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January 27, 2007
Private Appraiser vs. Brokers
What are the pros and cons of using a private appraiser vs. real estate brokers for a purchaser of a coop? Has anyone heard of Hunt Associates (appraisers), and if so, any feedback on them?
Comments
My understanding is that they do different things ... seriously ... broker shows you places to help you find one you want to buy. Then you get an inspector & then a mortgage application and then an appraiser.
Posted by: Anonymous at January 27, 2007 9:47 AM
the bank hires the appraiser, not the buyer
or seller
Posted by: OE at January 27, 2007 1:03 PM
The appraiser finds comperables for both sale price and if applicable market rents. You can do this yourself and do a better job, especially for rental potential. The reason the mortage company hires an external company to do this is so they can sell your mortage and say that the property was independently assessed. The appraiser gets on average about $20 per appraisal, they get a little more if they go to the property and take pictures. But often you will find the pictures are of a "comperable" house or apartment, and not the one you are buying.
Basically, just think of the appraisal fee as part of the mortage application fee. You've already done this work and before you make an offer on a property, the appraiser is just the bank's way of making sure you're not a scam artist or a mark.
Posted by: danielk at January 27, 2007 10:36 PM
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Cochise
Posted by: Cochise at March 4, 2007 8:22 PM
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