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#463779 - 03/13/19 01:38 PM Do I let my buyers know when the house appraises
gs1234 Offline
Junior Member

Registered: 03/13/19
Posts: 3
Loc: NJ
Hi guys,
First time posting here, and relatively new to the business in NJ.

Question: My buyers are under contract for a home listed at $749,900. The accepted offer was $740,000 with a $5,000 seller's concession towards closing costs. We just got through the appraisal, where the house appraised for $7,000 above asking.

This is my first transaction and I am excited to let my buyers know. However, is it bad form to let them know that the house appraised before the lender has approved their loan?

Should I wait for the lender and/or the attorney to tell them that the house appraised?

Thank you for all your help

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#463785 - 03/14/19 07:39 AM Re: Do I let my buyers know when the house appraises [Re: gs1234]
JohnN Offline
Member

Registered: 11/21/13
Posts: 261
Loc: Minnesota
I'm surprised you got the appraisal before the Buyer's did. They paid for the appraisal so they own it.
So yes, I would tell them.

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#463786 - 03/14/19 08:37 AM Re: Do I let my buyers know when the house appraises [Re: gs1234]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2389
Loc: Outer Banks
Yes tell them and show what a good job you did.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#463789 - 03/14/19 10:53 AM Re: Do I let my buyers know when the house appraises [Re: JohnN]
gs1234 Offline
Junior Member

Registered: 03/13/19
Posts: 3
Loc: NJ
Thanks for the answer!

Lender is part of my team, I went ahead and asked whether the home appraised because the appraiser informed me that the report was submitted to the lender.

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