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July 26, 2006
Brownstone Appraisal
Who would be the appropriate entity to do an appraisal on a brownstone? Would it be a bank, a real estate agency, or otherwise? Thanks very much.
Comments
When you get a mortgage, the bank automatically sends someone over to appraise the property (you pay for this but bank hires). If you are talking about a private appraisal, then I'm not sure.
Posted by: Anonymous at July 26, 2006 2:19 PM
Yes, I guess I mean a private appraisal. We bought our home a long, long time ago and it was appraised at that time.
Posted by: Anonymous at July 26, 2006 2:51 PM
Brokers can appraise it, by telling you what they think you can get for it. Research indicates that brokers are more accruate than appraisers.
Posted by: OE-from-WT at July 26, 2006 9:09 PM
Brokers are NOT more accurate than appraisers.
It depends what you need an apprasial for. If you are looking to sell, save a few hundred dollars and have a broker tell what you can get for the house. If you need it for tax reasons, for a trust, for an estate, for a divorce etc. then go with an apprasier - the appraisal is a legal binding document and is more accurate in the long run.
Do your research though - while there are lot of good appraisers out there, there are lot of bad ones too..
Posted by: Anonymous at July 27, 2006 11:03 AM
I appreciate the input. The appraisal is for estate planning purposes, so I want to go the legal route. Thanks again.
Posted by: Anonymous at July 27, 2006 11:36 AM
people who buy and sell non-agency mortgages in the secondary market will tell you that broker price opinions are more reliable than appraisals.
their bonus depends on it, so they should know.
it's because appraisers are incentivized to "hit the number" that the bank is looking for.
Posted by: OE-from-WT at July 27, 2006 8:53 PM
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