Subscribe to Answers
Only if they paid for it
NO, Not unless it had something to do with a low appraisal.
I understand your situation. You are under no obligation to provide it. I would only share the appraisal if appraisal came in low and we were re-negotiating.
it's paid for by the buyer.... the listing agent should not get it....
If the appraisal states repairs are needed than yes they should get it, if not and only the inspection reports states repairs needed, i would only give a copy of the inspection,
Only if the property did not appraise. Then we are required by contract to provide it for any future concessions or to void the contract. It is the buyer's property not the sellers.
I would only give a copy of the appraisal with the buyers approval since they own it
I would not give it unless there were lender required repairs, even then I would only give the page that stated the repairs. It is the buyer's report since they paid for it. I would ask the buyer what they wanted to do, but at the same time, explain to the buyer why you don't want to give it. Your not obligated to!
We have to provide a copy of the appraisal is the appraiser is require repairs to the property. Just like with a home inspection and negotiating repairs, the same thing has to be done when negotiating lender required repairs.
I would prefer not to provide the Seller with the appraisal if the property appraised for way more than the sales price. Possibly just provide the page of the appraisal that has the require repairs.
It seems to me that if the seller wanted an appraisal, he or she should have ordered and paid for one prior to listing.
I am fine with giving the listing agent the appraisal. I do not think it is a private document.
If the property appraised, that's all the listing agent and seller need to know. The report belongs to the buyer and their lender.
Only if there was a problem with the appraisal(low). Otherwise, the buyer pays for it, it's for the buyer and his/her/their lender.
In Oklahoma contracts, the appraisal has nothing to do with repairs. If it was going to the seller and their agent, I would inform the buyer and ask their permission. I would also be compelled to tell the buyer that this could work against them in negotiations, and I would imagine the buyer would say no.
That is a common fear, and not without merit. Inquire as to what specific information they need. Repairs generally are negotiated in response to the home inspection. The appraisal determines value based on comp sales, replacement cost, and rental value. An appraiser may note some needed repair that effects the value, but he does not check every item as an inspector does. The appraisal is an estimate of value, and not a certification of value. I guess the question comes down to WHY? Why they want it? Why should we provide it? The appraisal is property of the Lender, and that is really the only one with authority to release a copy to anyone. I assume the buyer provide your copy.
Perhaps one of the mortgage experts will chime in on this.
The appraisal belongs to the buyer who paid for it. There is usually no reason to give it to the the seller and I have never been asked for it. If there are conditions for funding per the appraisal (ie FHA apprraisal calls out a roof issue for example) that may be different. As long as the house appraises at or above contract everyone needs to move on.
In general practice no. But if the buyer agrees then OK.
If it apraised definitely not as they did not pay for it.
Not unless the appraisal was below the sales price.
Good morning Tony. Yes I would, lots of reasons, but if there are repair issues or value, it's a must.
Make it a great week!
I used to always share the copy of all reports with the seller, but recently I do not, unless they ask and my client does not mind. Btw, all the issues and the necessary repairs are probably are mentioned in the home inspection report and other reports(if any), not appraisal.
if we want repairs we are required to give them a copy of the inspection or estimate, but never the appraisal. First of all it belongs to the bank not the buyer, but the buyer is entitled to a copy, but I rarely ever see it.
You have no obligation to give them the appraisal. This was paid for by the Buyer and it is their personal property. I would tell them no They are probably seeing if the home appraises for more and possibilty not negotiate on repairs and put back on market with appraisal in hand; showing its higher value. Stay firm.
Tony - I would not share the appraisal with the listing agent. That should have nothing to do with repairs. I would have no problem sharing a home inspection if that had some things pointed out in it and you wanted them repaired.
The only time you should have to negotiate things on an appraisal is if it came in low and you wanted to re-negotiate the purchase price.
I rarely see the appraisal when working with my buyer so would not have the opportunity to give the other agent a copy. I don't think the seller needs it at all. An listing agent may benefit by seeing the comps used especially if they will continue to work in that neighborhood.
I don't see what the appraisal has to do with repairs unless it's a VA or FHA appraisal and the appraiser is mandating repairs.
Tony, according to the agreement, but appraisal belong to buyer.
Only if the contract requires providing the appraisal and only if permission has been granted by the appraiser.
if you are asking for repairs, i assume that came from a home inspection rather than an appraisal. you all agreed upon the price. now you are negoiating repairs. if i were the listing agent i would assume the reason i cant see the aooraisal is that it came in higher, i think all of this is meaningless. sort of. im not sure showing , or not makes any difference. The bigger question is rather is the price really good? is it below what you and the buyer thought? did you steal it? then dont negiate it too hard on the repairs. If it is fair, dont be afraid to walk. but thats the buyers call,
No I wouldn't give it to them.