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.
It is nice of you to allow it (it's still their house).
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!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
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!
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
Hope this helps you.
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!
Prudential Connecticut Realty
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.
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.
Prudential California Realty
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