Meeting The Appraiser

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291
https://activerain.com/droplet/5n9p

 appraisal

 

In order to get the property sold...the house has to sell four or five  times. 

Let me explain. 

The first ''sell'' is to me, the listing agent. Do I want this listing? 

The second "sell" is to the other agent so they bring their buyers.

The third "sell" is to the buyers.

The fourth is to the appraiser.

And occasionally a fifth when it has to be 'sold' to the underwriter. 

 

This morning I met the appraiser along with a package containing the contract, the full listing and comparable homes.  

Property is an easy one " cut and dry'' with enough sales to easily support the price.

As a listing agent, I meet the appraiser, pull comps, make notes on each house ... with number of bedrooms and baths, recent updates like the age of the HVAC, roof and  any details that help to compare the subject property.  

There are times when we get an out of area appraiser who might "need" a bit of help. 

 I know the neighborhood, the sales, the FSBO, the HOA and I share this information.

Never had an appraiser complain.

 

Remembering an agent who got very angry when their property came up short at appraisal time. They went to their manager, they yelled at the lender, they called the appraiser and told everyone in listening range how wrong  the price was.  When asked if they pulled comps and met the appraiser...their reply:

'Why should I do their work?'  

(Gee.. I don't think that is the right attitude to get the job done.)

We are all in this together. We work together to get to the closing table, That means everyone... buyers, sellers, agents, inspectors, lenders, title companies and, yes, appraisers are all important to get to that final closing.

Have a question about appraisals and your home?

Call Margaret Rome

 

Margaret Rome

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Topic:
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Ambassador
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HomeRome Realty 410-530-2400 - Pikesville, MD
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Kat Palmiotti I have never had an appraiser not take my comps. They may trash them afterwards but they have all been accepted with not propblem.

 

Aug 26, 2018 08:10 AM #22
Rainer
582,266
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

We learned this first long time ago with Floyd Wickman training!

The first ''sell'' is to me, the listing agent. Do I want this listing? 

The second "sell" is to the other agent so they bring their buyers.

The third "sell" is to the buyers.

The fourth is to the appraiser.And occasionally a fifth when it has to be 'sold' to the underwriter

Aug 26, 2018 10:04 AM #23
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Margaret Rome Baltimore 410-530-2400
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Sham Reddy Great to see you.  That was more than 25 years ago and is still quite relevant today!

Aug 26, 2018 01:31 PM #24
Rainer
482,197
Bruce Kunz
C21 Solid Gold Realty, Brick, NJ, 732-920-2100 - Howell, NJ
REALTOR®, Brick & Howell NJ Homes for Sale

It's amazing how many agents take on an adversarial role with others involved in a transaction... I agree that cooperation is the best method. After all, it's our client's who goals that are important, not our egos.

Thanks for sharing, Margaret Rome, Baltimore Maryland. You're absolutely correct.
Bruce

 

Aug 26, 2018 07:50 PM #25
Ambassador
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
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Bruce Kunz And thank for your comment. You are so right.." it's our client's who goals that are important, not our egos."

Aug 26, 2018 08:00 PM #26
Rainer
216,791
Pete Baranowsky Jr
The Castle Team at Maximum One Realty Greater Atlanata - Dallas, GA
Selling Good Homes, Priced Right, Quickly

Margaret Rome, Baltimore Maryland Meeting the appraiser has long term benefits.  If you treat them as an a person not someone with a job that controls your income they do respect you for your effort.  It shows up in future appraisals with the same person.  They do remember the people who worked with them not against them, just like we all do.

Aug 27, 2018 04:38 AM #27
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Jeff Dowler, CRS
eXp Realty of California - Carlsbad, CA
The Southern California Relocation Dude

Hi Margaret

I always meet the appraiser too, with the intention of providing information, including the comps, to assist them in the appraisal. I have found most to be open to at least taking the information, and thankfully no recent appraisers who have no clue about the local market.

I also always check to be sure the carbon monoxide detectors are in place (including when I am a buyer agent) since they are required and appraisers must take photos for their reports. No CO detector? They have to come back at buyers expense. I simply point out the need to the L.A.  Pretty rare that this happens now that the law has been in place for some time.

Jeff

Aug 27, 2018 07:53 AM #28
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Pete Baranowsky Jr I have found this to be so true. Several times a month, I get calls from appraisers that I have worked with over the years. We are definitely in this together.

Aug 27, 2018 12:38 PM #29
Ambassador
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
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Hi Jeff Dowler, CRS When I met an appraiser this past week, I brought up the smoke alarms and CO detectors. I was told they do not check them. 

Our new laws went into effect the beginning of the year. 

Aug 27, 2018 12:44 PM #30
Rainmaker
162,538
Dr. Karen Lewis, Broker 954-2489149
K1 Realty Group - Miramar, FL
No Compromise When it Comes to Our Clients!

This is an on time article for me. I had an appraisal come back at 285k and we represent buyer and the comps are there at purchase price at 322k and listing agent wont budge and wants to appeal the appraiser. I'm glad it came back at 285k. ???????????

Aug 27, 2018 05:47 PM #31
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
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Dr. Karen Lewis, Broker Very timely...will be waiting to hear the out come. What kind of financing? This would be a great topic for the show!!

Aug 27, 2018 07:52 PM #32
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

my most recent listing... was a referal from a local appraiser.  Yup.  Because I also meet them with a package and when I called to thank him he said, "you are always such a professional".  I Never understand those agents who want don't pull comps.  I mean I pull comps for buyers when they are making an offer. Typically unless a very recent and more appropriate sale comes along those are the same comps I meet the appraiser with.  Of course on a listing I pull comps and same thing... unless something more recent and better fitting has closed those are the comps I take.

Aug 27, 2018 08:09 PM #33
Ambassador
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
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Tammy Lankford, I have received referrals from appraisers also.

I remember one appraiser years ago who sold his own house FSBO. I got the best deal for my buyer at the time..way under what it would have appraised for. At settlement, I asked why he was selling without an agent...standard answer.."I wanted to save the commission"

He could have gotten $40-50K more. This appraiser had no negotiating skills.

Aug 27, 2018 08:33 PM #34
Rainmaker
575,187
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

I'm with you on this one...going the extra mile is what makes you an exceptional agent!  I find that appraisers appreciate the comps and seller improvements.  If they want the info--great. If not, at least it shows I'm on top of everything and pro active.

Aug 28, 2018 09:16 AM #35
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Mary Hutchison, SRES, ABR We provide the information and it is their choice whether or not to use it. 

Aug 28, 2018 09:30 AM #36
Rainmaker
393,397
Joe Daniels, Broker, Appraiser, Realtor(R),
Personal Service Realty - Jacksonville, FL

Margaret, as someone who has been a broker longer than I've been an appraiser I get to see all ends of the spectrum. Some contracts I have to review I just shake my head thinking I'm glad that agent doesn't have their license with me. But as to input from listing agents I'll always give it consideration, especially if they have been in some of the comps I haven't. I do have to say that the GOOD agents with their multiple pictures give a better idea of the comps. But, while I will give the provided information consideration I still do my own research. But then again, I started in the 80's with a book every 2 weeks and 10 listings with 1 thumbnail per page.

Aug 28, 2018 06:57 PM #37
Ambassador
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Joe Daniels, Broker, Appraiser, Realtor(R),  I would love to see you make a blog out of this comment. Being both a broker and an appraiser, you would have a lot to share with the members. And I would appreciate your contribution.

Aug 28, 2018 07:08 PM #38
Rainmaker
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Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

There can often be a lot that the appraiser won't be aware of until it's pointed out.  How much did seller spend on that PV system?  Maybe a view is guaranteed with planting restrictions for the neighbors.  What kind of infrastructure improvements were done and when?  It's a good idea to help them see these things that can't be seen.

Aug 29, 2018 02:22 PM #39
Ambassador
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Georgie Hunter R(S) 58089  You really do understand. Having a list of things that the appraiser cannot find on the MLS is helpful.  And it is....So much easier to meet an appraiser than to fight an appraisal later. 

Aug 29, 2018 02:45 PM #40
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Lynn B. Friedman
Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ... - Atlanta, GA
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Margaret Rome Baltimore 410-530-2400 
WOW!!!
So true - one Closing is the result of "selling" many times!
Take care- Lynn

May 02, 2020 07:12 PM #41
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