Real Estate Views from St Pete

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Be proactive with appraisals

When I'm representing a seller, I always want to be present for the appraisal. I always bring along a package for the appraiser, to make the job a bit easier. In the package I have the site plan, a floor plan if available, a list of improvements the seller has made, a list of the properties I feel are comparable along with the reasons why, and a list of the properties I feel are NOT comparable and the reasons why. If I've been inside the comparables, or if a current photo doesn't represent the property when it was purchased, I document that. 

Give input in the research phase; make the appraiser's job easier. You may come up with some comparable sales or insider information that the appraiser doesn't have. Now is the time to share information. 

If you wait until the appraisal is finished, the odds of the appraiser changing the appraisal is nearly nill - even if the assumptions are illogical or incorrect.

Be PROactive, not REactive

Comments

Oh yeah, Sharon I do this all the time especially if there are very little sales activity in the area.  Good post. 
Posted by Wayne Miller over 4 years ago
I have wondered how much is appropriate to give to the appraiser.  The deed, tax card, assessor's card or information about the builder etc. seem fine. I start to wonder when it gets to "selected" comps!  When does this go over the line? 
Posted by Joan Whitebook Southern New Hampshire (BHG The Masiello Group) over 4 years ago

Wayne - thanks. Glad to know you do it, too.

Joan - I don't think giving our opinion on comps is going  "over the line". The appraiser can take these or not, as he sees fit. Sometimes we have more inside knowledge about a neighborhood than the appraiser does.

Posted by Sharon Simms St Pete FL - CRS CIPS CLHMS RSPS (ALVA International, Inc.) over 4 years ago
Sharon, I have the best appraiser in the world! I always go with him and I've learned a lot from him and he from me. It sure makes the whole process much easier!
Posted by Linda Scanlan (A Fan of AR) over 4 years ago

Sharon,

You are so right on this one!

 I can't begin to tell you (or actually you do know) how often the listing agent doesn't bother to show up, maybe an assistant at best. Why on earth would you want to make this process difficult?  Somehow some are clueless to the value of time spent here. And I love telling my sellers that it's my normal practice to meet the appraiser when it comes to their home.

Hopefully newbie agents will understand the significance of your post. BTW, I completely agree with your response to going "over the line".

 

Posted by Orange Co. Real Estate~Lynda Eisenmann, Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA (Preferred Home Brokers) over 4 years ago
Thanks for your always valuable advice.  Have a great Christmas.
Posted by Robert Monk Florida Real Estate (100% Realty, Inc.) over 4 years ago

Sharon,

I try to do the same thing but sometimes i have seen them want us to to let them do their job by themselves...I always offer floor plans and comps. I do let them go about the business so they can get the appraisal done as quick as they can without interruptions but I do lend my ear if they need assistance.

Posted by Neal Bloom-Realtor ®CRS-Weston FL Real Estate (Keller Williams Properties, Weston FL) over 4 years ago
Sharon in the existing climate it is even now more important to be proactive.  The more information we can provide the better the appraisal will be.
Posted by Jennifer Fivelsdal Rhinebeck Real Estate (Serving Dutchess| Columbia|Ulster Ctys (LIC. R.E. Broker JFIVE Home Realty LLC ) over 4 years ago
I bet you're a good agent that takes calls from appraisers and helps them qualify appraisals they need further info on, too. :)
Posted by Chris Elizabeth Griffith ~ Bonita Springs Fl Real Estate (Downing-Frye Realty, Bonita Springs, FL) over 4 years ago
I do the same thing.  They usually love it.  There's one crusty old guy around here who acts offended, so if I pull him, I leave my little appraisers' helper kit in my briefcase. 
Posted by Anonymous over 4 years ago
Linda - it certainly does, and when it's my choice, that's what I do. I can- and do - also call him when I have questions about a listing price or adjustment he'd make. The problem is usually when it's my listing and the appraiser is chosen by the buyer's bank's lender.
Posted by Sharon Simms St Pete FL - CRS CIPS CLHMS RSPS (ALVA International, Inc.) over 4 years ago
Lynda - have you considered that those listing agents who don't show up might not have anything to contribute to the appraiser?
Posted by Sharon Simms St Pete FL - CRS CIPS CLHMS RSPS (ALVA International, Inc.) over 4 years ago
Robert - Thank YOU! Hope you have a wonderful Christmas up there in Santa Rosa Beach.
Posted by Sharon Simms St Pete FL - CRS CIPS CLHMS RSPS (ALVA International, Inc.) over 4 years ago
Neal - I agree. Most of them don't have time to chat (at least then) but do appreciate anything we give the that can make their work easier and/or faster. Merry Christmas!
Posted by Sharon Simms St Pete FL - CRS CIPS CLHMS RSPS (ALVA International, Inc.) over 4 years ago
Jennifer, you're right, of course. I think the REALTORS® who are surviving are the professional ones, who keep improving and serving their clients even better.
Posted by Sharon Simms St Pete FL - CRS CIPS CLHMS RSPS (ALVA International, Inc.) over 4 years ago
Chris - of course I do - but that's a two way street. Many's the time I've called them to see how they'd adjust for something unique I find, or which alternate neighborhoods they'd use when there are none in the subject area.
Posted by Sharon Simms St Pete FL - CRS CIPS CLHMS RSPS (ALVA International, Inc.) over 4 years ago
I do the same thing.  They usually love it.  There's one crusty old guy around here who acts offended, so if I pull him, I leave my little appraisers' helper kit in my briefcase.
Posted by Patricia Kennedy (Evers & Company Realtors) over 4 years ago
Patricia - even the crusty ones will usually take my package though they grumble. Whether they ever open it is something else.
Posted by Sharon Simms St Pete FL - CRS CIPS CLHMS RSPS (ALVA International, Inc.) over 4 years ago
Excellent advice!  I'm sure the seller appreciates your involvement.  Nice post.  Thanks.
Posted by Robert Monk Florida Real Estate (100% Realty, Inc.) over 4 years ago
Robert - unfortunately sometimes we are our own worst enemy - we talk about all the bad news we read in the media, but don't always tell our clients all that we proactively do for them. Thanks for your comments.
Posted by Sharon Simms St Pete FL - CRS CIPS CLHMS RSPS (ALVA International, Inc.) over 4 years ago
I am with you on this one.  I also believe if providing and supporting documentation for the appraiser. 
Posted by Randy L. Prothero - Hawaii REALTOR® (808) 384-5645 (Century 21 Liberty Homes ) over 4 years ago
Randy - somehow I always knew you were a Proactive REALTOR®! I'm really looking forward to meeting you nect month!
Posted by Sharon Simms St Pete FL - CRS CIPS CLHMS RSPS (ALVA International, Inc.) over 4 years ago

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