4,905,762
The appraisal is an opinion it is not a material fact.
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David Popoff
Darien, CT
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Bob Crane
Stevens Point, WI
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Jeff Perlis Prime Prop...
Lake Arrowhead, CA
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Richard Bazinet /MBA, ...
Scottsdale, AZ
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Nina Hollander, Broker
Charlotte, NC
-
Lynnea Miller
Bend, OR
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Michael Jacobs
Pasadena, CA
5,115,873
I don't believe so. Different appraisers can come up with different values for the same home. It's an opinion of one person as to value and not a material fact about the home. Besides, if it was a bad appraisal and the next buyer's appraiser values it at a higher price... what say you then? And keep in mind it's not the seller's appraisal value... it's the buyer's.
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Richard Weeks
Dallas, TX
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Teri Pacitto
Westlake Village, CA
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Richard Bazinet /MBA, ...
Scottsdale, AZ
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Lynnea Miller
Bend, OR
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Ron and Alexandra Seigel
Carpinteria, CA
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Michael Jacobs
Pasadena, CA
1,057,404
Was it an FHA or VA appraisal?
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Joseph Domino 480-390-...
Scottsdale, AZ
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
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Jill Murty, Realtor - ...
Laguna Niguel, CA
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Lynnea Miller
Bend, OR
5,583,328
NO.... you represent the seller....
appraising is not an exact science.... the listing agent could have challenged the appraisal....could have asked for another appraiser....
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Hella M. Rothwell, Bro...
Carmel by the Sea, CA
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Richard Bazinet /MBA, ...
Scottsdale, AZ
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Nina Hollander, Broker
Charlotte, NC
-
Lynnea Miller
Bend, OR
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Michael Jacobs
Pasadena, CA
5,244,229
An opinion is a opinion, not a material fact! So No!
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Bob Crane
Stevens Point, WI
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Richard Bazinet /MBA, ...
Scottsdale, AZ
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Nina Hollander, Broker
Charlotte, NC
-
Lynnea Miller
Bend, OR
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Michael Jacobs
Pasadena, CA
1,513,143
If it is an FHA here it stands for 60 days.
Conventional could change as it is an opinion.
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Joseph Domino 480-390-...
Scottsdale, AZ
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Nina Hollander, Broker
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
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Lynnea Miller
Bend, OR
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Michael Jacobs
Pasadena, CA
2,684,769
If you get an offer for FHA, VA, or USDA Rural, and one of those appraisals has been done, probably "Yes".
Otherwise, no. An appraisal is just an opinion of value at a specific point in time.
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Hella M. Rothwell, Bro...
Carmel by the Sea, CA
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Eve Alexander
Tampa, FL
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Michael Jacobs
Pasadena, CA
5,772,593
Gary,
I agree with Nina Hollander and Michael Jacobs
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Nina Hollander, Broker
Charlotte, NC
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Lynnea Miller
Bend, OR
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Michael Jacobs
Pasadena, CA
1,153,794
If the said appraisal was for a government insured loan then disclosure makes sense since it will remain with the property for six months or so. On a conventional loan you're free to go is my understanding, although, individual lenders may have other guidelines regarding same.
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Candice A. Donofrio
Fort Mohave, AZ
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Lynnea Miller
Bend, OR
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Michael Jacobs
Pasadena, CA
92,082
I think that knowing the property didn't appraise, I'd have to have a good conversation with my seller... Could it appraise with a different appraisor... possibly. Could you have a buyer for the home that really want's it and will make up the difference with cash...possibly. Is it more likely that your seller will need to rethink the asking price of the home... most likely. I don't think it would have to be disclosed as a material fact. It is one person's opinion of value, which is subject to be different when the same property is appraised by another individual.... the same as when we do a CMA... 3 agents can come up with 3 values.
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Nina Hollander, Broker
Charlotte, NC
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Lynnea Miller
Bend, OR
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Michael Jacobs
Pasadena, CA
1,847,621
I say yes & no. I had that happen last year & said FHA appraisal completed with no mention of the price. CONV buyer could not use it.
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Gary Frimann, CRS, GRI...
Gilroy, CA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Lynnea Miller
Bend, OR
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Michael Jacobs
Pasadena, CA
4,583,784
I certainly would want a copy of that appraisal report so I could discuss with my client. I don't think that appraisal is as much a concern for a "new" buyer as it is potentially for the seller.
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Nina Hollander, Broker
Charlotte, NC
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Jill Murty, Realtor - ...
Laguna Niguel, CA
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Lynnea Miller
Bend, OR
6,423,260
Not a fact, just a snapshot of one appraisers opinion.
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Bob Crane
Stevens Point, WI
3,986,308
No! The listing agent is not privvy to the appraisal it belongs to who paid for it...the buyer
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Bob Crane
Stevens Point, WI
3,988,013
No. I had a property that just closed on the second contract. The first buyer's appraisal was short and seller agreed to lower it. The buyer defaulted at the last minute. The property went back on the market. Second buyer agreed to pay over list which was $4000 over first buyer's appraisal. Second buyer's appraisal came in on the money. It is a moving target, very subjective.
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Hella M. Rothwell, Bro...
Carmel by the Sea, CA
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Gary Frimann, CRS, GRI...
Gilroy, CA
3,350,439
We have beat this to death. I'm not talking!
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Greg Large
Grove City, OH
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Gary Frimann, CRS, GRI...
Gilroy, CA
613,494
Yes, no...
No, yes...
Since when do listing agents really disclose anything? The most common answer is "I don't know"...
Subjective? Yeah, just like:
"I can't tell that the roof is shot"
"What stains on the ceiling?"
"I am not an inspector, so I don't know why all that water spewing out of the spigot all over you is coming from..."
Much of home inspections are also just an opinion...and yet that is a material fact that should be disclosed.
Definition: A material fact in real estate is well-defined as a fact that, if known, might have caused a buyer or seller of real estate to make a different decision with regards to remaining in a contract or to the price paid or received.
Eve
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Kathleen Daniels, Prob...
San Jose, CA
5,257,583
Not in NC or SC, unless it was an FHA or VA appraisal, which will be visible to future appraisers.
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Kathleen Daniels, Prob...
San Jose, CA
716,874
I think the answer to your question can vary state to state based on the specific real estate laws there. In Oregon, this does not pertain as the appraisal belongs to the buyer, not the seller. If asked, our agent can say there was a financing issue - and if asked specifically about any appraisal problems, they need to be honest and say that yes, the house did not pass the appraisal - but only if asked.
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Michael Jacobs
Pasadena, CA
2,195,063
No , an apprasial is an estimate or opinion of value . Three different appraisers could arrive at 3 different opinions of Value !!!
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Michael J. Perry
Lancaster, PA
148,276
No. An appraisal is that appraisers valuation of a property on that specific day. If you are representing the Seller most often you won't be privy to the actual appraisal amount as the Buyer paid for it and if they chose not to disclose the value amount they don't have to. The bank would just provide the Seller's Realtor a letter that the Buyer's loan has not been approved due to unacceptable appraised value.
I have seen a mortgage officer recommend a 2nd appraisal which appraised at sale price so there wasn't a problem. You could take a chance of paying expense for 2 appraisals and neither work but I've not been involved in that situation. Sometimes the appraiser will be coming from another town out of our area. We've seen appraisers periodically from Toledo or Findlay especially if they are VA appraisers as not every appraiser has VA appraiser qualifications. There was a very old VA appraiser prob mid 80's who came from Findlay (his young wife drove him). Don't remember the outcome just the oddity situation:-). Appraisers need to know each area's market which affects values too.
Depending if an appraiser is open minded or accepting of comps you could leave comparable flyers of recent sales on the kitchen countertop the day the appraiser is scheduled. Chances are the appraiser will look at your paperwork.
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Gary Frimann, CRS, GRI...
Gilroy, CA
4,434,177
3,071,489
Kenneth J. "Ken" Jones, Associate Broker nailed this one!
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Gary Frimann, CRS, GRI...
Gilroy, CA
4,800,132
853,612
No however, if it's an FHA appraisal you're stuck. Fight the fight... as many have said, "it's an opinion". Make sure the appraiser knows if it was a multiple offer situation too. I've recently "fought" a low appraisal and WON. :)
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Gary Frimann, CRS, GRI...
Gilroy, CA
1,625,153
4,319,773
Gary Frimann - the value in the eyes of one appraiser for the property is NOT a material fact.
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Gary Frimann, CRS, GRI...
Gilroy, CA
74,695
87,920
420,003
Did seller's agent receive and read the appraisal in an arbitration of the value? There is a record of this. Kenneth J. "Ken" Jones, Associate Broker is correct the listing agent is not an appraiser and the information is only an opinion in a point in time, but here is the pickle:
FHA VA and some conventional programs will see the numbers for new buyers making offers in the next three months. The Case number stuck on the property address will reveal the information. It would be foolish not to disclose this if the seller takes a new offer for FHA VA unless some new material facts occur as in new sales the days after the appraisal or the appraisal has some grand math error that can be demonstrated. Second deal is going to get stuck on this issue around day 10 -15 and can second deal parties blame seller and seller agent, yes they knew and hid the information. Seller doesn't sign any agreement to provide old appraisal but wont the MLS show it back on market thus raising the question? Why waste everyone's time? Don't take next offer FHA or VA or Freddie for that matter as whoever lender #1 submitted to has all the details. Buyer #2 will get a new appraisal which may or may not be higher. Second deal should best be conventional with large down payment, and a fast contingency date say 7 days.
Seller agent should not give out appraisal to anyone, he didn't pay for it.
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Gary Frimann, CRS, GRI...
Gilroy, CA
7,869,880
No. However, be aware of the guidelines for FHA and VA appraisals.
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Gary Frimann, CRS, GRI...
Gilroy, CA
633,820
No need unless it is FHA or VA, the case number sticks w/ the property for 180 days, however there is away to get another one done if you can get the lender package transferred to another mortgage Co and the underwriter calls for a new appraisal to be done because they find current one unacceptable.
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Gary Frimann, CRS, GRI...
Gilroy, CA
1,598,452
544,014
250,199
4,966,025
5,879,125
If it is FHA or VA, they will remain on the property for 6 months, otherwise not in CO.
766,669
I don't ask for the appraisal and don't need to share it since it's not a material fact.
902,238
519,324
Not in my opinion. It is an "opinion of value" not a fact so if asked I might explain why we're back on the market, but I wouldn't advise my clients to update their Seller's Disclosure. Appraisers are like everyone else, some are very good, some are not.
2,785,276
NO as it belongs to the one who paid for it. However, if it comes up in direct buyer/agent Q & A, in that moment your inner fiduciary will guide you & not before. Be a good steward of the information