1. Can a buyer order an appraisal?
Yes, a buyer can certainly order an appraisal. However, it is more common for the lender to order the appraisal to ensure impartiality.
2. Is the appraisal ordered before or after the purchase agreement is signed?
The appraisal is typically ordered after the purchase agreement is signed to assess the fair market value of the property.
3. Who pays for the appraisal, the buyer or the seller?
The buyer is usually responsible for paying for the appraisal as part of the closing costs.
4. What happens if the seller orders the appraisal?
If the seller orders the appraisal, it may be seen as biased, and the buyer’s lender may request a new appraisal to ensure accuracy and fairness.
5. Can the buyer choose the appraiser?
In some cases, the buyer may be able to choose the appraiser, but this decision is ultimately up to the lender.
6. Can the seller dispute the appraisal value?
Yes, the seller can dispute the appraisal value if they feel it is inaccurate or unfair. They may provide additional information or comparable sales to support their case.
7. Is the seller entitled to see the results of the buyer’s appraisal?
The seller is typically not entitled to see the results of the buyer’s appraisal unless the buyer chooses to share this information with them.
8. What if the buyer’s appraisal comes in lower than the agreed-upon purchase price?
If the buyer’s appraisal comes in lower than the agreed-upon purchase price, the buyer may need to renegotiate with the seller or come up with additional funds to cover the difference.
9. Can the seller request a copy of the buyer’s appraisal report?
The seller can request a copy of the buyer’s appraisal report, but it is up to the buyer whether or not they choose to share this information.
10. Can the seller challenge the buyer’s choice of appraiser?
The seller typically does not have the authority to challenge the buyer’s choice of appraiser as this decision is made by the lender.
11. What happens if the buyer refuses to share the appraisal results with the seller?
If the buyer refuses to share the appraisal results with the seller, the seller may need to proceed with the sale based on the information they have available.
12. Can the buyer and seller agree on a mutually chosen appraiser?
While it is possible for the buyer and seller to agree on a mutually chosen appraiser, the final decision is usually made by the lender to ensure impartiality.
In conclusion, the appraisal is typically ordered by the buyer’s lender to assess the fair market value of the property. While both the buyer and seller may have questions or concerns throughout the process, it is essential to follow the guidelines set by the lender to ensure a smooth and fair appraisal process.