The final report is delivered to the lender – usually uploaded to a secure portal. It is up to the lender to inform the buyer (or the seller) what the home is appraised for. In most states, Lenders must share the appraisal report with the borrower, by law.
Who typically performs an appraisal?
AppraiserAn appraiser is a trained and licensed real estate professional who is regulated by state appraisal boards and must follow federal, state and local laws and regulations. Each appraiser is required to remain independent and objective—meaning they can't be influenced by a buyer, seller, realtor or lender.
What if appraisal is lower than offer?
This can be a problem because lenders will only lend on the appraised value. If your appraised value is lower than the agreed upon sales price, you'll have to make up the difference in cash, or cancel the deal.
Who is called appraiser?
An appraiser (from Latin appretiare, "to value") is a person that develops an opinion of the market value or other value of a product, most notably real estate.
What happens if seller won't negotiate after appraisal?
If the purchase agreement contains an appraisal contingency, the buyer is protected in the case of a low appraisal. If the buyer can't get the seller to adjust the price or come up with the difference in cash, they can walk away from the sale with their earnest money deposit returned to them.
When would you most likely need a lawyer?
- Being arrested for a crime;
- Being served with documents related to a legal proceeding or lawsuit;
- Being involved in a serious accident causing personal injury or property damage;
- A change or pending change in family status, such as divorce, birth, adoption, or death;