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Will I be the typical homeowner getting an appraisal?

By
Real Estate Appraiser with Appraisal Pros in Texas

Right now I am working to get my house ready for sale...I'm getting a divorce (but that's another blog) and we will be selling the house.  Unless a buyer comes with a cash deal then an appraisal will be ordered.

Now it's too bad that I didn't sell it two years ago but you know what they say about hindsight..it truly is 20/20.  I'd be about $200K richer at close of escrow.  And this is now...

But I wonder...will I be the typical homeowner?  Will I want/think my house is worth more than the one next door ?  Will I neglect to discover that that one next door is 200 to 400 square feet larger than mine, with two extra bedrooms and a bath I don't have?  Will that home be recently upgraded? 

Every home owner thinks their home is their castle...so I wonder..will I be the same?  I don't know..smile..but I hope I can remain objective.  The other question is ..do I keep it a secret that I am a real estate appraiser? OR do I provide comps, a floor plan and list of upgrades..??

Well, I don't think I'll do those things -- don't want any sign of impropriety but I do hope they send someone who knows the area. 

At any rate this should be an experience for me..some time with the shoe on the other foot or the other side of the coin.  It will be interesting to find out...all ready I had a realtor tell me my initial suggestion for a list price was too high...until I explained how many square feet of living space we had..so maybe  sharing the information I have as an appraiser isn't such a bad idea.

How did it feel when you had your house appraised last? Was it hard to stay out of it? Did you "help?" LOL

 

 

 

 

Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

Boy that is a tough question, isn't it?  I was home when the appraiser came so I did talk to him.  I was not a REALTOR then, and I use to work for an appraiser, so I had a little to talk to him about.  However, you are in a totally different position!   When they call to get an appointment they will tell you their name and what company they are with.  If they are not from your area--perhaps you will know that by their company name--then you can ask if they would like a list of comps for your area.  I would think it would come up that you are also an appraiser, just by the questions you ask when they are there.

Apr 26, 2009 01:35 AM
Sara Goodwin
Estimation Nation Corporation - Portland, OR
Portland, Oregon Appraiser

Great post.  I just went through a refinance a while back and so I know my answer by personal experience.

Although I know it would have been more interesting to look at an appraisal where the appraiser was not informed of my profession, I spilled the beans up front and ask her if she was interested in any information... mainly because I like to talk to other people in RE and it's not fair to them to act as if I'm just a homeowner when in fact I have expertise in the field.

I did offer and provide information to the appraiser.  The end results?  Higher than I would have expected.  In the end I probably would have been more frugal with the report, but looking over the appraisal, I didn't see any errors, she just wrote some of it up differently than I would have.

Apr 26, 2009 04:27 AM
Jesse Skolkin
Independent New York State Certified Real Estate Appraiser - Fresh Meadows, NY

If you represent yourself as an appraiser, then you must comply with the Ethics rule of USPAP, which in part states:

An appraiser must not advocate the cause or interest of any party or issue.

Your best course of action would probably be to give any information regarding comparables, upgrades, etc. to your realtor, who's job it is to maximize your value.

Apr 26, 2009 05:46 AM
Sara Goodwin
Estimation Nation Corporation - Portland, OR
Portland, Oregon Appraiser

Hi Jesse -

Good point.  I had my home-owners hat on and divulged that I was an appraiser at the time.  It is a fine line, I understand.   I think that the appraiser would agree that it was a no-pressure situation, especially with the range and number of sales that I provided (it's very common for sales to run to vary $250k for rather similar houses around here).

There are no realtors involved with refinance transactions (although you might be speaking of Alisa's situation in which case, I concur).

Apr 26, 2009 07:03 AM
Jesse Skolkin
Independent New York State Certified Real Estate Appraiser - Fresh Meadows, NY

Sara:

I was speaking of Alisa's situation.

I too have identified myself as an appraiser to an appraiser inspecting my property during a refinance transaction.  The discussion was very collegial during which I pointed out some improvements I made since my purchase 3 years prior.  I didn't mention comparables, mainly because my home is very typical for the area (a trainee could do a decent job of it).

Apr 26, 2009 12:45 PM