Did you ever hear the saying " if it walks like a duck, talks like a duck and looks like a duck then it must me a duck"? I have heard that saying as well and for the most part believe it is true on some levels. I recently learned however that this doesn't necessarily work on appraisals.
Last week I received a call from an appraiser wanting to know where I came with the listing price for the condominium I had listed. I was a bit confused because I didn't have a condominium listed or so I thought. I listed a home that looked like a town-home which had a separate entry way like a town-home, a garage like a town-home and even had a basement but I made one small...... okay, big over-site. The legal description came back as a condominium!
The comps that I used were similar to my listing but the appraiser couldn't use them. Though the square footage and amenities were comparable, the listing was a condominium and should be priced significantly less than where we had it.
- Photography for new listing $100 on Debit MasterCard
- Sign for front window $25 on Debit MasterCard
- The lesson you learned on appraisal by giving back a major chunk of your commission because of the low appraisal priceless.