NO NEED TO HIRE AN APPRAISER WHEN SELLING YOUR HOME

DEAR BOB: I am thinking about selling my home for sale by owner (FSBO) Based on previous low appraisals for refinancing, I am concerned about my home appraising low although it is in excellent condition and in a great location. I am considering hiring a real estate attorney or realty agent to help "manipulate" an appraiser to get the best appraisal and to help fill out the sales contract and required disclosures when a sale is made. Does the home buyer or seller pay for the appraisal? --Robert F.

DEAR ROBERT: There is no need for a home seller to hire a professional appraiser unless there are unusual circumstances. After a sale occurs, the home buyer's mortgage lender hires the professional appraiser whose fee is often paid by the buyer.

Before deciding to risk selling your home alone without a professional real estate agent, please interview at least three successful realty agents who sell homes in your vicinity. Even if you are thinking about selling FSBO, they won't mind. The reason is they know most FSBOs list their homes for sale with a professional agent within 30 to 60 days.

Each agent you interview should provide you with a written comparative market analysis (CMA). To help determine your asking price, a CMA is far better than a professional appraisal. This is because successful realty agents know current up-to-date market values of homes like yours. But appraisers work from closed home sales information, which might not be up-to-date.

(For more information on Bob Bruss publications, visit his
Real Estate Center).

Copyright 2006 Inman News