Appraisal versus agreement price
So I have a private sale contract on a SFH. For this example I will use the agreement price of $100K. I'm financing the property so my bank requires an appraisal. The seller and his wife will also require an appraisal as they are going through a divorce and that's what their attorneys have requested. I think the appraisal will come back 10% higher. The sellers are good with the $100K, but they think the attorneys will want appraised value. What advice would you give to own it at the agreed price? Obviously no commission fees would be involved so that should save them some. I've been advised to talk with my lender and have them talk to whoever does the appraisal, but I feel that that's not right.