Home Buying in Wylie>Question Details

Kristina De…,  in Irving, TX

In the DFW area, who generally pays for teh home appraisal, the seller or buyer?

Asked by Kristina De La Rosa, Irving, TX Tue Sep 1, 2009

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T.E. & Naima Sumner’s answer
The home appraisal is something the buyer's lender requires. It is paid for by the buyer upfront most of the time. It usually runs about $350 to $450 if it's an FHA or a VA.

There are a few lenders that are offering to pay for it to entice you to use their services. Let me know if I can help you.

Naima
214-289-8555
Naima@Sumner-Realty.com
Web Reference: http://www.SumnerRealty.com
1 vote Thank Flag Link Wed Sep 2, 2009
Because the appraisal must be done prior to final loan approval and normally the lender (whom the appraisal is actually for) requires it to be paid for prior to the appraisal, the seller does not have a way to pay for it.
The appraisal itself belongs to the lender. In this case this is your lender. If you move lenders, you will need either a new appraisal or to have the existing appraisal transferred to the new lender at nominal cost. While you are entitled to receive a copy of the appraisal, you can't pay for one and take it to other lenders (without paying another fee). FHA is an exception. An FHA appraisal is valid for up to 6 months and has a file number attached to it so that it is portable, sort of. Ask your loan officer.
Bottom line is that you, the buyer, pay for the appraisal.
Web Reference: http://www.Mortgages-TX.com
0 votes Thank Flag Link Sun Sep 6, 2009
Buyer always pays up front including inspection average cost for each approx. $400 based on sq. ft. of residential home . Never have a seller pay for these services. Your lender appointments the appraisal not seller


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0 votes Thank Flag Link Fri Sep 4, 2009
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