Hello fellow 'Rainer's!

I was recently asked to write an article for our quarterly publication, The Appraisal Press.  As you may or may not know, a la mode started as a desktop software publisher for real estate appraisers 23 years ago.  To this day, over 60% of the appraisers in the United States use the number one desktop appraisal software, WinTOTAL.

Anyway, as you have probably experienced - many home purchases have either fallen through or have been on the verge of falling through because of the final value of an appraisal.  I was asked to write an article educating appraisers on how they can go about getting appraial orders before a home is listed to help support not only the listing price, but help build their business beyond waiting to receive an order from a lender or AMC.

So I ask my fellow 'Rainers a two part question: 

  • "Do you suggest getting an appraisal before listing a home"

    and/or

  • "What could appraisers do to get agents to suggest getting an appraisal before listing a home"

I'm looking for any and all suggestions as well as your view about getting an appraisal -- good idea?  bad idea?  Thank you in advance to all who reply.  I know this will be a great article that could help both sides of the real estate transaction.

 
Post is included in group: XSites
Post is included in group: RealtorsĀ®
Post is included in group: Real Estate Technology

5 Comments on Feedback Requested: Appraisals and your listings - do you pre-appraise?

JUN
15
181,311 Points 1 Featured Post

I think it's an ok thing to do if your seller wants to have a formal appraisal.  The bank that lends a prospective buyer will have an appraisal done by "their appraise" and go by that one. However if there is a huge difference then you can suggest that the lender take a look at the one the seller has had done and see if you can work out a fair compromise. Banks/lenders typically use or go with a conservative appraisal of  course.

Good Luck!

Regards,

Patricia Aulson/Portsmouth NH Real Estate

5:02pm • #1
254,994 Points 44 Featured Posts Outside Blog

Eric, I don't recommend they get an appraisal unless the property is out of the norm for the area.  Thankfully we have enough competitive and comparable sales within a 90 day timeline that we can come awfully darned close to estimated value without the sellers paying for an appraisal.

Now, if the sellers decide their home is worth much more than what data tells us, then I can't help them :-)

5:13pm • #2
407,199 Points 3 Featured Posts Outside Blog

I recommend an appraisal if the sellers think the price is a lot more that what I suggest .

5:27pm • #3

aside from the unique property issue raised above, I can not think of a reason why I would recommend it.   And if they disputed my CMA price, I doubt I would even take the listing.  Part of the job of a Realtor is to Properly price a Piece of property to sell.   Now, as I typed this, one thing i might use an appraiser for, is High End residences.  And I would pay for it, not my client.  I look forward to other comments

6:02pm • #4
JUN
17

Thank you to everyone that replied.  This has really helped clear up a lot in how agents approach their listings.  I personally recommend getting an appraisal but I think that's because of my experience on the appraisal side of the business.  Thank you again, it was very informative!

10:32am • #5

Leave a response…



(optional)
What does the graphic say?
 
Rainmaker_large

Eric Richardson

Edmond, OK

More about me…

Real Estate Technology Advisor, a la mode/REALTORĀ® Oklahoma

Address: a la mode, inc., 3705 W. Memorial Road - Building 402, Oklahoma City, OK, 73134

Office Phone: (800) 252-6633 x 303

Email Me

My blogs give agents insight as to new items coming into our industry and an overview of how to harness those tools to keep us in line with not only today's buyers and sellers but tomorrow's as well.


Links

Archives

RSS 2.0 Feed for this blog

Find OK real estate agents and Edmond real estate on ActiveRain.