Can you talk to an appraiser?

Appraisers are to remain neutral, so beyond providing information or answering any questions they might have about the property, neither parties involved in the transaction, the buyer, the seller nor the lender cannot influence them in any way.

No one, not even a agent can ask them what they plan to bring the value in at ahead of time. As a matter of practicality, some appraisers might give agents a heads-up that they are having difficulty bringing the value in at the contract sales price and ask for assistance with comparables.

This is often indicative of the reality to come. A seller lurking around the house while the appraiser is doing the appraisal is not helpful and may only exacerbate the situation. Appraisers can be finicky, and understandably so.

Pointing out the obvious or how much money was spent doing x, y or z is NOT productive. This is why providing details of upgrades and what has been done to the home in advance of the appraiser’s visit is strongly recommended.

A seller can have this information for reference in the home, but there is no need to go into a dissertation of each item and the history of what was done and why.

If there is an extenuating set of circumstances that need explanation, then it might be helpful to have the your listing agent convey all of that information to the appraiser at the time of their visit.

What keeps appraisers accountable?

Just like real estate agents, an appraiser’s license is on the line with their work, each and every time. Appraisers have been under scrutiny like never before, especially in the post-real estate market crash era.

They cannot pull numbers out of thin air, and everything they put on an appraisal report must be verifiable, justifiable and have an explanation.

Underwriters review appraisal reports when they are completed for accuracy and might scrutinize what was done on the report and ask the appraiser for more information.

In short, understanding what the appraisal process entails will help to manage expectations from beginning to end. Sellers with a realistic outlook of the process and an understanding of what is and what is not within their control, as well as their listing agent’s control, have the best chance of navigating through this milestone successfully, no matter the outcome.

Author: danswingblog

Dan has celebrated over 19 years as a full-time Realtor. Successfully listed and sold homes well through the 8 figure market. Advises and assists clients with challenging Portfolios! Not uncommon to be working with foreign nationals, buyers that leverage the Sterling, Euro, and similar currency. Dan welcomes the Global community, with friends in many Nations. He brings a reputation for Integrity, Expertise, and Focus. Our customers deserve the best. Currently provides Residential and Commercial B.P.O.'s, Broker Price Opinions, B.O.V's, Broker Opinion of Value to many lenders. Manage and Sells R.E.O., Real Estate Owned properties, distressed properties! Evaluate and negotiate solutions for sellers and lenders. Developed, operated and sold a Florida "AWARD WINNING" Ad Agency! 2010 & 11 Commercial Agent of the year. RE/MAX Paramount Properties. Relocated to Tampa in 2012, enjoyed retirement for 6 months. Saw unethical practices by some Realtors and choose to reverberate our profession in the Tampa area. In four years built his business to as many as four (4) transactions monthly. Mortgage brokers were calling Dan a Superstar in Real Estate. Dan and his wife relocated to North East Florida, to the community of Nocatee. Currently focusing on 55 and older communities and Luxury Real Estate. Successfully closed on many extremely challenging foreclosures, and Short Sale. Coached and participated in Commercial and Multi-Income Family REO's in the past six years. Elected to the Auburndale City Commission in 1986-88. Created and served as 1st Redevelopment Chair in 1988 & 89 personally put in place all the elements for the Auburndale CRA. 1990 City Commission refused to give a full vote of confidence. After a 5 year journey to personally raise funding, extensive research and study for the CRA district perimeters, and stunned with the Commissions doubt. Positioned himself to run for office again, was re-elected to Auburndale Commission, to serve 1991-93 to full fill the CRA master plan! Active with the Central Florida Development Council from conception in 1985 and sat on the board periodically for the past 25 years representing municipalities and private investors. The positions Dan held from 1986 through 1993 enabled him to have a complete workable understanding of the State of Florida Comprehensive Plan for Future Land Use, and the benefits of intergovernmental agreements, utility franchise expansions, and public/private partnerships! Specialties: Assets recovery & receivership, Real Estate Portfolio's, REO & Short Sale of Residential and Commercial negotiations, marketing consultant, public relations, and Broker Price Opinions for residential and commercial lenders.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s