The Appraisal

[Anonymous]

Can I the buyer be at the house when the appraisal is getting done and also would they tell me how much the house is worth when there done.

[ArmyStrong]

Great question, I'd like to know too!

[Lel]

I think the answer is no, unless you are actually paying for the appraisal.  The appraisal is the property of the person or entity who is paying for it, which is initially the prospective lender.  They are under no obligation to share it with anyone else.  Also, I can imagine that there's some rule that prevents a third party from being present, on either the buyer side or the seller side.

When I purchase almost 4 years ago, I eventually got a copy of the appraisal, but I think that was after closing.  The cost of the appraisal was included in my closing costs, so at that time I now "owned" the appraisal.  However, my recollection may not be correct.

LynetteM, I bet you'll have the answer!

[Anonymous]

I'm the buyer and I'm paying for my own closing cost so how will that work.

[Lel]

That's the way it was for me.  But at the time of the appraisal of my home, I hadn't paid for the appraisal yet, and so I didn't see it.  I eventually did, at closing.  And it was after closing that I finally got a copy of the appraisal.  I remember thinking, wow, the appraisal came in right at my purchase offer price.  How serendipitous!

[MattH]

When my wife and I bought our condo in 2002 we never saw the appraisal that was obtained by the lender, all we know is whatever number the appraiser said it was such that the lender was OK with funding our mortgage. And of course after a sale has closed any appraisal from before that transaction no longer means anything.

[Jazzzy]

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@Anonymous wrote:
Can I the buyer be at the house when the appraisal is getting done and also would they tell me how much the house is worth when there done.

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My husband has had buyers present during his appraisals, but we live in a fairly small community (10,000), and I think communication is easier. The logistics can be a problem for you. As a buyer, you would have to let your broker and/or loan officer know that you want to be there. This information would have to be communicated to the appraiser...and there are new laws about who can and can't contact appraisers. That complicates things. Also, many appraisers work through appraisal management companies, which adds another layer of communication necessary. I can't tell you if you would have to get permission to enter from the seller or the seller's broker. My husband says that the buyers who accompany him are mostly concerned about repairs that may be necessary in order to meet FHA guidelines.

As to value...no...the appraiser can't give you the value. For one thing, it requires hours of work after the property inspection to compile the appraisal. For another, you are not the appraiser's customer. The bank is. He gives the appraisal (value) to the bank, and, according to statute, you will then get a copy.

[Jazzzy]

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@Lel wrote:

I think the answer is no, unless you are actually paying for the appraisal.  The appraisal is the property of the person or entity who is paying for it, which is initially the prospective lender.  They are under no obligation to share it with anyone else.  Also, I can imagine that there's some rule that prevents a third party from being present, on either the buyer side or the seller side.

When I purchase almost 4 years ago, I eventually got a copy of the appraisal, but I think that was after closing.  The cost of the appraisal was included in my closing costs, so at that time I now "owned" the appraisal.  However, my recollection may not be correct.

LynetteM, I bet you'll have the answer!

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No...no rule. The seller is often there because he/she has to give the appraiser access to the property. My husband actually likes it when the seller is there because an appraiser often has questions about a property, and the seller may have the answers. At times, the selling broker is there...my husband is a patient man...but he doesn't feel he needs a sell job from the broker while doing the appraisal.

An appraiser is human, and they don't appreciate pressure from either side. With values as low as they are, this has been a trying time for appraisers. When we go out, for example, to a school function, after we've visited with people in the community, I ask him if there is anyone left he hasn't pi**ed off yet.

[Anonymous]

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@Anonymous wrote:
Can I the buyer be at the house when the appraisal is getting done and also would they tell me how much the house is worth when there done.

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I was present during the first one (of two requested by lender) for my current home, but my FHA-guaranteed transaction was an out-of-the-ordinary one -- I purchased without assistance of a real-estate broker from a colleague/friend who had already moved out of the house and given me a set of keys. It was a matter of convenience -- I was the one available to let the appraiser in. For the second one, the seller did the honors for the same reason. And, I DID get copies of both appraisals, the second one (which came in slightly higher than the original, confirming it) only after closing, though. And, though the appraiser won't be able to give a value until plugging in all the comps, etc., later, I certainly was able to get a sense that she felt the home was a solid property. She knew I was the buyer, but felt free enough to ask me several questions about features and functions, which I could answer because I'd also had a professional inspection done.