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re: Appraisal Process Questions
Posted on 4/28/13 at 11:11 am to DrEdgeLSU
Posted on 4/28/13 at 11:11 am to DrEdgeLSU
quote:
My biggest complaint is that it destroys the free market aspect of home purchasing. If I agree to pay a price, and you agree to accept that price, isn't that price the most accurate reflection of value?
I agree and disagree...
The mortgage company has the right to ensure that the property that they are in reality buying, is worth what they are putting up.
ETA: I think the most unfair part is that the homebuyer has to pay the appraisal cost when its really the Lender that is using it.
This post was edited on 4/28/13 at 11:14 am
1
Posted on 4/28/13 at 11:40 am to Lsut81
No one says that the lender has to agree with the price. Thus I agree with you - they should independently appraise the property and decide based on that, at their expense.
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