This Seller's Information for Appraiser provided to Buyer form is used by the Buyer in Michigan to provide information required by an appraiser in order to conduct an appraisal of the property prior to purchase. The Seller provides this completed form to the Buyer, who furnishes it to the appraiser. This form is designed to make the transaction flow more efficiently.
Michigan Seller's Information for Appraiser provided to Buyer
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FAQ
This includes individuals licensed or certified as appraisers. REALTOR® membership enables appraisers to apply for Multiple Listing Service (MLS) participation and access to the full complement of MLS data and services.The National Association of REALTORSA® does not transfer local assets to a national fund.
It operates as a database of electronic property listings in a given area. If you're wondering why in the age of free information, the MLS listing isn't open for anyone to see, it's because of operational costs and security concerns, the MLS tends to grant access only its own due-paying members.
Can I speak to the appraiser? Yes! Regulations allow real estate agents, or other persons with an interest in the real estate transaction, to communicate with the appraiser and provide additional property information, including a copy of the sales contract.
Access to the MLS usually requires a real estate license. But sometimes you can gain access by partnering with an agent, building a long-standing relationship with the MLS, or signing up as an unlicensed assistant.
I'll be happy as long as it appraises for at least the sales price. Do your best to get the value as high as possible. The market has been on fire. Is it going to come in at value?
In short, it is a myth in real estate to believe appraisers cannot use current listings in a valuation. That's simply not true.
Ninety percent or more of appraisers use MLS as their primary data-gathering source, but you need to question and validate that information, warns Martin Wagar of Wagar & Associates (Kalamazoo, Michigan). MLS information must be cross-checked, typically with public records.
The age and condition of the home's HVAC units, appliances, and electrical and plumbing systems will be considered in the home's overall appraised value. Obviously, if these components are in bad shape, this will negatively affect the appraisal.
A: An appraisal is generally considered a professional opinion of the market value of a property, not a fact. Although it's both legally and ethically necessary to disclose a material fact, the same requirement doesn't apply to an opinion.