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Ask Dave

Who Appraises Best?

The unthinkable happened to Francis when she guaranteed a house loan for someone.

QUESTION: Francis guaranteed a house loan for someone who defaulted. She fixed up the house, has it rented and has it on the market. Should she get it appraised herself or let the person who is lending the money do the appraisal?

ANSWER: The real estate agent can give you a good appraisal, and the buyer’s company will require an appraisal to loan money, but you don’t need to do it. Get a high-octane real estate agent who really knows their stuff. The other thing is that you need a quit-claim deed and give the property over to you. If it’s not titled to you, you’ll have a hard time closing the thing.