22
Jan

8 Things Real Estate Agents can do to help with the Appraisal Process

 

 

I recently read an article written by an appraiser who said, “Realtors have more control working with an appraiser—more than they think they do. Spending time providing information UP FRONT will reduce the time spent on the back end trying to deal with an appraisal that comes under the sales contract price.”

I’m sharing some of the appraiser’s tips with you.

  1. Provide Photos: In addition to the photos of the home that may be on your website, email the photos to the appraiser to review ahead of time. Include additional photos that may not have been posted online. Include a description of EACH photo. 
     
  2. Provide a list of recent improvements: And if you can attached the receipts for the work completed or the cost of the improvement, it’s an extra bonus. 
     
  3. Provide an Information Packet: If the home is vacant, the appraiser may not even call you to set up an appointment. Leave a folder marked APPRAISER INFORMATION. And if they do call, tell them about the packet and where it’s located. 
     
  4. Provide Insider Information: If you have information about the neighborhood that they may not know about, provide that info to the appraiser. For example, maybe a new school has been approved by the city and will be built nearby within the next few years. If you know the reason the buyers have chosen that home, include that info too. Let them know if there were multiple offers on the property, too. 
     
  5. Call the appraiser back—immediately: Appraisers typically schedule their trips within certain areas to reduce travel time. When they call, it usually means they have already done some preliminary work and are ready to do the physical inspection. 
     
  6. Provide Comps: While appraisers do their own research, it helps to BRACKET comps and supply them with what you used to establish the price. Provide sales that have sold BOTH below and above the sales price. List why each is superior or inferior. Do not rely on “per square foot price.” If known, also include seller-paid concessions. 
     
  7. Double Check the Square Footage: Appraisers must also measure the living areas, and if it’s substantially different, it creates a “red flag” and the appraiser may be looking for other things that may be inaccurate. 
     
  8. Don’t ever say these sentences –
    • “You should have no problems appraising this home…”
    • “We need a good appraisal on this one…”
    • “Let me know if you think the appraisal will come in low so I can get you additional info.”

What are some of the ways you’ve assisted appraisers in the past?

Jeffery L. Carter

NMLS 230738 Office: 785-650-4727 Mobile: 785-650-4727

Your Favorite Mortgage Guy

205 E 7th
Hays, KS 67601
785-650-4727

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