If you are like many homeowners, your "urate" home inspection report lists the condition of your house as being "good." Yet, what happens if a professional home inspector writes a report that states your house is "poor?" Your house value will fall. In fact, it may drop so low that it will make it difficult for you to qualify for a mortgage. This is how happens if your house does not match property appraiser records.

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Sometimes a real estate agent will list your home as being sold by a seller with a contract. Even though it's a listing, the contract is between you and the seller, not between the real estate agent and the seller. If this happens, however, you may still be held liable if the home does not meet local guidelines for repair. When a real estate agent lists your home as sold with a contract, it's known as a "for sale by owner" listing.

 

When a buyer lists a home as for sale by owner, there is no real estate agent involved. The buyer is responsible for making repairs to the property. If your home does not meet local guidelines, and your real estate agent has not listed it with a contract, you're the one responsible. You'll want to find out what the state law is regarding repairs. Then you'll have to take action.

What Happens If Your House Doesn't Match Property Appraiser Records?

 

Some states require the home appraisers who sign public accession agree to post a sign at the front of the property acknowledging the presence of a public record. If you don't agree to do this, you could be in violation of public accession laws. You can hire a private appraiser to prepare your appraisal and you'll want to discuss that with him or her before you have your home appraised. There might be advantages or disadvantages to using a home appraiser who lives in your area and who you know well.

 

You should also understand that not all real estate agents are certified appraisers. In some cases, only real estate agents are allowed to use certified appraisers on your behalf. In other cases, only sellers are allowed to use certified appraisers. And in still other cases, only real estate brokers and mortgage brokers may use appraisers. To learn more about using an appraiser in your state, contact your State Board of Equalization or your local Department of Financial Services.

 

If your home is sold, your agent may hire an appraiser from the appraisers' pool, which means he or she has chosen to work with an appraiser who is included in the pool. If your house is sold but you didn't buy it through an agent, you're still responsible for hiring an appraiser from the pool, unless you're hiring an appraiser specifically because you want a specific kind of real estate professional. You'll need to check with your lender, your real estate broker, and your real estate agent about whether or not they participate in the appraisers' pool.

 

In some cases, when your house sells and you're paid by the seller, the real estate broker will assign an appraiser to your house and keep their fee. But even though they're going to charge you, the appraisers that are included in the pool are not going to be the same ones who'll come out and testify at the sale. These appraisers usually have an arrangement with the bank, where they get a fixed commission from the sale of the real estate. Usually this commission is less than 10% of the actual value, so if there's any dispute over what the appraised value was, you'll need to hire an appraiser who belongs to the group that represents the seller (if there's one) or with a similar group (if there's no seller).

 

So what happens if your house doesn't match real estate appraiser records? Nothing. The money is still yours. It may take a while before your bank realizes it, but the money is in your pocket and you'll never have to pay an appraiser again.

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