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You usually do a professional appraisal after you have a house under contract, to verify that it is worth what you were willing to pay for it- this is usually d
by ensignavenger 10y ago
You usually do a professional appraisal after you have a house under contract, to verify that it is worth what you were willing to pay for it- this is usually done to protect the bank... though in many cases it may protect you as well, that (protecting you) is not the appraisers job. (At least, in most cases).
- cmdrfred 10y agoWhen I bought my house a year ago the bank sent someone out to appraise it.
- bertjk 10y agoThis is correct; you don't do an appraisal before getting a house, you get an appraisal before getting a mortgage. Typically you also get reappraised every time you refinance, and often the bank pays for it.
- hnal943 10y agoWell, yeah. Does anyone need an appraiser to tell them how much the house is worth? Don't you look at what is available and negotiate the price accordingly?
- ensignavenger 10y agoBanks are the biggest customers of appraisers. In most cases, they require an appraisal before they will lend on a property. As far as what you say- negotiating- yes, most buyers don't get appraisals done as part of the negotiating process. Some buyers do, however, get an appraisal to give them an idea what to ask for. Especially if their home is especially unique (and many people think their home is special, even when it isn't... but that is a whole 'nother ball of wax! :)