Pre-Listing Appraisals CAN Save your Deals. Get your Sellers on Board!

By
Real Estate Appraiser with Lanier Appraisal Service CR004373

 

Would you like to REDUCE the number of times your sellers homes appraise lower than the Contract Price? Get a Pre-Listing or Current Listing Appraisal! Why? Because you can and should provide a copy of this appraisal to the BANKS's appraiser. Not only will that appraiser be happy to have a prior appraisal to review along with a Sketch of the home (because it will save them time), it will go a long way to insure the Bank Appraisal comes in close to the Pre-Listing one. This alone is worth the price of a Listing Appraisal. An Appraiser is going to put far more weight in a recent appraisal than in all the Comps a Realtor may provide to them. That is the Reality.

 

Sellers spend money to prepare their home for sale, such as new paint, carpet and appliances. A Pre-Listing appraisal is just as important in "Getting their house ready for sale"! 

 

**The SELLER, Not the REALTOR should pay for this...They need some skin in the game so that they price their home right after they get the appraisal.**

 

A Realtor provides the Seller with a BPO or Market Analysis, but even if YOU are the most experienced real estate agent, it's always good for the seller to have an "objective" third-party opinion of value prior to signing a Listing Agreement and that’s where we come in. 

 

Here are other reasons why a Pre-Listing Appraisal is SO important. 

 

  • A negotiating tool once you have a potential buyer. 
  • Appraisal includes a Detailed sketch of the home with floor plan and ACCURATE Square Footage to quote. Square Footage has a direct impact on Market Value. The Courthouse records that most Realtors quote in their listings is INACCURATE.  Realtors can place this Sketch/Floor plan right in their FMLS/MLS listings. Everyone will love that feature including other Appraisers.
  • Report can be used as a rebuttal if the buyers appraisal comes in below yours or conflicts in any way with the pre-listing appraisal.

Most owners think that their home are worth more than what a buyer is willing to pay and an appraisal helped them to realistically price their home in order for it to sell.  An overpriced home will not attract buyers, which means no offers and no closing.  Some owners on the flip side, may think their home is worth less in this market only to find it is actually worth more. Knowledge is Power and a Pre-Listing Appraisal can help a seller from avoiding a mistake that could cost them thousands!

 

CONTACT US TODAY FOR A LISTING OR PRE-LISTING APPRAISAL IN THE NORTH GEORGIA AREA. CONSIDER IT A GOOD INSURANCE POLICY TO ENSURE FEWER SURPRISES FROM CONTRACT TO CLOSING!

 

 

 

 

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Comments (2)

Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

I wish that home sellers had to pay for an appraisal before they ever listed their home for sale. That would relieve a lot of things that could and do go wrong throughout the selling/purchase process. However, this will never happen.

Feb 11, 2014 07:01 AM
Mary Thompson
Lanier Appraisal Service - Flowery Branch, GA
Lake Lanier Appraiser in North Georgia

Troy, the only way this will happen more often is for Realtors to instill this mindset in their Sellers. You guys have the power to do this.  As you say there are so many times bad surprises pop up in the process. They are shooting themselves in the foot by not being PREPARED and often lose WAY more money than the cost of the Report when the appraisal comes in under contract price. They could have headed this off at the pass by having a report in hand. 

What I am doing for our Local Realtors is putting together a Letter to the Seller from an Appraiser perspective that they can give to their Sellers during their listing presentation. This will help to make them see how important it is and takes the pressure off the Realtor who does not want to "push it" with their buyers.  

I will write another post soon and include this Letter for all Realtors to take advantage of. 

 

Thanks Troy!

Feb 11, 2014 09:49 PM

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