when do you pay for the apprrasail on your home?

Asked by Lynn Dennett, Little Rock, AR Sat Mar 30, 2013

my apprasial when be done in 3 days when will they ask for pament

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7
Jerry Sather, Mortgage Broker Or Lender, Minneapolis, MN
Fri Apr 5, 2013
From my experience 9 out of 10 times since the passing of the new appraisal regulations the appraisal is paid for when the appraisal order is placed. If you have already had it scheduled and you have not been charged yet, it will most likely be paid for at the closing. You will see it as a line item on the Settlement Statement.

Good luck!

Jerry
0 votes
Valerie Full…, Agent, Las Vegas, NV
Fri Apr 5, 2013
Hi Lynn,

This is a great question. Appraisal payment is dependent on the contract terms and the lender. So for example, perhaps you agree to pay for the appraisal on the home you are buying. Generally, the lender will ask you for your credit card to hold for payment. Your lender will order the appraisal through their loan system. At that time, the lender will either A) Charge your credit card at that time and the appraisal is paid for or B)Tthey will hold off on the payment until the closing. At closing, the lendes includes the appraisal amount and then when you bring in your closing funds the amount is allocated. However, if you fail to close or change your mind about the house, the lender will charge the credit card on file at that time, to pay for the appraisal.

To know for sure, speak directly to your lender and he will let you know.

As a seller, if you are asked to pay for the appraisal, generally you would pay via a check or in some cases contact the lender with the credit card informaton. However, in todays market (04/05/2013) most sellers do not pay for appraisal and If you find this in your contract, I would ask your Realtor to counter on that matter.

If you are a seller and your wondering about obtaining an appraisal just to know the value of your house, I say do NOT bother. That appraisal will have no value if it's not attached to a loan and many appraisers no longer accept a seller request. Appraisals go along with a contracted sale. If you are curious about the value you may ask for a copy of the appraisal in a counter from the buyer. If you just want to know how much your property is worth, contact a Realtor they will be happy to give you a Comparitive Market Analysis (AKA CMA) and tell you what the value of your home is. Then you can ask pertinent questions about putting a plan together to either increase the value in the long run or simply find out about selling in todays market.

Thanks for the great question and have a wonderful day!

Valerie Fuller
Prominnent Realty Group
0 votes
Ryan Pineda, Agent, Las Vegas, NV
Thu Apr 4, 2013
They will ask for payment before an appraisal is ordered typically. They have to get authorization from you. But sometimes they will allow you to pay after it is completed. It depends on the company.
0 votes
Nakia Woodson, Agent, Las Vegas, NV
Mon Apr 1, 2013
Hello,

It can be paid at the close of escrow or before. However, if you are a buyer , it is strongly urged that you obtain a home inspection so that you are aware of all the problems, if any, of the property.

Thanks,

Nakia Woodson
Wardley Real Estate
702-318-1244
NakiaWoodson@yahoo.com
0 votes
John Walin, Agent, Libertyville, IL
Sun Mar 31, 2013
if Its for the lender, then the buyer would typically pay for the condition on their buying a mortgage. if the seller wants to price the house accurately, then the seller can pay for bank appraisal.
Best of luck in your search!
0 votes
Suzie Marqua…, Agent, Las Vegas, NV
Sun Mar 31, 2013
The appraisal is ordered after the buyers have done their inspections and their due diligence on the property is completed. The lender orders the appraisal. Many times the buyer pays for the appraisal and the sellers reimburses the buyer for the cost of the appraisal on the settlement statement(HUD) at the closing. The appraisal is traditionally a seller cost but that can vary depending on what part of the country you live in or what is negotiated in the contract. Most appraisers want to be paid when the appraisal is done. Thank You for the question.
Suzie Marquardt
Fahrnyteam@yahoo.com
http://www.FastNevadaShortSales.com




the close of escrow
0 votes
Michael Cheng, Agent, San Jose, CA
Sun Mar 31, 2013
If you ordered the appraisal, they'll bill you within a week. If it was ordered by your lender, then expect to see the bill on your escrow closing statement.
Web Reference:  http://www.archershomes.com
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