2007-08-09 02:16:38 · 9 answers · asked by bljstylist 2 in Business & Finance ➔ Renting & Real Estate
If you are financing the purchase with a lender then yes. The mortgage company will cordinate the appraisal and include the fees in with your closing costs.
The appraisal is necessary because the bank will not fund the loan unless the home is valued at that amount.
Best of Luck (and congrats on the new home!)
Southeast MI REALTOR
2007-08-09 02:22:31 · answer #1 · answered by ginahermanrealtor 2 · 1⤊ 0⤋
Are you asking because of the price of an appraisal? Your lender will require an appraisal in order to know their collateral is worth the amount of the loan.
If you can not afford the cost of getting a mortgage and hiring someone Lawyer/Agent to make sure your interest are taken care of now instead of LATER, then you can not afford to be buying a home.
2007-08-09 09:24:03 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Unless you have excelent credit and can get a no document loan on the house you will be required by your lender to get an appraisal. The lender does this to ensure you are not borrowing more than what the home is worth, thus being upside down in the loan.
2007-08-09 10:04:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It is unless you are paying in cash. Then no one would care but you. If you plan on taking out a mortgage, plan on an appraisal.
2007-08-09 10:00:11 · answer #4 · answered by frankie b 5 · 0⤊ 0⤋
Most lenders will require an appraisal to be done before they will lend you money on the house.
2007-08-09 09:20:27 · answer #5 · answered by caitybeth3 2 · 1⤊ 0⤋
unless you are using your own cash..then the answer is yes..a bank or lender wants to make sure the house is worth what you are going to pay for it..it is a good idea even if you are paying cash..you dont want to pay more for something then its worth and you wont be able to get your money back out of it at a later date.
2007-08-09 09:24:17 · answer #6 · answered by becca9892003 6 · 1⤊ 0⤋
You don't need one if you are paying cash, althoughthe tax assessor may demand one. The appraisels are usually for the bank, you need it to get a mortgage.
2007-08-09 09:28:20 · answer #7 · answered by Landlord 7 · 1⤊ 0⤋
Only if a mortgage is involved.
2007-08-09 09:32:22 · answer #8 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Not if you're paying all cash!
2007-08-09 20:10:21 · answer #9 · answered by Terry S 5 · 0⤊ 0⤋