You’ve probably been told that you can’t talk to the Appraiser, but there are ways you can help the Appraiser.
With multiple offers becoming the norm, both buyer agents and listing agents should be concerned with the appraisal.
After a contract is ratified is not the time to celebrate.
This is especially true if the property was sold for substantially more than the list price.
In a multiple offer situation, often times there aren’t comps to support the higher price the buyer is willing to pay.
As a result, if the accepted offer contains an Appraisal clause, all of the parties involved have to hold their breath and wait to see what the appraiser will do.
Since you are a good real estate agent, you have prepared your client for what can occur with the appraisal.
The Appraisers job is to protect their client, the bank.
My experience has shown me that most Appraisers are conservative in their valuation of properties.
They are more focused on the past versus how a market is appreciating.
But as markets improves, it seems as though appraisers are slow to keep pace.
And here is where Realtors come in. Realtors shouldn’t assume anything when it comes to the appraisal.
We need to tell the Appraiser what is happening in the market.
When it comes to the appraisal, you don’t know what Appraiser you are going to get.
Will they know your particular market area?
Can you trust them to pull the best comps?
Do they understand and take into account current market conditions?
There is no way to know the answers to any of these questions upfront.
Let’s take a look at how you CAN help the Appraiser.
1. Make sure your seller keeps the house neat and clean – you want the appraiser to see the property at its’ best.
2. Take the lockbox off the property – you want the appraiser to call to schedule an appointment.
3. Meet the appraiser at the property – the listing agent should meet the appraiser at the property…you aren’t that busy.
4. Give the appraiser the most recent and best comps – please don’t give the appraiser comps that aren’t a good match. By doing so you lose all credibility.
5. Give the appraiser a list of the upgrades made to the property – let them know when the upgrades were done and how much they cost. The Appraiser won’t always know and you don’t want them to be overlooked. Include anything that might add value to the property.
6. Let the Appraiser know if their were multiple offers – tell them how many offers were received and ask if they would like to see any documentation of the other offers.
We can never assume that a property will appraise.
We must to do our part to present the property in its’ most favorable light and make the appraiser aware of the current market conditions.
Even if the appraiser won’t take any of the our information, at least we know that we have done everything within our power to represent our clients well.
Representing our respective clients is our primary job.
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