-
Step 1
Be very involved as a seller as to what your realtor is writing or conveying in the sales contract. Make sure that it is clearly stated in the sales contract that the buyer is to pay for the property appraisal. This is usually the way is works anyway, as the appraisal is most often a requirement of the mortgage or lending company. The buyer is applying for the loan, so the appraisal is a buyer's expense.
-
Step 2
Make all points of the sales contract clear with the buyer and the buyer's realtor. In the event that the buyer wants a second appraisal, make sure that the buyer understands that they are responsible for the cost of the second appraisal as well as the first.
-
Step 3
Stay clear of prospective buyers and their real estate agents that want the seller to have an appraisal done on a property at the seller's expense prior to signing any sales contracts or applying for a mortgage loan. This would totally be a buyer's expense as this is not at all necessary to sell your home. In fact, the only reason this might be done is to compare properties in your neighborhood and their realtor should be able to do that for them.
-
Step 4
Prepare the contract of sale yourself if you are selling your home by owner. Make sure that you put in writing on the contract that the buyer is responsible for the cost expense of any and all appraisals in the process for buying the home. If you don't feel that you can prepare a contract of sale properly, then make an appointment with your local title company or your attorney to prepare the contract of sale for you. Be very clear on what you want and read the contract entirely before you sign or initial anything.
