Home Buying in Overland Park>Question Details

Mary, Home Buyer in Overland Park, KS

is it common to get a house appraised when considering purchasing?

Asked by Mary, Overland Park, KS Wed Oct 12, 2011

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Erik Collier’s answer
Mary-

All the answers below are correct. You have to decide what's best for you. I have worked with many buyers, who are very nervous about making the wrong decision on a home when it could be overpriced. Sellers of these homes sometimes are unrealistic and why in the world would you want to get bogged down with a seller who has no desire to play ball.

Remember, your safety net is both your Realtor and your Bank. Both parties should provide you with a solid idea as to the current market value of the property you want to buy. I have seen cases in which the bank appraisal come in under the sales price and the seller is forced to lower the contract price.
0 votes Thank Flag Link Sat Aug 25, 2012
You can but if you are getting a mortgage you will need an appraisal anyway. If it is going to be used to determine your offer number save the money and have your agent do a comparative market analysis for free.

Chris
0 votes Thank Flag Link Wed Oct 12, 2011
Mary,
Actually it is very uncommon in our area for a buyer to pay for an appraisal prior to making an offer on a home probably due to the cost which is between $400 and $450. As others have mentioned, your real estate agent should run a CMA or comparable market analysis on the property to look at recent (past 180 days) sales in the subdivision. Your agent will make direct comparisons on condition, updates, number of bedrooms, baths, etc. and square footage. You will then be able to make an educated decision on what you believe to be the value of the property. Once an offer is accepted and after inspections after complete, your lender will order an appraisal for you. The house must appraise at or above the purchase price or the contract is open to negotiations once again.
Sheri
Reece & Nichols Realtors
0 votes Thank Flag Link Wed Oct 12, 2011
Dear Buyer,
Yes, you can do that..however, my recommendation would be to listen to your Realtor regarding the facts that they show you, a comparative market analysis, to see how the price it is listed at and the comps compare. If you are financing you will be paying for an appraisal at that time. If there are problems with the appraisal then it will be worked out between the seller and the buyer, as to what the options are.
My believe is do not spend money until you have to..........
Becky
The Diva Team
Keller Williams Realty Partners, Inc.
Overland Park, KS 66210
0 votes Thank Flag Link Wed Oct 12, 2011
Mary, If you are buying the home with a mortgage, the bank will require an appraisal (that you pay for) during the loan approval process. If you are paying cash and wish to have an outsider's professional opinion on the value of the property, you can higher an appraiser to do the appraisal for approximately 400.00.
A good realtor can supply you with comparable sales, facts and figures that will tell you the current market value of the home. The appraisal, on the other hand, is what a bank would loan you for the property.
0 votes Thank Flag Link Wed Oct 12, 2011
Dear Buyer,
Yes, you can do that..however, my recommendation would be to listen to your Realtor regarding the facts that they show you, a comparative market analysis, to see how the price it is listed at and the comps compare. If you are financing you will be paying for an appraisal at that time. If there are problems with the appraisal then it will be worked out between the seller and the buyer, as to what the options are.
My believe is do not spend money until you have to..........
Becky
The Diva Team
Keller Williams Realty Partners, Inc.
Overland Park, KS 66210
0 votes Thank Flag Link Wed Oct 12, 2011
Mary it is more common for buyers to have their buyer broker complete a broker price opinion on the home than to purchase an outright appraisal on a home before making an offer. It is your ultimate choice which method you choose. A good expereinced agent should be able to provide you with the same comps and similar values. Good luck with your purchase
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Oct 12, 2011
Dear Buyer,
Yes, you can do that..however, my recommendation would be to listen to your Realtor regarding the facts that they show you, a comparative market analysis, to see how the price it is listed at and the comps compare. If you are financing you will be paying for an appraisal at that time. If there are problems with the appraisal then it will be worked out between the seller and the buyer, as to what the options are.
My believe is do not spend money until you have to..........
Becky
The Diva Team
Keller Williams Realty Partners, Inc.
Overland Park, KS 66210
0 votes Thank Flag Link Wed Oct 12, 2011
You can pay in advance for an independent appraisal, but you will also have to pay for one that is ordered by your mortgage lender. They are are not allowed to use the one you would ordered yourself. It is best to get with your real estate agent and have them pull recent comps. (Similiar homes that have SOLD in the past 6 months in that neighborhood or area).
Web Reference: http://www.BettySimmons.com
0 votes Thank Flag Link Wed Oct 12, 2011
Yes, and why not have it appraised....
0 votes Thank Flag Link Wed Oct 12, 2011
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