Realtors: How to side step the low appraisal

By
Real Estate Agent with EAS Inc

Realtors have a difficult enough time, now with Appraisal Management Companies firmly wedged between the home selling process and the banks, It is important to take steps before the appraiser calls for the appointment.

1. By the time the appraiser calls, he has already reviewed the nearby comparable sales, and has the comps picked out. He does not care if they support the value or not. He is working for half his normal rate, with the bank taking the other half,  and he is going to do it as fast and easy as possible.  

2. You want to be able to email him your specially prepared pdf copy of the prime sales that support your sale, including 2 sales within 90 days, and the updated public record as well. Include any private sales that he may not find.

3. Remember that the major national banks all own their AMC's, and take almost 50% of the buyer's appraisal fee off the top. They no longer care about writing the loan, they have already made more money on the appraisal process. If your apprasier brings it back low, they do not care.

For more tips and ideas on how to avoid these problems, seek out our website at www.eas2.org/expertappraisalblog. Call our office any time, for help. 818 991 9322

    

Comments (3)

Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

If the appraiser comes in consistently low time and time again and adds to the appraisal a list as long as your arm for inspections, repairs over and over well, use banks that don't have that appraiser in the lending stable. You are not going to change the appraiser just like a zebra's black and white call at a sporting event. Go around them.

Mar 29, 2011 04:21 AM
James Ebert
EAS Inc - Westlake Village, CA
"Trust James"

Great Point, Andrew,

Take the time, early on, to discuss with your client the choices they have for financing, the snags that the big banks often include, and help them select a lender that really cares, that uses a list of good professional appraisers. 

Mar 29, 2011 05:29 AM
Anonymous
Eel
In awe of that aenswr! Really cool!
Sep 20, 2011 10:16 PM
#3