Seller asking for Appraisal

[Kris Rufino]

Hi all,

We are currently in the DD period and have asked the seller for concessions that we thought were most important to us during our inspections. The seller is now asking for the inspection report and appraisal. 

We’re more than happy to send them the inspection but are very apprehensive to give them the appraisal as it came back 30k above their asking price. The amount of concessions we’re asking don’t include the entirety of the things that were on the inspection report, we’re asking for about 17k in concessions. 

What would you guys recommend doing in this case? We don’t want them thinking we’re trying to not be cooperative, but the appraisal is somewhat subjective and could come back lower with the next appraiser. Also, we aren’t sure if this is fair to ask as we are the ones who are paying for all of these inspections and the appraisal. 

I suppose the other way to ask this would be if you were representing the seller, would this be good reason to believe the seller should either lower the amount significantly or forgo altogether?

[Russell Brazil]

Quote from @Kris Rufino:

@Stuart Udis I was wondering if disclosing this to the broker could have adverse effects on the appraisal itself. We were also thinking of getting a HELOC with the equity to use for basement renovations after closing.

There's no hidden equity. Once you close, the sales price is the value.