Appraisal....who pays?

Question

David Turner · Answer

I think your going to have a hard time convincing a seller to pay for it in hopes that you will buy their property.  Why would someone spend $300-400 without even having a purchase contract in place?  Why don't you give him a purchase contract with an appraisal contingency that lists him paying for it?  That way he has some assurances that you will be buying the property.

Ciro LoCascio · Answer

It would be a cash deal and not many condos have sold recently so I wanted to get an idea on value.

Derek Faller · Answer

If you can get the seller to split the cost of an appraisal with you then more power to you. The problem is you will still have to pay for an additional bank appraisal if you are financing the property unless thing are different in New York. To protect themselves banks will only use an appraisal that they have ordered. Though you still have to pay for the appraisal.

If you are using financing I would just make sure there is a contingency in your contract that allows you to get out of the deal if the bank appraisal doesn't come in where you want it to.

Don Konipol · Answer

you can ask anything.  Getting the seller to agree may be another matter.