Is it necessary to have a home appraised when paying cash?
Posted: 09/22/2010
User question: I am buying a house (via short sale) for $78,000 cash (asking price $79,900).I put in the offer first week of May 2010. Last week when my realtor told them that I am withdrawing my offer because the bank did not respond in a timely manner, all of a sudden the bank's realtor called me saying that they accepted my offer. Prices here in Phoenix are going down. My question is, is it necessary to have it appraised since I am buying cash?
Answer from blueroof.com: We want to thank you for submitting your question. Since you are paying cash for the property, there is no reason that you HAVE to do an appraisal on the property.
You can choose to do one if you like but there is no obligation like there would be if you were doing traditional financing.
If you are concerned about prices then you may want to have an appraisal done but if you like the property and are fine with the approved price, then you may want to save money and forego the appraisal.
The good news is you have options.
*Nothing here is considered to be legal or tax advice. Any and all questions regarding tax or legal issues need to be directed to an appropriate and licensed professional.
Joe Duffin
Managing Broker for Blue Roof Realty
Please note that ABC15.com, and its paying advertiser blueroof.com which answered this question, are not qualified to offer tax advice and the best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.
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