I Want a Copy of the Appraisal Said the Accepted Offer Seller

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

   After the offer is accepted, part of the job of the Buyer's lender is to get an appraisal on the property.  The lender wants to be assured that the value of the house matches what the buyer(s) agreed to pay.  Typically the appraisal is done without the Seller at home. appraisal

     In our markets in southeastern Wisconsin, we are notified when the appraisal has been received by the Buyers....and know that the property is or is not valued at the  contract price. The appraisal itself is paid for and belongs to the Buyer and not the Seller and is not shared with the Seller.

   Listing agents need to keep a watchful eye on the timing of an appraisal....be sure that one is ordered by the Buyer's lender in a timely manner to close on time and have the happily ever after that is everyone's goal

    If your goal is a smooth real estate transaction as a Seller or a Buyer...Call the Hansons for the prompt professional service and proven results you deserve for all things real estate.

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Rainmaker
3,256,177
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

First time sellers are often unclear what they get and do not...they DO get a copy of the inspection and that may be part of the source of confusion.

Jul 21, 2014 09:10 PM #3
Rainmaker
790,129
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS

I explain to my sellers that we will not see the appraisal, we will only know if it comes in at value or not...

Jul 21, 2014 09:22 PM #4
Rainmaker
4,432,217
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

You always provide good information for consumers. Thanks for the post.

Jul 21, 2014 09:22 PM #5
Rainmaker
4,797,361
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Keeping informed about the appraisal is something the listing agent should do.  In the event of a low appraisal, I would ask if the buyer is willing to share it so if there's an error we could possibly contest it.

Jul 21, 2014 09:34 PM #6
Rainmaker
2,918,432
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

So far I have never been able to get one of those either.  I find it interesting however. 

Jul 21, 2014 09:36 PM #7
Rainmaker
3,256,177
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Good point Gabe...we have not personally had that issue but know of others who have.

Jul 21, 2014 09:39 PM #8
Rainmaker
2,704,775
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Hello Sally,

The appraisal is just one of the all-important aspects to the contract that both agents need to be on top of.  Tracking/managing both sides of the file is the way to ensure a smooth closing.

Jul 21, 2014 09:46 PM #9
Rainmaker
2,346,102
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Is there anything stopping the sellers from "paying for" and getting an appraisal?  Why is it even a concern if they get their price or already accepted an offer?

Jul 21, 2014 10:04 PM #10
Rainmaker
3,256,177
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

The appraisal is likely to vary for a Seller rather than a buyer...not fair of course...but if a seller has ordered one be it for infomation or refinance....the bank may have less to lose than if they are financing a buyer.....The concern should only be if the Buyer's appraisal is not sufficient to cover the agreed price...but some Sellers like to "collect paper."

Jul 21, 2014 10:08 PM #11
Rainmaker
4,998,802
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Sally..... the listing agent should inform the seller of the sequence of the events and whose responsible for and/or pays for what....and who owns it and doesn't own it....

Jul 21, 2014 10:09 PM #12
Rainmaker
3,256,177
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Yes I think because the Sellers get an inspection report they often "assume" all things report-ish are theirs for the keeping.

Jul 21, 2014 10:15 PM #13
Rainmaker
125,300
Mary Ann Daniell Realtor
Coldwell Banker United, Realtors - Subsidiary of NRT LLC - Killeen, TX
Delivering Successful Results Since 1999

If the seller is a small home builder, he often requests a copy of the appraisal for the bank that provides his interim loan funds for the next cycle of homes.  Most buyers are willing to share their appraisal for this type of request.   Other types of sellers really don't have a need to see the appraisal.. just a curiosity about what it looks like.  In either case, it is up to the buyer and the buyer's lender to release the appraisal to the listing agent and seller.

Jul 21, 2014 11:05 PM #14
Rainmaker
3,256,177
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Yes MaryAnn....the appraisal belongs to them....it is Seller curiousity.

Jul 21, 2014 11:32 PM #15
Rainmaker
3,134,698
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Ahhhh, the dreaded appraisal....after inspection it is the last, usually, pins and needles point

Jul 22, 2014 12:56 AM #16
Rainmaker
1,847,240
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

If the contract is ratified for $10, agreed to by both parties in writing, and the appraisal later comes in at $9, what then?  There is a ratified contract.

Jul 22, 2014 02:35 AM #17
Rainmaker
401,223
John Wiley
Right Move Real Estate Group- EXP Realty - Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Sally & David, very informative post. Sellers, often are not educated in the details of what they can expect. A Seller's agent can help the process by informing them of the coming details.

Jul 22, 2014 08:31 AM #18
Rainmaker
2,257,153
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Sally. The appraisal process can easily become an issue when agents aren't right on top of the process, especially when it comes to getting the appraiser into the property as quickly as possible.

Jul 22, 2014 07:46 PM #19
Rainmaker
3,177,086
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Buyers and sellers need not have to worry about any steps in the transaction as long as they hire the Hansons in southeastern WI!

Jul 22, 2014 09:25 PM #20
Rainmaker
303,859
Liz Lockhart
Riverbend Realty, Cape Girardeau, MO - Cape Girardeau, MO
GRI, Cape Girardeau Real Estate

What most sellers and buyers do not understand is that appraisals are copyrighted and can be used only for the purpose for which they were ordered. Technically, it is the lender who orders and pays for the appraisal (though that cost is passed on to the buyer) to justify the loan amount, so the buyer does not have an automatic right to give it to someone else. The "pass it on" right only applies in a case where the purchase price is not supported by the appraisal. The inspection, on the other hand, is ordered and paid for by the buyers.

Jul 26, 2014 09:53 AM #21
Rainmaker
3,256,177
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

The inspection, in Wisconsin, is also given to the Sellers though paid by the Buyers and may be passed along to anyone with the Sellers' permission.

Jul 26, 2014 10:06 AM #22
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Rainmaker
3,256,177

Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
For All Things Wisconsin Real Estate...Call the Hansons
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