Cobb Association of Realtor Meeting - Appraiser Panel

The Cobb Association of Realtor monthly meeting was yesterday.  The program consisted of three area appraisers ready to answer the 

Realtor's questions about the appraisal process.  The panel consisted of Scott Murphy of DS Murphy Appraisers, Peter Bray of REV Appraisal Services and Alan Parks of Northside AIG.  

There was a great deal of information shared by the appraisers regarding how adjustments are made for the current sales trends versus historical sales.  The Market Condition Addendum that is now part of the Fannie Mae 1004 Appraisal Form.  The selection process for comparable sales.

The appraisers were asked what the Realtor could do to assist them in the process.  There is a gasp from the group when it was the appraiser's recommendation that the appraisal contingency on the contracts be written for at least 25 days and the reason for it.  The Realtors were also asked to provide the appraiser with information they may have about the subject property or the other properties currently on the market and recent sales.

The exchange of information between the parties involved in the process is a great way to expand the understanding and will allow for everyone to provide better customer service.