2007-07-28 09:09:09 · 6 answers · asked by tha1ndonly_1 3 in Business & Finance ➔ Renting & Real Estate
The function of the appraisal in most loans is to protect the bank.
The appraisal is there to represent whoever is hiring them. Could be a relocation company, or the buyer in a cash deal or someone else.
But in most cases the lender is the one requiring the appraisal and so they order it. They also require that it is an appraiser that is on their approved list.
2007-07-28 10:25:28 · answer #1 · answered by glenn 7 · 0⤊ 0⤋
I agree, the lender orders an appraisal from an appraiser they trust (theoretically) to substantiate the amount that they are loaning in the correct percentage of the value of the property. Any of the other parties have a vested interest to inflate the value so it has to be requested by the lender, even though it's paid for by the buyer (borrower).
2007-07-28 09:29:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The lender orders the appraisal, if there is a loan involved, and gives it to the borrower.
However, good attorneys will make sure that there is a copy available at closing.
2007-07-28 09:36:52 · answer #3 · answered by Expert8675309 7 · 0⤊ 0⤋
Getting an appraisal is either requested by the lender in the case of a loan and in most cases when a buyer is not sure of the value, by the buyer who then makes the offer subject to certain parameters of value to be found out by the appraisal. As to who pays for that appraisal should be reflected by the offer to purchase.
Best of luck to you
2007-07-28 09:24:46 · answer #4 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
None of the above. The lender hires an appraiser and bills the borrower either at closing or as part of the application fee.
The lender wants to make sure that the collateral is really worth at least the amount of the loan.
2007-07-28 09:18:45 · answer #5 · answered by Ted 7 · 0⤊ 0⤋
I thought the bank did it, but I'm aint but 14, so I really don't know. Sorry.
2007-07-28 09:18:31 · answer #6 · answered by Christy 3 · 0⤊ 0⤋