Home Buying in 11234>Question Details

Mdstrick20, Home Buyer in 40324

Should the owner be present during the appraisal process even though I (the buyer) is paying for the appraisal?

Asked by Mdstrick20, 40324 Fri Feb 24, 2012

My wife & I are currently renting the house in question. We are under contract to purchase this home pending appraisal & inspection. There are no Realtor's involved. The owner has requested to be present during the appraisal.

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Answers

18
Javier Meneses’ answer
It really should not make a difference. The appraiser is (or at least should be) independent from any party involved. Regardless of who is or is not present, the appraiser will evaluate based on the property, not the people involved.
1 vote Thank Flag Link Fri Feb 24, 2012
Hello, the owner can definitely be at the appraisal there is no conflict at all and I'm going to tell you why the seller should be there. The fact is, the appraisers will come and do measurements and take many photos. If your loan is an FHA loan or other home assistance program the appraisers usually must look for any obvious damage to the property as well such as peeling paint, cracks, leaks any exterior damage that may effect the property's value and it will be reported to the bank.

The owner will have to repair or replace anything in the appraisal report and the appraiser will come back to check it and this must be done. This is a good thing for you as the buyer because what the appraiser finds must be done so the property is reported to be in average condition in order for the deal to close. This is a guarantee that some repairs are done and the home is in good condition before you move in.

So having the seller there is good in case the appraiser has any questions about the property. I hope I helped you.
0 votes Thank Flag Link Fri Mar 8, 2013
What you described sounds like an inspection, not an appraisal. At least your second paragraph anyway.
Flag Wed Jul 16, 2014
It doesn't matter either way, most home owners feel more comfortable being present during anything that has to with there home and or investment. Its not a bad thing, any questions the appraiser might have at least you know someone will be there to answer. Good luck
0 votes Thank Flag Link Fri Mar 9, 2012
Doesn't matter if seller is there and even if they did point out the new door knobs it will not effect the appraisers outcome. Give the appraiser a little credit.
0 votes Thank Flag Link Sat Feb 25, 2012
I can understand why they would want to be there. What they don't understand is that it will take 15 minutes and the appraisar is probably not going to be speaking with them. And, the results won't be ready for a week or more.

It is nice of you to allow it (it's still their house).
0 votes Thank Flag Link Fri Feb 24, 2012
Dear Mdstrick20:

It is not a matter of should or shouldn't, it is not a big deal either way. If the owner wants to be there you may as well just let him/her be there, that would be the nice thing to do. Most of the time the homeowner is present, not that it is required, but it is traditionally the norm. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Fri Feb 24, 2012
This issue would be strictly preference and could go either way. Ultimately as long as the presence of the seller during the appraisal does not effect the overall outcome, there should be no harm in their attendance. The focus of the appraisal will be solely on the property and should have littler or nothing to do with the buyer.

At the end of the day, as long as there is a thorough inspection of the property and the appraisal is done correctly, who is in attendance should not matter. Appraisal details and specifics should be handled between the buyer and seller directly. Good luck!
0 votes Thank Flag Link Fri Feb 24, 2012
Yes, it is the owner's home and they will want to be there. It really does not matter. If you hire the appraiser or the bank hires the appraiser, the value and all content in the appraisal is yours or the banks (the person or company that hired the appraiser). If the bank hired the appraiser for their client, the client (i.e. the borrower or the buyer) can get a copy of the appraisal from the bank. The appraiser will not disclose this information.
0 votes Thank Flag Link Fri Feb 24, 2012
Keep in mind that the owner's presence really has no bearing on the results; if the issue is troubling to you, consult with your attoney...
0 votes Thank Flag Link Fri Feb 24, 2012
Hi Mdstrick20,


It is only right that someone representing the seller or the seller (since there is no realtor) be there for the
appraisal. Like a previous answer, maybe there will be questions that need to be answered.
Do not take it personally. After all, you are not the owner of the property yet.
Anything can go wrong before you purchase the property and the seller is just protecting their
interests.
Hope this helps you.
0 votes Thank Flag Link Fri Feb 24, 2012
Not necessary - less is more.
But - they can if they want to or obviouslyt if they need to be present in order to gain access or if the appraiser has any questions.....
0 votes Thank Flag Link Fri Feb 24, 2012
Seller has no right to be there and pipe in commentary to the appraiser and check their work or comps or did they notice the hardwood in the kitchen. Actually that would be rather annoying. As long as the seller shuts up and doesnt say a word to the appraiser that is OK to be there. I gaurantee though that the seller wants to make sure that the appraiser notices the new door knobs to avoid home not appraising at sales price.
0 votes Thank Flag Link Fri Feb 24, 2012
you are an idiot!!!!! what comes out of the sellers or buyers mouth has zero bearing on influencing the appraiser period and if there is any outside influence taken into consideration by the appraiser then they should be fired. Appraiser doesn't work for the seller or the buyer, he/she works for the lender regardless of the buyer paying for the appraisal.
Flag Wed Jul 2, 2014
Hello Mdstrick20,
The appraiser will not have any information to tell about the value of the property when he visits the home. He must still do his research after visiting the property in order to determine an appraised value.

The home owner probably wishes to be present to inform the appraiser about any special features that they feel will increase the value. The appraiser will look at comparable recent sales in order to place a value on the home and may or may not take into consideration any comments from the home owners.

You will receive a copy of the appraisal once he has completed his findings.

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Fri Feb 24, 2012
In transactions in New York where Realtors are involved, generally the buyer and seller agent are there with the appraiser and ispector. Although you "the buyer" is paying for both of these they are done by independent licensed professionals, they do not take your relationship into their finding and report. Since no Realtors are involved to represent the seller, they may just prefer to be there. In most of my transactions that I represent buyers, even if the sellers are present, it is irrelevant becasuse once the appraiser and inspector complete their job, the report is sent to the buyer(inspection) and the bank(appraisal).
0 votes Thank Flag Link Fri Feb 24, 2012
Hi Mdstrick20,

As the others already mentioned, the presence of the seller has no bearing on the appraisal. It is the property that is being assessed or evaluated for its current market value.

Best.
0 votes Thank Flag Link Fri Feb 24, 2012
Hello,

Sellers who want to be informed will want to be part of the process of the sale of the home. Appraisers will often let the seller know what items will be required for the sale of the home. Sellers are more willing to do what is required when they hear it from the appraiser. The seller must be motivated to be involved in the sale of the home.

Thanks,
Carol Perdew
Prudential California Realty
(209) 239-7979
Carol@PerdewHomes.com
http://www.CentralValleyHomes.com
DRE 985176
0 votes Thank Flag Link Fri Feb 24, 2012
the Appraisal has nothing to do with the Seller;
It is about the property having enough value to cover the amount of the loan.

I like to be there when things like this happen; I learn something new every time.

Good luck and may God bless
0 votes Thank Flag Link Fri Feb 24, 2012
The appraiser is an independent third party so it does not matter.
0 votes Thank Flag Link Fri Feb 24, 2012
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