Raleigh North Carolina Seller's Information for Appraiser provided to Buyer
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FAQ
?In general, it's nice to have somebody there as long as they don't interfere with the process,? said Graham. ?Be there to answer questions and provide necessary access, but just know when to keep your distance and let the appraiser do their work.?
A home appraiser's job is to assess the condition of your home and to provide an expert opinion on its estimated market value. They examine factors such as a home's condition, comparable recent sales, and any special features that could impact the property's value.
The Appraiser must verify transactional data via public records and the parties to the transaction: agents, buyers, sellers, Mortgagees, or other parties with relevant information.
An appraisal can come in low because the appraiser isn't selecting truly comparable sales for his or her analysis. This can happen if the appraiser doesn't know the local market well.
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.
Unless the purchase contract requires the buyer to share the appraisal, it may not be mandatory. You need to consult a local attorney to review your agreement and render an opinion on the appraisal sharing requirement if there is one. Also, ask the attorney about the ramifications were you to break the contract.
Will the homebuyer receive a copy of the appraisal? A. 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.
What is an appraisal contingency addendum? An addendum is a separate form that, once signed by the buyer and seller, becomes part of the sales contract. Appraisal contingency addendums are state-specific and allow buyers to move forward with their purchase under certain agreed-upon conditions.
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.