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2014-07-01 17:41:30
The Seller Should Pay for the Appraisal...

New rules need to be introduced in the home buying process regarding who pays for the home appraisal and why the lender should have to accept the appraisal for at least 90 days.  This would make things a lot less complicated for everyone.

One of the biggest problems I see right now is homes appraising below the Sale Price because the Seller/Sellers have misjudged the value of their home or they believe that a cash buyer will purchase the home at higher than market value and not have an appraisal. Unfortunately, this can be very costly to the buyer and it shouldn't be that way. 

Here's how this problem could be eliminated.  When the Seller lists the home, they must have the home appraised and the appraisal must be in view for all Buyers to see when they come through the home.  The appraisal would have to be completed by the certified list of appraisers that lenders currently use, and the appraisal would be good for 90 days unless home prices in the area have a drastic change in that period of time.  If the home does not sell in 90 days, the next appraisal would be split 50/50 between the Seller and Buyer.

This would accomplish a couple of important issues that would help all Buyers.  Cash Buyer's would no longer pay over appraised price for a home without knowing it upfront.  Buyer's trying to acquire a loan would no longer have to spend cash out of their pocket for an appraisal and a home inspection only to find out that the home has appraised low.

This would help Sellers as well.  You never want to over price your home and chase the market down to find a buyer.  Of coarse, the price of the home will still be the Seller's choice.  Buyer's that bid on a listing that's over the appraised value will know this upfront so they are more likely to be happy to pay the Sale Price or at least meet the Seller in the middle.

This could eliminate homes under contract from falling out of escrow and result in many more happy Buyers and Sellers.  As usual, I welcome any comments your may have about this blog.  You can write me at bradzsellsvegas@gmail.com.  Thanks and have a great day!

 
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