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Home Buying in Tarboro : Real Estate Advice

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Activity 3
Wed Jan 14, 2015
Lin asked:
Thu Jun 12, 2014
Samantha Jackson asked:
We have two kids, and need a good bit of space but our budget is "low income" and though we have priced what our monthly payments could be, we don't have paperwork for any bank. Because…
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Tue Jan 19, 2010
Donna Dew answered:
Was she the listing agent on the property? The owner/broker? or a dual agent? If you were obtaining a loan from a lender, the lender will request the appraisal. The broker has no input into that decision (with most lenders). She could order an appraisal as a real estate broker if she wanted an appraisal done for her own interest as to the price for marketing a home for the seller, or to measure it for her and this done with the sellers permission and understanding as to who would pay for it and it could not be used by the buyer when he purchased the home unless the buyer is paying cash and only for information purposes. The appraiser should not be the spouse of the broker as to yes in my opinion that is a conflict of interest. She should have disclosed that the appraiser was her husband in any circumstance. Once the inspection was done and repair estimate completed, the request for repairs would go back to the sellers with a decision of if and what repairs they are willling to do and all this is based on time, contract wording and dates on contract. I don't understand why she ordered an appraisal? Also was there an issue with repairs? That would be a reason to want the buyer to make a decision on the purchase because it would be holding up the sell and time would be a factor in all of these issues. I don't have enough information to know exactly what happened but these are just a few "rule of thumb" issues that would be factored in. I see this was August 2009 so I would like to know what happened? ... more
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