Admin

Don't count on a low appraisal to get your price.

By
Real Estate Agent with TTR Sotheby's International Realty

Is anyone experiencing high appraisals in this market because of the banks guidelines.  I just had one happen to me where the comps in the neighborhood (11) in the last 120 days were all 730k and below.  The only thing higher was in a neighborhood 2 miles away for 838K.  The pricing trends told me the price should have been no higher than 750 and it came in at 800 and our strategy was to use the low appraisal to bring the price down as the buyer agent.  This really shocked us because nothing in this neighborhood had sold in the 800's since Feb 08.  Any comments on why the appraiser came in so high?

Posted by

Realtor

Mike Anastasia

Keller Williams Realty Alexandria Va

 

Show All Comments Sort:
Pam Simpson
Bob Leigh & Assoc., LLC - Senatobia, MS
GRI, Broker-Assoc.

Mike-I can't say that I have seen that problem here.  In fact, just the opposite.  I'm not sure why the appraisal came in higher.  Did you ask to find out what comps the appraiser used?  Sometimes, an out-of-area appraiser will be off on the valuation.

Dec 03, 2008 07:10 AM
Jean Terry
Keller Williams Realty Spartanburg, S.C. - Spartanburg, SC

Hi and welcome to Active Rain. A great site to network, share, learn and have fun. Good Luck!

Dec 03, 2008 08:52 AM
Kevin Sandridge
Signature Home Funding - Winter Haven, FL
Winter Haven Mortgage Broker

 

Hi Mike, and Welcome to the Rain!

Kevin Sandridge, here.  I joined the Active Rain community not too long ago myself and wanted to drop a line to share some of the good vibes and welcome wishes I have received already.

Can't say I've seen anything like that come across the desk of Realtors down here in FL I work with.  I'll post it past them and reply back if anything pops.

 

 

It's great to see you posting here on Active Rain!  I notice that several of your colleagues have also joined, which is great!  You can all learn from each other!

I'm very excited about this community - basically because folks seem so willing to help out, provide industry insight, and share their good news and experiences!

When I started out on Active Rain, I felt a little overwhelmed.  I hope the following points and suggested sites will help bring you into the mix!  Just my way of saying that I'm glad you're here.

-------------------------------------------------------------------------------------------

One:  Be sure to include a good amount of information on your profile page.  Check out the profiles on other Realtor's sites here on Active Rain who are listed as "Featured" or "Tops" in their area (look for high point totals).  You'll find that this will seriously boost your presence on ActiveRain - via the added points. 

Two: I urge you to keep blogging on this site!  You will be AMAZED at the awesome feedback you receive very soon after they hit the network!  I use Google Reader to subscribe to blogs that provide me with ideas about what I'd like to comment on - both industry wise and just for fun!  Check it out I am more than willing to step you through the site and to help you get a few more blog posts generated if you wish - as a way of adding some value and paying forward some good networking vibes!  :)

Three: Be sure to add in a good number of posts about what you think and consider pertinent regarding your area of expertise!  You'll notice that many if not all of the Featured posting bloggers here on AR do this.

Lastly, I do quite a lot of work via social networks, email campaigns, and relationship building.  If I can ever be of any assistance, don't hesitate to ask.

Here are a few great sites to visit (some of my favorites).  If you like the information they provide, be sure to let them know I sent you!

  • Bloodhoung Blog - Greg Swann, Bloodhound Realty (They also offer a FREE RE Blog Service!) Note: These guys are way, way, way ahead of the curve.  Hold on tight.  It's gonna be a wild ride!

  • Real Estate Tomato - site maintained by Jim Cronin.  A must see for new Real Estate Bloggers!

  • Seth Godin's Blog - The Reigning Permission Marketing Guru.  Check out his latest book, Tribes!

  • The Real Estate Zebra - Daniel Rothamel is a one of a kind inspiration in the Real Estate Blogging arena.  Do yourself a favor and check out his site.

  • Jeff Turner's Main Page - Jeff is always on top of what's happening in the world of social networking and media!  Absolutely make this page a part of your learning experience!

  • The Florida Mortgage Blogger - Ok - so I had to plug my own site!  Check it out.  Would love to have you on as a subscriber! 

Looking forward to what you'll share with us all here on Active Rain!  :)

Blessings,

Kevin Sandridge

Winter Haven, FL


 

Dec 03, 2008 10:23 AM
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Mike,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to you!

-Keith

Dec 03, 2008 10:42 AM
Greg Steffens
Mountain Country Realty - Lake Arrowhead, CA

Hi Mike - Welcome to Active Rain and congrats on your first post.  Be sure to spend some time looking around at what and how others are blogging here - it is a great education and lots of fun.  Looks like you're off to a great start...keep it up!

Dec 03, 2008 10:49 AM
Sergio Rebollo Jr.
Real Estate TeamMates - Miami, FL

Mike....Welcome to ActiveRain.  This is a great community to network with others as well a great place to learn from other's experiences and knowledge.  I've enjoyed it; I hope you enjoy it as well.  Congrats on your first post.

Sergio Rebollo Jr.
Exit Prime Realty
Coral Gables, FL  33134
305-582-4062

Miami Short Sale Specialist - Profile

Dec 03, 2008 12:28 PM
Marcy Fedalei
Keller Williams Realty - Spartanburg, SC

Great start on ActiveRain! Welcome and thanks for sharing your thoughts and ideas.

Dec 03, 2008 10:35 PM
Sasha Miletic - Windsor Real Estate
RE/MAX Preferred Realty Ltd. - Windsor, ON

Hi Mike, Welcome to AR, Be a Blogholic and start writing your own blog soon on AR. All the best for your RE business. This is the right place for customers, friends, realtionships etc.

Best - Sash 

PS: FREE blog traffic strategy video...Hope this will help you... click here

Dec 03, 2008 11:53 PM
Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

I would call the bank and ask for the comps the appriaser used. If the comps don't warrant the price, I would either ask for a 2nd opinion or just walk! (18-3)

 

Dec 04, 2008 01:30 PM
Yvette Gardner
Keller Williams Realty, Spartanburg, SC - Spartanburg, SC

Welcome to the Active Rain community. This is a great site with lots of information.  Have fun with it and hope to see more of your blogs soon! 

Dec 05, 2008 12:10 AM