Do I need to get an appraisal before selling my house to an investor?
No
Hi it’s Nick with Sell My San Antonio House. Do you need an appraisal done before you sell your house to an investor? No, you do not.
Why? Because most of the time when you need an appraisal, it’s because the person buying the property has a bank, and they’ve got a loan from that bank. And that bank wants that property to appraise for a certain amount before they’ll give them a loan to buy the property.
When you’re selling to an investor, that investor is or should be paying cash. So if you’re paying cash, there’s no one requiring that you get an appraisal done.
Now, if you wanted your own appraisal done, could you? Sure, absolutely. It’ll cost you a few to several hundred dollars, probably for a single-family house to get an appraisal done.
Then you would have, I guess, more information. Caution, just because an appraiser comes out and says a property is worth this much does not mean you can sell it for that much.
What? Why?
Because the appraiser is looking at things a little different than someone who’s actually buying the property. When they do an appraisal, they don’t actually have to pay that amount of money for the house. If they say it’s worth X number of dollars, they don’t have to pay it.
Someone that’s coming to buy your house. If, say I say I’m going to give you this much for the house. Well, now I actually have to give you that much money.
But if you’re worried about your property, you’re worried about it selling because man, it’s not going to appraise because of the condition, the location, whatever your concerns are, those concerns may be really valid.
But if you’re thinking about selling to an investor, an investor is not going to require an appraisal or shouldn’t require an appraisal in order to purchase your property. I hope this helps give you some more information. If there’s anything we can do for you, give us a call (210) 201-6644 or at the website sellmysanantoniohouse.com.