Appraisal Problems? Communicate with the Appraiser

Real Estate Agent with Realty Group Referrals 16766

July 30, 2012 02:02 AM

Appraisal Problems? Communicate with the Appraiser

We have a housing inventory shortage in some communities and that has lead to multiple contract situations for many of the properties that are offered for sale. The market is proving to be difficult in regard to valuations.

Paul McCausland, a mortgage loan officer at 1^st Mariner Mortgage, suggests a proactive approach when ordering appraisals. The initial lines of communication should include a meeting with the appraiser at the property. The agent should provide documentation of upgrades and comparables that support the value. Appraisers also love to receive a copy of the survey that shows the dimensions of the house, outbuildings and the site.

Appraising is not an exact science and is subject to many factors. More high quality information will lead to a better quality report. Providing assistance on the front end can also save time for the appraiser and ease some of the burden of detailed research. Paul suggests that this procedure can save a lot of heartburn for all that are involved in the transaction. It is much more difficult to obtain changes in an appraisal after the report is completed.

By the way, make sure your comparables are current and support the results you are seeking. Appraisers will not have much patience with sloppy paperwork or an unprofessional approach.

After you have solved your problems, take a walk through your community and enjoy the beauty of the season.

Crape Myrtle, Kentlands, Summer Flowers IMG_2916

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

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Roy Kelley

Realty Group Referrals - Gaithersburg, MD

Real estate professionals have the responsibility to take the needed steps to get more accurate appraisals for their clients. Complaining after the fact is not the best solution.

Kentlands, Summer Flowers IMG_2919

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Jul 30, 2012 03:28 AM

Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional

Charles Rutenberg Realty - Clearwater, FL

Palm Harbor, Dunedin, Clearwater, Safety Harbor

Excellent advice, Roy. Communication is the key to resolving any issues.

Jul 30, 2012 03:50 AM

Roy Kelley

Gaithersburg, MD

Clint Mckie

Desert Sun Home, commercial Inspections - Carlsbad, NM

Desert Sun Home, Comm. Inspection 1-575-706-5586

Hi Roy,

Good advice from a real pro. Too many times I hear about an appraiser who did'nt appraise a home correctly or it should have been for more..

You never hear they over apraised a home.

Have a great day in the Kentlands.

Best, Clint McKie

Jul 30, 2012 05:14 AM

Mary Yonkers

Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA

Erie/PA Real Estate Instructor

Roy--excellent advice for both selling agents and buyer agents. Whatever help we can offer to the appraiser the easier their job will be and hopefully the quicker the closing. Thanks for the flowers, too.

Jul 30, 2012 06:09 AM

Roy Kelley

Gaithersburg, MD

Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

Roy,

It has been our experience that a good appraiser talks to experienced and successful realtors in the market where the home is located. This is an excellent post on the subject. A

Jul 30, 2012 07:55 AM

Roy Kelley

Gaithersburg, MD

Rebecca Gaujot, Realtor®

Lewisburg, WV

Lewisburg WV, the go to agent for all real estate

Hi Roy, you provide some good advice in this post., The Crepe Myrtle is beautiful. I've been wanting to plant one in my yard...as I always think of my mom, Myrtle, when I see one. I plan to plant one in her memory.

Jul 30, 2012 08:26 AM

Roy Kelley

Gaithersburg, MD

Roy Kelley

Realty Group Referrals - Gaithersburg, MD

Thanks so much for your comments.

Have a most productive week and be sure to have your camera in hand for the special moments.

Daylily, Kentlands, Summer Flowers IMG_2921

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Jul 30, 2012 09:08 AM

David Burrows

Classic Realty - Fairfax, VA

No Pressure, Just Seriously Devoted to Real Estate

Roy, an excellent post that all of us who are Realtors MUST pay attention to. Great information!

Jul 30, 2012 09:30 AM

Yolanda Cordova-Gilbert

Richmond, TX

Roy,

You are absolutely correct an appraiser can kill you or be your best friend. I always have comps ready to give if needed! I hope you are having a good start to your week!

Jul 30, 2012 12:42 PM

Roy Kelley

Gaithersburg, MD

William Johnson

Retired - La Jolla, CA

Retired Real Estate Professional

Hi Roy, I wondered aloud when I read this if you have been successfuul ( in last 3 years) with any appeal of the appraisal. Since they have changed to management companies and the appraisers get less, I have noticed the number of appeals have also fallen. The best appraisers these days are FHA appraisers. They just know how to get it riight.

Jul 30, 2012 02:48 PM

Roy Kelley

Gaithersburg, MD

Patricia Feager, MBA, CRS, GRI,MRP

DFW FINE PROPERTIES - Flower Mound, TX

Selling Homes Changing Lives

Roy,

I always provide the information you wrote about but I did not include the survey. Thanks! I learned something new! You're absolutely right, appraisers love to receive information about the property. I provide as much information as I can, including pictures of houses I previewed that compared while the house was listed or during the listing. I include a list of home improvements and a copy of the contract too. I always ask if they want it when I meet them, and they never refuse.

Jul 30, 2012 07:51 PM

Roy Kelley

Gaithersburg, MD

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400

The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY

Long Island Condo and Home Specialists

Roy, We usually have comps ready for the Appraiser but sometimes they don't want to see any of "our" comps...oh well, we try!

Jul 30, 2012 09:19 PM

Roy Kelley

Gaithersburg, MD

Wayne Martin

Wayne M Martin - Chicago, IL

Real Estate Broker - Retired

Roy, correct information communicated with the apparaiser is the key! We may have more available information then they would readily have access too! Proper communication makes a more comfortable stroll through the garden. Enjoy your day!

Jul 30, 2012 09:37 PM

Roy Kelley

Gaithersburg, MD

Roy Kelley

Realty Group Referrals - Gaithersburg, MD

Thanks so much for your comments.

William: Sometimes it is easier to get another appraisal than to have changes made to a report already received.

Larry & Sheila: If an appraiser refuses to consider your comps, it is time to exclude that appraiser from future assignments.

Cleome, Longwood Gardens, Flowers IMG_3160 A

Photograph by Roy Kelley using a Canon PowerShot G11 Camera.

Roy and Dolores Kelley Photographs

Jul 30, 2012 09:41 PM

William True

True Sarasota Real Estate - Sarasota, FL

Sarasota Real Estate

Good morning, Roy! Excellent post about communicating well with your appraiser. Wishing you a great day in real estate and more!

Jul 31, 2012 12:51 AM

Roy Kelley

Gaithersburg, MD

Scott Godzyk

Godzyk Real Estate Services - Manchester, NH

One of the Manchester NH's area Leading Agents

Roy this has been a huge problem where appraisers have botched the value and leave the buyer aqnd seller in shambles trying to fix the mistakes. Great advice on how to rectify the problem.

Jul 31, 2012 01:41 AM

Roy Kelley

Gaithersburg, MD

Cheryl Thomson REALTOR Army Ret

United Real Estate (703.216.5635) cheryltee47@gmail.com - Prince William, VA

Associate Broker in Northern Virginia

Roy. Just because the appraiser made their opinion, which it is does not mean it has to be final. It is crucial to review their findings for your clients.

Jul 31, 2012 01:43 AM

Roy Kelley

Gaithersburg, MD

Roy Kelley

Realty Group Referrals - Gaithersburg, MD

Thanks so much for your comments. Every real estate professional should be working on the improvement of communications with appraisers. And, the best way to communicate is to provide high quality information that will be helpful.