Thanks Tony.

Via Tony Grego with American Bank Mortgage Group - 317-714-8080:

Do you feel that pricing a home is a little like throwing darts these days? Sometimes you hit, most times you miss?

At the end of the day Realtors have a next to impossible job trying to help clients price their home. I don't think I ever met anyone that wants to lose money but most homes we price today should reflect a lower price than a few years ago. Now I'm on the mortgage side of things but I hear the same things. My house is worth XXX,XXX due to:

"I have nicer landscaping."

"I just replaced the carpets."

"I just repainted the walls."

"I just had the bathroom toilet fixed."

"I had my furnace replaced last year."

Realtors work very hard with comparables, pictures and stats to help support the price. I'm not saying that these upgrades are not important. They just don't really add value. They add eye and curb appeal to help a potential client say yes to the listing.

What goes into a Lender's Appraisal?

For Fannie Mae, Click here

For Freddie Mac, Click here

For FHA, Click here

Most homes are financed. So these appraisal standards are important when you price. Remember we are in a Lender's Market. Nothing will turn a buyer off more than working hard on a price agreement only to find out the appraisal comes in short. So to best serve our clients remember that most of the weight for your pricing strategy must be Lender comps.

 

At your service,
Tony Grego
Senior Mortgage Banker  American Bank - Indianapolis, IN Branch
www.getmyratequote.com
www.tonygrego.com to learn more about me

317-348-0280 direct line
317-536-3754 fax
"Bankers with vision, helping people with dreams!"

Steve Moore

David Massey Real Estate

1629 S Church Street

Burlington  NC   27215

mailto:Steve@RealMoore.com

 
Posted by Steve Moore on 02/27/2010 08:54 AM   Comments (3)  
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3 Comments on A Lender’s Appraisal Does Not Care About Your Upgrades

FEB
27
2010
1 Featured Post

I agree, and trying to tell your sellers it does not ad value? They don't want to believe you.
8:59am • #1
237,268 Points 5 Featured Posts Outside Blog

Thanks for reblogging this, Steve. I'll check out Tony's links.

Cheers,

Robin
9:05am • #2
FEB
28
2010
125,787 Points

Thanks for the re=blog and spreading the message

Tony
8:17pm • #3


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Steve Moore

Burlington, NC

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Steve Moore/David Massey Real Estate

Office Phone: (336) 226-9374

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