Buying directly from the owner … trust only NY appraisal reports!
For the sake of saving agent commissions, buyers are often tempted to buy property directly from the owners. Yes, the process does not involve any intermediaries and so whatever purchase amount is settled goes directly to the seller. However, this arrangement has a major flaw.
When you contact a property agent, you are given various options and prices are supported by credible NY appraisal reports. Basically, a true comparative picture is presented. However, when the buyer directly contacts the owner, the price is not usually supported by a valid NY appraisal report. Now because there is no comparison and the NY appraisal reports are missing, sellers tend to fix the prices of their properties, higher then the true market value. During the sale, personal selling tactics come into picture and owners often end up duping naïve buyers. But during the second stage of purchase, when the prospective buyer applies for finance, the lending institute procures valid NY appraisal reports for the property in question. Thus, the lending amount is worked out, based upon the true market value.
This is a critical problem, but thankfully, there is an easy exit route. No we are not suggesting that you do not indulge in any direct communication with the buyer, but we are merely advising you to involve a NY appraisal company. If you are interested in buying the property, before settling upon the final price, contact a credible NY appraisal company like Homeland Appraisers. Our qualified professionals will assess the estimated market value of the property in question. The NY appraisal report will be a detailed one and based upon this report, you’ll able to negotiate the right buy price.