Question Details

Jolip37, Home Seller in Chester County, PA

Are appraisals public record?

Asked by Jolip37, Chester County, PA Sat Oct 10, 2009

In other words, if our sale falls through based on what we believe is a really low-ball appraisal, and someone elseagrees to buy our house above this current appraisal number, are we required to share this appraisal with them, or is the new appraisal of the home through the new lender what stands at the next offer?

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8
My house burnt down Christmas. Day how can I find the new owner in Detroit mi
0 votes Thank Flag Link Fri Mar 28, 2014
No, appraisals are not public record. They will not be shared with anyone. You are not obligated to share the appraial.

A new appraisal will be the one that stands at the next offer. Sheri is correct, regarding FHA and the waiting time.

I'd really make sure that the value is correct by asking your realtor and looking at all sales, listings and pending sales in your market area. Also try to determine the direction of your market area and compare the number of listings vs the number of pending sales and closed sales in your area. Compare last years prices with this years prices for all homes. This will give you a good idea of the direction of the market.

Many realtors call this chasing the market up or down depending on the direction.

My neighbor thought that their home was prices below value and got an offer at full listing price. They let that buyer go and was not able to find another one after 1 year. Now they are the proud owners of two house payments because they were in the process of moving.
0 votes Thank Flag Link Sun Aug 5, 2012
i am looking to buy a house, however, i feel that what they are asking is not what it is worth in today's market. how can i find a way of knowing what the house is worth?
0 votes Thank Flag Link Sat Aug 4, 2012
Get an appraisal from a professional appraiser that is local to you. You'll have to pay for it, so you'd want to do this in connection with buying a house and make it a condition of the sale.
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Flag Fri Mar 28, 2014
I've read the previous answers. But, I see that no one mentioned the FHA guidelines for appraisals. Once a property has been given an FHA Case Number, (which happens when an appraisal is ordered for a buyer who is using an FHA loan to purchase that property) the completed FHA appraisal stays with the property for 6 months. This does not become 'public record', but it stays in the FHA system and the original case number is 'attached' to the property. If the initial FHA buyer does not complete the transaction (for example, if the appraised value came in below the sales price) then any subsequent FHA sale would be subject to the original FHA appraisal. Note: if the subsequent sale does not involve an FHA loan, this does not apply.
There are other FHA guidelines that may or may not apply, depending on the particular property involved.
0 votes Thank Flag Link Sun Oct 11, 2009
An appraisal is not a disclosure. The buyer does not need to share it with you.The buyer pays the cost of the appraisal. With the new rules in effect (HVCC) is it not uncommon to have appraisals not support sales prices.

I just answered another post of yours.

Your problem is not the appraisal. Your problem is that the market is declining. If you are planning to buy in the same market, this may not be as serious an issue. However if you are buying in a market that is going UP, you may have a problem.

I would ask my Realtor for an estimate of seller's net proceeds, and also if you are buying, an estimate of buyer's closing costs.
0 votes Thank Flag Link Sat Oct 10, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Appraisals are not recorded - so not public record - but.....If the fiancing was VA and the appraisal was done for VA financing it becomes 'record' in the VA system for 12 months - so if you go under contract with another buyer who will be using VA financing that appraisal will pop up and the VA will insist that it used to determine the value.

Also you could possibly pull the same appraiser the next time around regardless of the lender -

Hope this helps...Kimberly
0 votes Thank Flag Link Sat Oct 10, 2009
I wish they were! Unless the rules are different in your state unfortunately whoever ordered the appraisal owns it. The tax assessment is public record, however.
0 votes Thank Flag Link Sat Oct 10, 2009
Appraisals are contracted between the customer or bank and the licensed appraiser. Weather of no one becomes public is strictly up to the individual that pays for this to be done.
0 votes Thank Flag Link Sat Oct 10, 2009
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