New York Seller's Information for Appraiser provided to Buyer
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How to fill out New York Seller's Information For Appraiser Provided To Buyer?
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FAQ
If you're a seller, you almost never see the appraisal, unless the buyer wants to show it to you. If the home appraised for more than sale price, the buyer might be a little reluctant to show the appraisal to you!
A home that appraises for higher than the purchase price is a benefit to buyers as it means instant equity. Its impact on sellers is subject to how motivated they are. Still, offering something for sale only to find out that it's worth much more may be enough to make a seller reconsider.
A: An appraisal is generally considered a professional opinion of the market value of a property, not a fact. Although it's both legally and ethically necessary to disclose a material fact, the same requirement doesn't apply to an opinion.
The seller often does not generally get a copy of the appraisal, but they can request one. The CRES Risk Management legal advice team noted that an appraisal is material to a transaction and like a property inspection report for a purchase, it needs to be provided to the seller, whether or not the sale closes.
But in order to best protect the confidential nature of the appraiser-client relationship, most appraisers consider as confidential information the identity of the client, the property being appraised, the results of the appraisal assignment, and any information declared by the client as being confidential.
I'll be happy as long as it appraises for at least the sales price. Do your best to get the value as high as possible. The market has been on fire. Is it going to come in at value?
The duty to disclose known hazards and defects that are present on the property is arguably the most critical one. This information will almost always affect the buyer's view of the sale and their ultimate offer, if any. Federal law requires that sellers disclose whether houses built before 1978 have lead-based paint.
The age and condition of the home's HVAC units, appliances, and electrical and plumbing systems will be considered in the home's overall appraised value. Obviously, if these components are in bad shape, this will negatively affect the appraisal.
Will the homebuyer receive a copy of the appraisal? A. Yes! Regulations allow real estate agents, or other persons with an interest in the real estate transaction, to communicate with the appraiser and provide additional property information, including a copy of the sales contract.