Posted by CurtNY on July 15, 2002 at 12:22:28:
Always derive the value of the property yourself or use someone you trust, never EVER use an appraisal supplied by the seller.
What’s a seller’s appraisal worth? - Posted by Lisa, TX
Posted by Lisa, TX on July 15, 2002 at 12:11:55:
I recently found a property claiming to be $26,000 below market value (about 16%) based on an appraisal done by the seller. I looked up the values per square foot for comparable houses in that neigborhood and it turns out the value is about as much as the asking price. So what’s a seller’s appraisal really worth?
Re: What’s a seller’s appraisal worth? - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on July 15, 2002 at 14:40:44:
Lisa–(TX)-------------
You were wise to do your own comps analysis. You answer your own question when you point out that the asking price is at market value.
If a seller wants to give you an appraisal, either decline it or graciously aceept it and completely ignore it.
If the appraisal were to show that the property is priced above the appraised value, the seller would never show it to you. Probably the same if the appraisal is at the asking price.
The only time that a seller will show you an appraisal is when it is higher than the asking price. So, if this is really an accurate appraisal, why isn’t the owner asking the appraised value? Are they really interested in giving away money to you? Do you believe that?
Well then, the appraisal says the property is more than the asking price. All that means is that the appraisal is wrong. Why would you want to read nonsense?
Good InvestingRon Starr*
Re: What’s a seller’s appraisal worth? - Posted by Wayne-NC
Posted by Wayne-NC on July 15, 2002 at 13:10:57:
A house is only worth what someone else is willing to pay for it. That is your best appraisal.
Re: Could be worth $Thousands! - Posted by Joe
Posted by Joe on July 15, 2002 at 12:48:10:
The seller’s appraisal is worthless to YOU AS BUYER. Always do your own comps.
HOWEVER, once you negotiate a great buy, make sure to get that appraisal from the seller! Use it to show potential BUYERS when you flip it! You’d be surprised how many buyers will accept that appraisal. It can really help your negotiations when you sell to owner occupant types, or new Sheets grads!!!
MONEY, BABY!