• chasegallimore

Who pays for the appraisal when selling a home?

So, you are listing your home for sale, who pays for the Appraisal? Is it the buyer or the seller?

The answer is pretty simple: In cases where an appraisal is required, it is the buyer who will pay for the appraisal. The only case in which a seller would pay for an appraisal is if they performed the appraisal before putting the home on the market to see exactly how much the home is worth to see what to list it for. However, if you have a good real estate agent, they will be able to provide you a comparative market analysis and tell you how much your home is worth and give you a better idea of what to list it for.

The appraisal for the buyer takes place as they are going through the mortgage process. If the buyer is paying cash for the home, there is no reason for an appraisal. If you are borrowing money through a mortgage, the lender will require an appraisal so they know exactly what the home is worth so they do not allow you to borrow more than the home is worth.

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