated with an appraisal that can make or break a mortgage commitment of your buyer, and on who's purchase (regardless if it is mortgaged or cash) you will make a salary from when the house closes.

0 votes Thank Flag Link Tue May 22, 2012
This is not an uncommon behavior of those with impressively high credit scores. They never assume their credit will be protected by others.

There are many workarounds. However, we don't know enough about this situation to be very helpful.
One can assume the buyer is making a cash purchase. Jacques makes a great suggestion. Don't let this become a problem.
0 votes Thank Flag Link Tue May 22, 2012
RUN THE OTHER WAY . . . no just kidding . I'd make sure I have a "pre-approval" from a trusted mortgage person (by you). If they supplied their own and they don't want to give a cc #, I'd get suspicious. Then again, as mentioned earlier, then can always pay by cashiers check (not sure an appraisal company will take a personal check).

I am also not sure we are allowed to take cash and pay on our own credit card, I'd check out that suggestion with your Broker.

Francesca Patrizio, Broker Sales Associate, ePro, SRES
NJAR Circle of Excellence 2006, 2007, 2011
0 votes Thank Flag Link Mon May 21, 2012
Tell them to write a check.

Around here the lenders collect the $$ for the appraisal.
0 votes Thank Flag Link Mon May 21, 2012
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