Here is the process your agent needs to follow to ensure an accurate appraisal.
The person doing the appraisal doesn’t understand why the home is selling for a specific sales price. They don’t understand why buyers are only willing to pay X. That is why your agent must explain that to them.
First, your agent should always meet them at the property and bring a detailed Comparable Market Analysis (CMA) with them.
The CMA should include at least 3-5 comparable sold homes, 2-3 comparable homes currently under contact, and 3-5 active competing homes currently on the open market.
They should put together a detailed CMA using the sold comparable sales. They will give that CMA along with the actives and pendings to the person doing the appraisal.
They will ask them what they feel the value of the house is. Then, your agent should show them the MLS history and explain why the house is only selling for X.
The key with the CMA is to use the closest comps available. You can use 1-2 REO comps when a real estate agent is doing the appraisal. Appraisers want the closest geographic comps available.
A real estate agent will use your agent’s comps most of the time. An appraiser won’t do that very often.
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Thanks for reading this, James Lockard.
James is a Real Estate Agent at RE/MAX Properties.
Phone: (201) 825-6600 x 343 Cell: (201) 674-3114. firstname.lastname@example.org
View My homes for sale at www.BergenCounty-Homes.com.
James Lockard specializes in loan modification assistance and short sales in Ridgewood New Jersey. Ridgewood Loan Modification Help, Ridgewood short sales. Ridgewood Short Sale Realtor Short Sale Realtor. Ridgewood NJ Short Sales. Ridgewood Realtor
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James Lockard, RE/MAX Properties, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Lockard’s personal views and do not reflect the views of RE/MAX Properties.
This information on How To Ensure Accurate Appraisals And A Successful Ridgewood Short Sale is provided as a courtesy to our viewers to help them make informed decisions.