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law regarding appraisals

Posted on: 01st Feb, 2010 02:54 pm
Is it the law that you have to get a house appraised before buyingit? I won't be needing a mortgage. also what about getting it inspected, is that required by law also? Thanks P.voth
You won't need an Appraisal if you're paying cash. But don't pass up on an inspection. You'll save yourself a lot of grief in the future if you hire a good Inspector - mark my words.
Posted on: 01st Feb, 2010 04:14 pm
i will definitely second raymond's remarks concerning the worthiness of an inspection.

as for appraisal, you might not want one, and you don't need one, but be sure that you do your homework, if you haven't already, to try to find comparable sales for the home you're looking at buying. you can search the land records for yourself to see what's been selling and for how much, and then drive around and check the similarities to this home.
Posted on: 02nd Feb, 2010 08:17 am
It is foolish to not hire an Appraiser if you are paying cash. Do not assume yuou know more than the Appraiser, you may be sorry. Kind of like only a fool is there own lawyer, only a fool is there own Appraiser. Penny wise and pound foolish you would be not to spend a few hundred bucks or so. The Appraiser is one of the hardest working persons in a transaction for very little money. A title policy is not required either, if you pay cash and neither is recording the deed in many others, but each would be foolish not to have. How about no homeowners insurance, just think of the money you would save without it. Think of the Appraisal like anything else, if it is done the right way by a true professional it is worth far more than what you paid for it.
Posted on: 09th Feb, 2010 08:02 pm
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