Q: Does a buyer of property in colorad have to have a property appraised when they purchase the property
A: If they purchase real estate with a mortgage, the lender will no doubt require an appraisal. Notwithstanding, in all cases, a purchaser would be foolish to not first obtain an appraisal to ensure themselves that the property is worth what they are paying for it.
Timothy Canty agrees with this answer
A: Dear Prospective Buyer: There's no "rule" requiring the employ of an Appraiser in the purchase of residential property in the state of Colorado. However, if you are using standard lender financing (a Bank) then the lender will employ an Appraiser on your behalf (and at your cost). If you are buying the residence with"all cash" or with private financing, then I would, of course, strongly advise you to gather the opinion on a professional - at a minimum a realtor with experience in valuing the neighborhood of like sized and like quality homes, in order to achieve a comfort level in determining the fair and equitable value. James Greer [has law practice in Boulder CO; no legal advice intended as there is no attorney-client relationship formed by this response].
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