[NA]Land appraisal[NA]

[Let'sgoflying!]

When considering the purchase of property, is it ever considered 'OK' to rely on an appraisal the seller has paid for, as a solid benchmark for the purchase price?

When getting involved with a land purchase, is it best to become represented by a realtor right away?

 

[Cap'n Jack]

Like anything else, buyer beware. Also look at tax appraisal records and the selling price of other similar nearby properties. You'll get a fell if the appraisal is "in-line" with the value. You can also get a feel from the insurance although that is only replacement cost of the structure- assuming the insurance is kept up-to-date.

I can't answer the question about the realtor- I know nothing about Texas real estate. Some places you have attorneys representing you as well. The realtor, if they are local, should also be able to tell you if the appraisal good or fiction.

 

[Let'sgoflying!]

Also
Anyone heard of a Broker's Price Opinion?
It is where a non-realtor gives their 'appraisal' of the value.
Wondering if it is of much value.

 

[wabower]

I'm an aircraft appraiser with all the initials and crap you would normally see on a business card (if I ever get around to having them printed) and some of our advanced training seminars include real property issues. For example, we know that lenders who sell their real estate loans to Fannie and other mortgage pools now require USPAP-endorsed appraisals. Not that they ensure anything to a buyer, but USPAP requires the inclusion of comparable sales as a part of the report. Those "comps" can be very helpful, although as a buyer in today's market you should be aware that values may have changed significantly (most likely lower) than past sales might indicate. So at minimum I would want a USPAP-endorsed appraisal, as well as an independent opinion of the appraiser's reputation in the subject market.

In any such transaction I do not want to be under-represented, and want whoever I'm looking to for advice to have equal or higher horsepower than the other side. Based on the facts as presented, I smell a rat in this deal. You know, like the jewelry store that provides "replacement value appraisals" that always seem to be higher than the price you just paid? What's wrong with this picture?

Also
Anyone heard of a Broker's Price Opinion?
It is where a non-realtor gives their 'appraisal' of the value.
Wondering if it is of much value.

 

[gismo]

When considering the purchase of property, is it ever considered 'OK' to rely on an appraisal the seller has paid for, as a solid benchmark for the purchase price?

When getting involved with a land purchase, is it best to become represented by a realtor right away?

IME most realtors aren't well versed on land purchases so I probably wouldn't look there for help assessing land values which BTW are generally far more difficult to appraise. Unless you have good reason to believe that the seller's appraisal is unbiased I think your best bet would be to find your own appraisor (specifically one well versed in bare land similar to what you're looking at) and pay for your own valuation.