Appraisal or comparative analysis and who pays for appraisal

Guest 0.10 Dollars($)

Hi guys, can anyone help me out with this. My finace' and I were to buy his late granny's home and cannot decide. His aunts had a comparative market analysis being done but the bank is asking for a copy of the appraisal. it seems that they want a comparative analysis but we are not aware as to how this works?? Who is it that pays for the appraisal – the seller or buyer??

Guest 0.10 Dollars($)

It seems that your finance's aunts are interested to go for a comparatively analysis. But if you are buying the home with a mortgage, the lender or the company will probably ask you for an appraisal to determine your home value and hence the loan to value ratio. In such a case, the seller or the aunts will have to allow the lender to have an appraisal done on your home. The lender may also allow you to appoint an appraiser for evaluating the value of the home.

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

Niicss · Joined: 03 Oct 2005 Posts: 809 118.68 Dollars($)

Samantha

Hi Michael,

Welcome to the forum.

Usually a home buyer pays for the appraisal since he is the person who needs a mortgage. However, if the home buyer puts down a very low amount of cash, he may request the seller to pay for him as a part of his closing costs. However, if you make a down payment of 20% of the purchased price, the seller will not be paying for it.

Hope this helps..

God bless you.

Samantha

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