Frequently Asked Real Estate Questions-Ep. 25

Should I get an appraisal if I am paying cash for a home?

You are not required to have an appraisal completed if you are paying cash for your new home. When you get a mortgage it is required by the lender to ensure the house is worth as much as or more then you are getting a loan for.

However, I would still recommend that you get a 3rd party appraisal completed on the house prior to purchasing and make the contract contingent on the house appraising at or above the agreed on purchase price to ensure you do not pay more for the house then it is worth.

So my answer is YES, you should still get an appraisal.