This Seller's Information for Appraiser provided to Buyer form is used by the Buyer in Missouri 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.
Kansas City Missouri Seller's Information for Appraiser provided to Buyer
Category:
State:
Missouri
City:
Kansas City
Control #:
MO-00472-2
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Missouri Seller's Information For Appraiser Provided To Buyer?
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FAQ
If you and your agent think the appraisal is too low, you may request a second opinion. You can ask for another appraisal; however, understand that you may be out of luck if the second appraisal comes in even lower than the first.
Just keep your communication to the appraiser about the facts of the home and neighborhood, how you priced the house, and any other relevant information you think the appraiser should know. And remember, don't discuss value. Don't pressure the appraiser to 'hit the value' and you'll be fine.
A purchase appraisal can also affect both the selling cost and mortgage amount. Read on to learn exactly how an appraisal helps both the buyer and seller.
The CRES Risk Management legal advice team noted that an appraisal is material to a transaction and like a property inspection report for a purchase, it needs to be provided to the seller, whether or not the sale closes.
Can the seller back out if the appraised value is too high? The conditions of the offer contract will determine when the buyer and seller can back out of the purchase. However, the seller may simply want to renegotiate if the appraised value comes back significantly higher than the selling price.
The sales contract is just one more piece of data to be used in the appraisal process. Therefore, the appraiser will most likely know the selling price of a home but this is not always the case.
How often do home appraisals come in low? Low home appraisals do not occur often. According to Fannie Mae, appraisals come in low less than 8 percent of the time, and many of these low appraisals are renegotiated higher after an appeal, Graham says.
If you have a previous appraisal, I might suggest you use my Appraiser Info Sheet to share information appraisers tend to ask about, and then say nothing more than, ?I have a previous appraisal if you want to see it.? If the appraiser doesn't want it, that's fine. If the appraiser does, that's fine too.
Many contracts may contain a contingency based on a home's appraised value. If so, you can probably renegotiate the asking price, or you may be able to walk away if you so choose. If the purchase agreement is silent regarding an appraisal, all hope is not necessarily lost.
Therefore, if the house appraises higher you still must base your down payment on the actual purchase price. VA: At the time of purchase the value is based on the lesser of the appraised value or purchase price. Therefore, if the house appraises higher you still must base your down payment on the actual purchase price.