Menifee CA – The biggest threat to your short sale is a high appraisal. Which is why your agent needs to make sure the appraisal is accurate.
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
Comments(0)