Does the Buyer or Seller Hire the Appraiser?
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We are real estate agents specializing in High Rise Condos. We help literally hundreds of high rise & loft condominium buyers, sellers, renters and landlords. You can reach us at (480) 510-8755 or visit our website at www.weknowurban.com. Will Daly, Broker We Know Urban Realty, LLC 834 E Claremont Street, No 3 Phoenix, AZ 85014 (480) 510-8755 Email: [email protected]

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Does the Buyer or Seller Hire the Appraiser

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Does the buyer or seller hire the appraiser

Does the Buyer or Seller Hire the Appraiser?


Does the buyer or seller hire the appraiser

People in the market for downtown Phoenix and Scottsdale condos often seek information on getting a real estate appraisal on their potential new home.


Does the buyer or seller hire the appraiser

As with other property, the fair selling price on condos is determined by a real estate appraisal.


Does the buyer or seller hire the appraiser

What Is an Appraisal?


Does the buyer or seller hire the appraiser

An appraisal is intended to be an unbiased estimate of a fair price for a property.


Does the buyer or seller hire the appraiser

First, the appraiser visually inspects the property, noting such features as location, condition, number of bedrooms and bathrooms, extras like a garage or pool.


Does the buyer or seller hire the appraiser

Measurements and photos are taken and the physical report completed.


Does the buyer or seller hire the appraiser

A less complete approach called a drive by appraisal involves the appraiser driving by the property and then researching real estate records; it is not accepted by most lenders.


Does the buyer or seller hire the appraiser

After a physical assessment is done, the appraiser determines value by using sales comparisons, cost approach or both.


Does the buyer or seller hire the appraiser

The sales approach takes into consideration recent sales of similar homes in the area using standard formulas to account for such differences as size variances, fireplaces,

mudrooms or garages.


Does the buyer or seller hire the appraiser

The cost approach, on the other hand, uses local building costs and labor rates to figure out how much the house would cost to build. The most common type of appraisal is the Uniform Residential Appraisal Report (URAR), which combines the sales and cost approaches.


Does the buyer or seller hire the appraiser

What is a Real Estate Appraiser?


Does the buyer or seller hire the appraiser

A real estate appraiser is a licensed contractor usually hired by the lender.


Does the buyer or seller hire the appraiser

Knowledgeable about real estate, an appraising professional knows how to evaluate properties on the basis of neighborhood, housing trends, physical condition and a host of other variables that go into determining the current value

of a home.


Does the buyer or seller hire the appraiser

To get a fair appraisal, it’s best to hire a professional who works with a number of lenders so that there is no conflict of interest.


Does the buyer or seller hire the appraiser

What Is the Purpose of an Appraisal?


Does the buyer or seller hire the appraiser

Mortgage lenders generally require an appraisal because they will only loan an amount of money in line with the property’s appraised value.


Does the buyer or seller hire the appraiser

With the high price of homes and condos in today’s marketplace, it’s important to ensure the loan is paying for a home worth its selling price.


Does the buyer or seller hire the appraiser

If the appraisal comes in below the amount of the sale, either the buyer must put more money down or the contract must be renegotiated to account for the lower value.


Does the buyer or seller hire the appraiser

Who Pays for the Appraisal?


Does the buyer or seller hire the appraiser

Because the lender is requiring the appraisal, it’s usually the buyer who pays the bill.


Does the buyer or seller hire the appraiser

In most sales, the lender orders the appraisal, the buyer pays for it and then the lender takes a close look at the appraisal itself before approving the mortgage.


Does the buyer or seller hire the appraiser

While drive by appraisals cost less than complete property appraisals, they are often not accepted by mortgage lenders.


Does the buyer or seller hire the appraiser

If the home doesn’t appraise for the agreed upon selling price, the buyer may ask for a second appraisal from a different appraiser.


Does the buyer or seller hire the appraiser

Appraisals are usually paid for at closing, and

you should be sure to keep a copy for your

own records.


Does the buyer or seller hire the appraiser

Exceptions to the Rule


Does the buyer or seller hire the appraiser

In a few cases, sellers may be expected to pay

for the appraisal.


Does the buyer or seller hire the appraiser

For instance, in FHA-insured mortgages, the seller or mortgage lender is expected to foot the bill for a second appraisal.


Does the buyer or seller hire the appraiser

Because the real estate business is built on endless negotiations, a bank or other lender can allow a seller to pay for the appraisal.


Does the buyer or seller hire the appraiser

If you are looking for a condo to buy in Tempe, Scottsdale or Phoenix, We Know Urban Realty will help you find the perfect place.


Does the buyer or seller hire the appraiser

Their realtors are experts when it comes to

urban living.


Does the buyer or seller hire the appraiser

Visit the site to see what's available right now: www.weknowurban.com


Does the buyer or seller hire the appraiser

Will Daly, Broker

We Know Urban Realty, LLC

834 E Claremont Street, No 3

Phoenix, AZ 85014

(480) 510-8755

Email: [email protected]


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