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If an appraisal comes in low and the seller wants to place…

Customer Question
If an appraisal comes...

If an appraisal comes in low and the seller wants to place the property back on the market doeS he have to disclose that low appraisal to a different buyer?

Lawyer's Assistant: What steps has he taken so far? Has he prepared or filed any paperwork?

The property is under contract , but the appraisal came in low , the seller does not want to sell at that low price. DoEs he have to disclose that low appraisal to a new buyer?

Lawyer's Assistant: Where is the property located?

Oklahoma

Submitted: 2 months ago.Category: Real Estate Law
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5/1/2018
Real Estate Lawyer: Barrister, Lawyer replied 2 months ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,510
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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doeS he have to disclose that low appraisal to a different buyer?

.

No, an appraisal is just an educated guess, not a fact. So one appraiser may use different comps and come in with a different valuation. I have seen multiple appraisals on the same property vary widely in price depending on what comps are used..

.

As an aside, in addition to being an attorney, I have also been a licensed Realtor for over 15 years...

.

.

thanks

Barrister

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Customer reply replied 2 months ago
Is this information correct for Oklahoma
Customer reply replied 2 months ago
Is this info good for Oklahoma?
Real Estate Lawyer: Barrister, Lawyer replied 2 months ago

Yes, it is correct across the entire United States...Oklahoma included. appraisals are not facts.. they are opinions. So you no more have to disclose a bad appraisal than you have to disclose someone's bad opinion of your property..

.

.

thanks

Barrister

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Real Estate Lawyer: Barrister, Lawyer replied 2 months ago

Hello again,

.

I just wanted to touch base with you and check in.

.

Did you have any further questions I can help with?

.

.

Thanks much

Barrister

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