Appraisals Will Be The Topic

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

 

 Appraisal

 

Let's talk about an appraisal and when is one needed. As a real estate broker, this question comes up frequently.

The lender orders an appraisal to make sure the value of the property is sufficient to cover the amount of the buyer's loan. 

When listing a property, it is crucial to show how you determine the asking price. When a Real Estate agent does this research, it's called a CMA comparable market analysis. This information is useful to share with the appraiser, along with the details of the home. Have a list of the improvements, like dates of the roof and HVAC. When was granite installed, and that third bathroom added?

Remember I have to sell the house 4-5 times.

What happens when the appraisal comes in low?

When appraisers have questions about one of their properties, it is not unusual for them to give me a call if the home is in a neighborhood that I am familiar with or have recently sold.

Two appraisers called me this past week to gain some insight into homes they were working on for either refinancing or current sales.  Thinking this would be a subject for tomorrow's radio show.

 

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Ambassador
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Lynn B. Friedman
Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ... - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Margaret Rome Baltimore 410-530-2400 
Yes - appraisal is a fabulous topic! 
I love it when appraisers call me to ask about comp's. Always polite to them - never know when that person may cross your own threshold! LOL
Enjoy your show 5/3/2020!  All the best - Lynn

May 02, 2020 07:15 PM #3
Ambassador
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Lynn B. Friedman With two different appraisers calling this week, I thought it would be a good topic for the show. Always good to see you.

May 02, 2020 08:06 PM #4
Rainmaker
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Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Margaret, I just closed on a Land Sale and oh boy getting to have an appraiser to come out was a challenge and then all your points could be added. Great post and you are spot on... and everyone else thinks Real Estate is easy:))Endre

May 02, 2020 08:37 PM #5
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Endre Barath, Jr. We do a lot more than most folks realize. Glad your Land Sale closed. Congrats!

May 02, 2020 08:58 PM #6
Rainmaker
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James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Margaret.

Sorry, but I won't be able to listen, as I will be playing 18 by that time.  Hope your day goes well

May 03, 2020 01:03 AM #7
Rainmaker
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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Margaret - real life experiences inspire real estate conversations.  Appraisals remain an intriguing as well as a very important topic.  

May 03, 2020 04:40 AM #8
Rainmaker
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Margaret. The first sale may be to get the seller to accept your comps. Then comes the general market to find the right buyer. Then again with the appraiser. New twist on "ABC"s to "ABS" (always be selling)! Enjoy your day!

May 03, 2020 05:37 AM #9
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Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I was asked to perform a BPO for a past client this past week. I can usually do these in my sleep however I cannot get any of the information that I require to make a viable appraisal of 2 properties. I pride myself in a professional appraisal and not being able to travel and visit the properties involved and get the accurate numbers and calculations from the county. I called and cancelled my participation...

Happy Sunday morning Margaret Rome Baltimore 410-530-2400 

May 03, 2020 06:22 AM #10
Rainmaker
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Margaret Rome Baltimore 410-530-2400 -  You have made a great point for having a professional like you represent a seller.  You do sell more than once before closing.

May 03, 2020 06:43 AM #11
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Paul S. Henderson, REALTOR®, CRS You had no choice. Without the information, it would be a guess and not an evaluation. Hope your weekend was a good one.

May 03, 2020 06:57 PM #12
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Grant Schneider We do have to sell multiple times to get to that final sale. 

May 03, 2020 06:59 PM #13
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