My New Outside Blog: Do Appraisers Have You Running Scared?

Do Appraisers Have You Running Scared?

Dog & Tennis Shoe

 

I heard it again yesterday from a potential seller - Appraisers are just suppressing our home values!  The word has finally reached the more informed public, there are challenges in selling the home and now the blame is being aimed at the appraisers. The thought of appraisers can bring a chill up the spine and a big gulp, will I have a valuation issue?

Finally, the difficulty of the home value challenge has shifted some from the agent onto the hurdle of the appraisal.  It use to be when I delivered the message about the value estimate of the home I would also have to enlighten the owners about what obstacles we face in our industry.  If the home is unique or there was limited data then the problem would be data and the appraiser having a challenge with the report. The word has gotten out and the concerns of this part of the home selling process have taken main focus.

There are ways to combat appraisal problems and take control. Knowing what your challenge may be on the front end will help prepare you for offers and the appraiser.

 Being prepared is the first line of defense.  This is one of the strongest tools that a listing agent can offer to their client - knowing about your home, the amenities and comparables that will be available.  Making a list of the amenities and on each comparable sale knowing what the points of difference are & how your home may offer more. 

Why are we running scared when it comes to the appraisal?  Fear of the selection of an appraiser with attitude, fear that your home value is strained and the appraiser will not value, fear that the appraiser will just look at living area and bathroom count only and not consider all the additional finishes, condition of the home.

To take a bite of the fear we have a responsibility to invest time in preparing the strongest defense of our listing's true worth.  ASSUME NOTHING .. do not assume that the appraiser has noted the extensive floor finishes, updated appliances, lot size, view amenities, etc.  You can prepare information in a non-confrontational manner by having a well prepared packet ready.  Make sure what you have prepared does meet with good comparable selection not just all sales thrown together and handed over.  Know what these sales will say when analyzed.  Write out the points of difference ... this home did not have wood floors in all the lower level like my listing, it was on a smaller site size, it is older and not as updated, etc. 

Know that the issue may not be the appraiser who we would love to pass on the blame.  The report must be prepared to meet varied guidelines, meet the test of underwriting and review, utilize sales within 6 months, etc.  With reporting restrictions, the Realtor has a responsibility to be aware before the listing is taken what situation they may face and plan for the obstacles they will face.  They need to inform the owners so there are no surprises.  They need to be cautious on the contract terms and buyer qualification. BE AWARE!

If you are a true professional then bring on the challenge - you will be ready.  If you happen to get that just awful appraiser with attitude then your next defense - get the buyer to change to a lender that has a better pool of appraisers on their round robin lists. Be ready for Plan B.

 

Comment balloon 50 commentsConnie Goodrich • August 21 2011 11:35AM

Comments

Connie, as an appraiser yourself I can imagine you probably do like to have that packet of information but how many agents really do have one for the appraiser? I am curious about the numbers otherwise I can see the value in what you are saying.

Posted by Teral McDowell (Referral Patners LLC) about 7 years ago

Connie - Great post!  It is so true that sellers and their agents need to be prepared to support their list price, especially if they are on the high side.  Sellers and their agents also need to be prepared for the fact that many appraisers do not care about minimal upgrades.  For example, many appraisers will not increase value for a property with granite counters and wood flooring over a model match property with tile counters and brand new carpet.

I find that appealing the appraisal can be relatively successful and by that I mean that an appraisal appeal may get a slightly higher value but probably not the value you needed if the gap from appraised value to list price is wide.

Posted by Donne Knudsen, CalState Realty Services (Los Angeles & Ventura Counties in CA) about 7 years ago

Hi Connie - Appraisals have replaced inspections as the major stress point in transactions here. Partly it's the market, but some of it is that fact that the state went after appraisers after the housing meltdown and sent several to jail in highly publicized cases. They did bag some very bad actors - loan fraud was pretty evident, but it was only the appraisers who were scapegoated - loan officers and agents pretty much got a pass - so far. But the appraisers have become very conservative and defensive in response, and the new regulations have made it more difficult for everyone, so we've had to work hard to ensure that they have everything they need to do their work. We make sure we put a complete package in all our homes prior to the appraisal, and it has really helped.

Posted by Dick Greenberg, Northern Colorado Residential Real Estate (New Paradigm Partners LLC) about 7 years ago

Thanks for visiting and all your great added thoughtful comments.

Teral - I do teach classes and one of the strong recommendations it to have that packet together.  The appraised value is sometimes tricky - a home may be well worth what a buyer is willing to pay but to support it with the limitations of available sales that meet guidelines, need to have requirements just makes this a very difficult task.  It no longer is an easy task even on a simple property.  The appraiser can make it our break it.  Seller attitude also - if it comes in short then some very difficult decisions will need to be made. Will the seller take less, maybe to a point, maybe not.  These difficult hurdles will not go away soon and some will stay in place from now on.

Donne - Just love your background and experience.  You always add a special touch of information to my posts.  You are very right that some appraisers will not give credit for some very critical cost driven and worthy items.  The appeal process here has been painful.  Underwriters are skeptical and under tremendous watch.  The appraisers here have new challenges of an over zealous State Appraisal Board that in the past was just worthless and a joke for turning in appraisers for bad reports to now being on the other end ridiculous difficult and going after them if they had a minor omission of a sprinkler system even when the value was agreed as accurate.  Lots of pressure and regulation.

Dick - Spot on comment about from inspections to appraisers as concerns.  Loan fraud was huge in our area and 5 Realtors were just convicted, several buyers and appraisers as well.  Does bring attention to the issue.

 

 

 

Posted by Connie Goodrich, CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) about 7 years ago

Connie, appraisers are just doing their job, and again values are "opinions." I just hope they are reasonable and close and not way off (too low).

Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) about 7 years ago

Gary - you are right about the opinion but one of the concerns is that some appraisers don't take all aspects into consideration when a home does have some updated - i.e. new roof, etc. that the sales do not.  A buyer definitely will give value to a one year old roof versus a 18 year old roof so an appraiser should consider this as well.  Now cost does not always equal value so the credit in this example would be minimized to the cost but still drives some value.  It just seems that many appraisals I have seen from other agents that have come in short had not been written up well.  And yes, these were mostly AMC appraisers where some on the list (not all) just don't spend appropriate time on the reports .. real room for improvement.  As always, appreciate your comments and visit to my post!

Posted by Connie Goodrich, CRS ABR (McKinney Realtor)Texas (Keller Williams Realty) about 7 years ago

Thanks, Connie, for the additional info; appreciated.

Posted by Teral McDowell (Referral Patners LLC) about 7 years ago

Connie:

In my opinion, the best way to avoid a bad appraisal is to avoid a bad appraiser.  Interview the appraiser when scheduling an inspection to be certain they have local knowledge and access to the necessary data sources. 

Your suggestion regarding a "well prepared packet" is excellent.  In additon, I would suggest that you ask the appraiser to present a photo ID in addition to their business card to be certain they are who they claim to be (some unscrupulous appraisal firms use trainees or unlicensed "runners" to perform inspections in order to increase volume).

Posted by Jesse Skolkin (Independent New York State Certified Real Estate Appraiser) about 7 years ago

I liked the idea of a buyer using a lender who has good appraisers.  I wonder if a buyer could write into a contract that they require the use of a "certified appraiser" over just a lic. one so they could get a little more experience? If the lender was using a AMC, they would have to pick one of their more experienced appraisers, if they had any.

Posted by Craig Chapman, The Value Guy (Call Realty / Access Appraisals) about 7 years ago

I think requiring a Certified Appraiser in the contract is a bit of a reach since appraiser selection has been removed from the lender already.  Unfortunately, too many Certified Appraisers are no better than licensed since they merely slipped into the classification prior to 2008 with questionable experience logs.  If they've reached Certified status since January, 2008, then it would have more meaning.

Posted by Richard Glesser (North Country Appraisal Services) about 7 years ago

I think it is somewhat of a fallacy to think that appraiser selection has been removed from the lender entirely. That is not really the case. The loan officer or any party with a commission at stake in the deal is prohibited from ordering the appraisal. But the lender can have someone else who orders the appraisals. The lender does not have to use a AMC.  Even if a lender is using a AMC, they sometimes give the AMC a list of appraisers to use, this happens.  If they are a good company, that list might be made up of the most experienced & qualified appraisers in the area. Well we could hope couldn't we?

Posted by Craig Chapman, The Value Guy (Call Realty / Access Appraisals) about 7 years ago

The appraisers have been bearing the blame for awhile now.  The appraiser can only arrive at the contract price if the comparables support the value. 

Since no comp cannot be more than 12 months old at the time of the appraisal report, the listing agent needs to be very careful when initially pricing the home.  Using 10-11 month old comps to support a listing price are going to be very outdated when its time to order the appraisal.  When selecting comps for a listing,

In the seller's eyes, any appraisal that does not come in above the sales price is a "bad" appraisal.  It doesn't matter if its accurate or not.

Posted by Rodney Mason, FHA 203(k) & HomeStyle Renovation-AL,FL,GA, SC, TN (On Q Financial) about 7 years ago

Connie - I second Jesse's suggestion to interview the appraiser.  I have received a few calls (all since HVCC went into effect) from the listing agents for the properties that my borrowers were in escrow on informing me (rather politely too) that they just denied access to the appraisers that just contacted them.

While I can certainly understand how frustrating that may be for out of area appraisers who are just trying to make a living but if I were a listing agent, I would be doing the exact same thing.  SERIOUSLY!!!

As a listing agent, it would be my responsibility to make sure that I do everything I possibly can to keep the transaction on track and moving smoothly, that includes the appraisal process.  There is no way in #%!! I would allow out of area appraisers who have never done an appraisal in my area get anywhere near my listing.  Furthermore, if they start getting an attitude when I present supporting documentation for my listing, you bet your sweet @$$ they aren't getting into my listing.

For the record folks, every time I have had to contact the AMC to inform them why their appraiser was denied access, the second appraiser has always been a local appraiser.  And that is the way that it's supposed to be.  If that sounds treasonous because I'm not supporting appraisers, AMCs or lenders, then so be it but HVCC has been a dredge on the market and the nonsense needs to stop.  Making sure appraisers are competent, local appraisers is just a start.  JMHO

Posted by Donne Knudsen, CalState Realty Services (Los Angeles & Ventura Counties in CA) about 7 years ago

Connie-I have not done it often, but the information package for the appraiser is a great way to provide information to the appraiser before the valuation to get points of information out before positions become hardened, and everyone is feels backed into protecting their position.

Posted by Wayne Johnson, San Antonio REALTOR, San Antonio Homes For Sale (Coldwell Banker D'Ann Harper REALTORS®) about 7 years ago

Connie:

Appraisals are a hassle now.  Doing all we can to aid the appraiser to come to a fair appraisal of the property is paramount.  You have offered some valuable tips that we should all heed.

Posted by Evelyn Kennedy, Alameda, Real Estate, Alameda, CA (Alain Pinel Realtors) about 7 years ago

I dont' think appraisals have me running scared, I think appraisals have appraisers running scared.  In my opinion, the appraiser plays it safe far too often.  I mean how ironic is it that most all appraisals are within a very few thousand dollars of the offer price?

Posted by Charita Cadenhead, Serving Jefferson and Shelby Counties (Alabama) (Keller Williams Realty) about 7 years ago

I don't think it's ironic that most appraisals come in close to a sales price. If a property has been placed on the market & has gone through a typical marketing process by being exposed to the market against all other similar properties for sale, it should correctly sell for what would be termed the market value. And the vast majority of sales meet this criteria, thus the appraisal confirms that the market did its job.  The appraisal is supposed to be a check in the system for the occasional sale that for some reason gets off trak & gets a contract price that is off the norm. This is ment to protect the public from over paying w/o being informed. Different market factors sometimes play into this, the least of which is not that we are in a very unusual declining market in many areas that has many people thinking differently about prices.

The value of the appraisal is in its ability to be a reliable unbias check in this system made up of advocates for their commission. Sometimes buyers can get taken advantage of, hopfully not often. When an appraiser is pressured or influenced to "come in at price" the check in the system can be violated & trust is diminished. It was in part said pressure from lenders during the bubble that a few appraisers gave into that appear to made the bubble a bit worse. But over all appraisers were just reporting what was happening in that wild market, which is what they were supposed to be doing.

Posted by Craig Chapman, The Value Guy (Call Realty / Access Appraisals) about 7 years ago

Everyone switched from thinking the housing collapse was the agent/mortgage persons fault to the appraisers! I recently had one adjusted from 193K up to 201k, but the second one brought along 3 or 4 things that needed to be fixed that the original one didn't flag.

Posted by Eric Michael, Metro Detroit Real Estate Professional 734.564.1519 (Remerica Integrity, Realtors®, Northville, MI) almost 7 years ago

All very good points thanks for sharing the information

Posted by Joe Jackson, Clintonville and Central Ohio Real Estate Expert (Keller Williams Capital Partners Realty) almost 7 years ago

I just hate it when I get a call from an appraiser who is outside of my service area, that really makes me nervous because we have so many hyperlocal markets here.  What's happening in Fredericksburg is not what's happening in Old Town.

Posted by Tamara Inzunza, Close-In Alexandria and Arlington Living (RE/MAX Executives) almost 7 years ago

I haven't been doing that many financed deals. Working more nd more on Cash deals. But your post is very timely.

Posted by Robert L. Brown, Grand Rapids Real Estate Bellabay Realty, West Mic (www.mrbrownsellsgr.com) almost 7 years ago

Connie,

I prepare a packet for the appraiser on each of my listings - I don't consider my job done if the property doesn't appraise for sales price. I put together comps that I would like the appraiser to consider (or not consider) and reasons why. I put together a list of improvments with corresponding dates and receipts if available.  Also, if I anticipate appraiser requirements (for FHA or RD loans), I include bids for scheduled work. So far, appraisers seem receptive to the extra information and I've had no problems.

Excellent post!

 

Posted by Lori Cain, Midtown Tulsa Real Estate Top Producer (eXp Realty) almost 7 years ago
So far, we have been very blessed on lur market. The appraiser gets the same information as we do on MLS and this is not often a problem. We have problems when there are no comps for the listing. In which case, I offer to reimburse the seller at closing for a cost of the appraisal so that we list the property at the right price.
Posted by Joni Bailey, Your Huntsville / Lake Livingston Area REALTOR® (Berkshire Hathaway Home Services - Anderson Properties) almost 7 years ago

Appraisers often ask if there is a lockbox on the property because they think it will be simpler if they use the lockbox at the pleasure. Not so fast! No, Mr. /Ms. Appraiser, there is no lockbox. I will be happy to meet you and provide access. At the same time, I will provide additional information that might make the appraiser’s job a little easier. After, all, appraisers do not set out to kill sales. Sometimes they find it a challenge to justify a price. Additional information for the seller’s agent that the appraiser may not have uncovered on their own can save the day.

Posted by John Juarez, ePRO, SRES, GRI, PMN (The Medford Real Estate Team) almost 7 years ago

I take the lockbox OFF of my listings once they are in contract.  No way is the appraiser getting in the door without me.  And if he is not a member of our local MLS, he is not doing the appraisal.  I provide lenders with a list of appraisers who are members of our MLS.  They can choose one from that list.  Our MLS does not allow agents to supply information/comps to non members.

Posted by Virginia Hepp - Mesquite NV REALTOR, Mesquite NV Homes and Neighborhoods - Search MLS (ERA - Mesquite NV Homes For Sale) almost 7 years ago

With the regulations not allowing even the lenders to "CHOSE" appraisers and with it being unethical for anyone to "influence appriasals, I am really confused with the comments to this post.  The market is way off in values and it is not possible for the appraiser many times to know the condition of the sales since many agents don't put in enough pictures or comments to tell on the comps what was and was not updated or upgraded.  With the adoption and incorporation of HVCC several years ago an agent, much less a lender cannot require anything about the membership to MLS or any other requirements of the appraiser.  they cannot chose the appraiser and an agent certainly cannot have a say in who appraises or approving the appraiser.  If a loan is involved in the sale, HVCC overrides anything we would wish on the appraisal.  (Home Valuation Code of Conduct.  Like it or not, that is where we are currently left in this market.

Posted by Mary Macy, Top Agents Atlanta Metro (Top Agents Atlanta Metro) almost 7 years ago

I've been very fortunate with my appraisals so far.  I always prepare a packet for the appraiser and explain it to them. If I'm knowledgeable about other sales in the area (condition of the home or other important facts) I write it down on the comps for them. So far they have all been very nice and thankful for the information. 

Posted by Kim Gero, Associate Broker, REALTOR® (West USA Realty) almost 7 years ago

We can't be too afraid of the appraisal. We all know it's coming and we need to know how to persevere for our clients.

Posted by Aaron Seekford, Ranked Top 1% Nationwide 703-836-6116 (Arlington Realty, Inc.) almost 7 years ago

Connie, appraisers have a tough job today. Any information we can give them to make their job easier will go a long way. It might also help to think like an appraiser when pricing a property.

Posted by Michael Setunsky, Your Commercial Real Estate Link to Northern VA almost 7 years ago

Good morning Connie. Your post is thoughful, tagheted and accurate. I always meet appraisers at properties I have an interest in, whether, listings or sales. I bring comps with tons of comments relative to the things you noted. I prepare my listings with lists of upgrades and when done as well as extensive flyers with many pictures and specific information. It's helpful to buyers and their agents too. All that being said, sometimes appraisers tell me to take my stuff away, they can do their own analysis. This is not a good feeling and sometimes results in a bad outcome. I guess I will never understand people who are rude and don't want information.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) almost 7 years ago

I forgot to tell you how much I love your dog. Great picture.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) almost 7 years ago

This is a great post, and I agree wholheartedly. I am as frustrated as everyone else, because appraisals are really stepping on home values.  But, I had a discussion with an appraiser the other day that made me think. He was complaing that the people who receive the appraisals are just so difficult, it makes it next to impossible to put any "art" into it. The lenders don't care about finishes, condition, etc. If the appraisal don't doesn't have hard comps. it often gets sent back,i.e. rejected. So, often the appraisal problem is not with the appraiser, but higher up the food chain.

Posted by Linda Fidgeon, Make your next move your best move! (Berkshire Hathaway Homeservices Page Realty) almost 7 years ago

I'm not feaful of the appraisal process.  The major issue I have is when you question something that appears in the appraisal.  I have found that many appraisers do not like to have their appraisals questioned, no matter what the question may be.  "Don't you ever, ever question me!  Do you know who you're talking to?  I happen to be Appraiser Buford T. Justice, a respected appraiser with over 30 years seniority!"  (My apologies to Jackie Gleason) 

Posted by Brad Baylor (ERA Coup Agency) almost 7 years ago

While I agree that there is an increasing problem with inexperienced and out-of-area appraisers impacting values, I had an interesting discussion with a couple of appraisers after a panel discussion that shed some light on the whole "Realtor providing comps" issues:  "the majority of Realtors don't provide valid comps".  As a result, I now provide a cover letter  with the comps that proves I know their parameters.  "All comparables provided are within the subject neighborhood (or, at the most, within 1 mile), within 4 months (or, if NONE are available within 4 months, within 6 months) and are equivalent in style, s.f., bed/bath count and amenities." 

The second issue the appraisers mentioned is that many Realtors do a really crappy job with their MLS input and that is the basis for the analysis.

Posted by Wendy Cutrufelli, Contra Costa Realtor (Alain Pinel Realtors) almost 7 years ago

First, My dog has the same shoe fetish! Second, It is not the apprasiers fault, they are now given the grace of not being bullied into certain numbers that made sense for the mortgage to get approved.  Perhaps, this is all the home is worth now. 

Posted by Glenn Freezman (Nucazza LLP & Home Buying Evolution, & Family Abstract, Inc) almost 7 years ago

Good discussion. I've been weary of providing information to appraisers for fear of 'guiding' but I've been told it's OK by my broker. Just had one ask for comps on our listing. Guess I'll work on a package in case I have to defend our sale price.

Posted by The Derrick Team - Indy Metro Realtors, Your Pet Friendly Realtors (Carpenter Realtors) almost 7 years ago

It's mostly the appraisals done by AMC appraisers, with seemingly little experience and lazy analysis practices, that are the problem.

I just had two appraisals done by real appraisers, on cash deals. Yes, I still want an appraisal. They both came in right where I thought they would. Quality and skill go a long way.

Oh, yes, one appraisal came in lower than sale price. It came in right exactly on our offer price though. Because it was a cash deal on income property my investor still took it. She knew what she was looking for.

Posted by Jon Quist, Tucson's BUYERS ONLY Realtor since 1996 (REALTY EXECUTIVES TUCSON ELITE) almost 7 years ago

Especially in today's market, every agent should provide a value added list and pictures for the appraiser to examine about any improvements since the original purchase and compare properties that have sold for less in the neighborhood or area.

Homeowners should always take pictures before and after any remodel or renovation and keep it filed in case they need it for insurance, refinance or sale of the property. Agents can provide so much more information to homeowners but unfortunately, most do not. 

Posted by Kimo Jarrett, Pro Lifestyle Solutions (WikiWiki Realty) almost 7 years ago

We have yet to have a property fail to appraise, but I keep preparing for the worst!  I definitely work off the presumption that they will appreciate any information I can provide to assist them in doing their job.

Posted by Kate Akerly, Manhattan Beach Residential Sales (Kaminsky Group) almost 7 years ago

Connie,

Great post.  I agree with everything you wrote.  With that said, I can't help laughing.  Helpful agents with information about the house and packages would be wonderful.  Shoot, I am ecstatic, if they agree to let me in without the attitude that I a ruining their life.  Most of the time I am told there is a lock box on the property, just call the seller & tell them you are coming.  The attitude really cranks up when I inform the agent that I will not inspect an occupied home alone.

 In the last 3 years I have had only two agents bring packages to the appraisal inspection.  One was 67 pages, all priced over the subject (some by $100K plus), most over 6 months (quite a few over a year), and as far away as 5 miles in a urban/suburban area.  The other provided four good sales and a listing (all on my clipboard already but good to see).

As far as what to bring you mentioned six months, Wendy’s post (#36) is more accurate with 4 months (and that should be OMD) as lenders are requiring time adjustments on anything older than 90 days or a detailed explanation as why they were not required.

When it comes to finishes, quality or amenities (sunrooms, greenhouses, pools, water features, saunas, gyms, etc) if I cannot find comparable with a similar feature, the lender will not allow value.  (I know it has value, but if I cannot prove it to them, they won’t accept the report).  Also it must fit the market.  Spending $80K on a kitchen remodel in a $150k neighborhood does not make the subject worth $230K.

To Brad (#35), I don’t mind you questioning the appraisal.  I just ask a few of things.  One, have a copy of the report not just the dollar amount given to you by loan officer.  Two, read the report, not just the final number.  Three, if you disagree, have a reason for it.  Four understand the definition of “Market Value” is.  Just because your buyer is willing to pay “X” does not mean “X” is the value.  Value is what the typical buyer will pay.  Your buyer may have emotional reasons for their actions.  If you can support your position, I have no problem changing the value and have done so in the past.

Connie, again thanks for the great post.

John 3

Posted by John Hopkins (Nakoni Appraisal) almost 7 years ago

The micro managing of appraisers is taking all common sense out of the business and not taking into account the possibility of an up market.

Posted by Gene Riemenschneider, Turning Houses into Homes (Home Point Real Estate) almost 7 years ago

Great conversation.  We seem to be having that problem a lot on our bank owned properties.  Not because of upgrades, but because of low inventory and "Premium pricing"  There is that challenge between your buyer winning the multiple offer bid and it appraising.  We have had 5 of the last 8 that did not appraise and have had to reduce the sales price. 

Posted by Debora Nichols, Realtor Anthem,Phoenix,Scottsdale,Glendale,Peoria (Residential Sales, Purchases, Investors, Vacation Homes) almost 7 years ago

An appraisal is a "professional opinion of value".  Well I have a professional opinion also, and what makes your professional opinion better than my professional opinion? Oh I guess your appraisal license is better than my real estate license. Got it.

The AMC appraisals are the worst thing that ever happened, good thing we got around that one!

 

 

Posted by Jayson Holland, Jay Holland (Listings.com) almost 7 years ago

Our challenge here in Green Valley is that all the appraisers come out of Tucson and as a result really don't know our market. More and more homes are not appraising and it's driving down our prices. Thanks for the tip of preparing an infomational packet for them. I'm going to give it a try.      

Posted by Theresa Bonin (RE/MAX Valley Properties) almost 7 years ago

Connie -- you choose a beautiful pic with the  'ready to run dog' - reminds me, that often my shoe laces were eaten by dogs, when I left them in the foyer during my appraisals (bare feet policy when entering a house)...I usually got the listing...remarking ...even the log likes me.

You're right Connie, with the still soft market, I admit it is tough to get the pricing right, especially when the property was bought during the boom - here in W. Australia in 2007. The higher end of the market in the $1 Mill plus, are sacrificing around 18-25% to get it sold.

Agree with Jon, #39 Quality and skill go a long way. Thank you for an excellent post, and the great comments. Success. Peter 

 

Posted by Peter Michelbach almost 7 years ago

Hi Connie.  Great post and suggestions.  Here is another thought on appraisals

Posted by Bob Miller, The Ocala Dream Team (Keller Williams Cornerstone Realty) almost 7 years ago

Luckily.. Knock on wood.. I've never had a problem with an appraisal whether representing a buyer or seller.  And I've had a good number of sales over the last few years.  When the appraiser calls to get access to the home, I'm very nice and polite.  I meet them there if I need to.  And 50% of the time, they ask me what the contract price is.  Other times, the lender has already given it to them and they just confirm with me.  The appraisal has always come in at contract price... Knock on wood... Anyone else having good experiences with appraisers ??

Posted by Paul Armstrong, Serving Orange County & The Long Beach Area (Realty Network) almost 7 years ago

Great post and advice.  I did leave extensive info for an appraiser some time ago but I wasn't sure if that was allowed any longer with all of the changing rules...glad to know it is.

Posted by Patricia Beck, Colorado Springs Realty (RE/MAX Properties, Inc., GRI, CDPE) almost 7 years ago

Appraisals can be a tricky part of the transaction, an issue we have up here is that out-of-area appraisers are coming in and trying to decide value, but don't know the area to compare to.

Posted by Sylvie Stuart, Home Buying, Home Selling and Investment - Flagsta (Realty One Group Mountain Desert 928-600-2765) over 6 years ago

Great post and great comments! I always like to hear different points of view.

Posted by Wayne B. Pruner, Tigard Oregon Homes for Sale, Realtor, GRI (Oregon First) about 6 years ago

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