Lake Lanier Blog
10 Rules of Engagement with Appraisers that CAN impact values.
November 15th, 2015 8:50 AM
Realtors have more control over how the
Appraisal goes than they may think. If you
follow these Top 10 "Rules of Engagement"
with Appraisers you will be doing your Sellers
a huge favor.
can reduce the
time you may spend on the back end trying
to deal with an appraisal that comes in under
the sales contract.
Remember you are trying
to get the HIGHEST possible price for your
listing so this takes some work.
Your sellers will love you for it!
* Pretend you are selling this home to the
Appraiser AND pretend it is YOUR home.
Some of the best Listings I have seen are
....Good Quality and many of them
please! Include the views from the rear of the
home especially when dealing with
Golf Course or Acreage
homes, etc. The photos do not have to be
professionally taken, but they need to be of
high quality so when you click on them you
can see all the details. I see way too many
small resolution photos that do not open up
to larger, clear ones when you click on them.
Use all the space you can under EACH photo as descriptors
Appraisers read these every day. The more you add the better, ie;
Comments under the Kitchen photo could read:
Renovated kitchen in 2012, new granite counters,
new GE Profile Stainless Appliances, New Tumble stone
backsplash, New upgraded lighting. Owner put over
$30,000 into new kitchen upgrades "
The more details
the better as they will provide valid support for a
higher value in the appraisal
Cost of all upgrades
is not required but DOES help!
2. Provide packet of information in the home with
"Appraiser Information" written on the outside of the envelope.
Many times Appraisers will not call ahead, so have this
packet readily available in the home. If they do call,
tell them the packet is there which includes
information on how you determined an appropriate
Listing Price and if a pre-listing appraisal was done,
tell them you have included a copy in the packet.
** Make sure to add comments on each FMLS/MLS
sheet stating how they DIFFER from the Subject.
Very helpful especially if you have been inside
those other homes since Appraisers do not see
the inside of the Comparable sales, only the Subject.
DO provide appraiser with insider information
you may have about the home or the neighborhood that they may not have:
a cover letter
to the Appraiser which would include
things like why the current owner purchased this home and why the current BUYER is purchasing this home.
What are the perceived value added amenities of this home for a buyer
. If you know of positive things that are happening in the area or neighborhood, include these. This can be very helpful and so worth your time to provide to the Appraiser.
4. Do include a
with costs of renovations, additions, updates and the year/s completed. This is Very important for getting the most out of an Appraisal.
Call Appraisers Back right away!
You do NOT want them guessing on something important and you do not want the Appraisal delayed waiting for your call back. Appraisers typically call the day or day before the report is due as that is when they are working on it, so please call them back as soon as possible, whether it is your listing or not.
Remember one day they will be calling a Fellow Realtor on one that impacts your deal.
price your listings over anything else that has sold in that neighborhood unless you can provide details and reasons why! Lenders have real issues with appraised values over anything else that has sold in that neighborhood, so be prepared to support your actions on your listing price along with other sales that will prove this home is worth being priced over all the others.
7. When you select
make sure you
your Comps...Provide sales and listings that have sold BELOW and ABOVE your sale. This is how Appraisers must chose comps, so please follow the same process and again note on each listing sheet why they are inferior or superior to your Listing.
** Remember one
thing when it comes to
: Choose only those sales that a
would consider as a good replacement for the subject at the same or similar price if the Subject was no longer available. Don't rely solely on
Price per Square foot
for your Comp selection. Appraisers do not do this so you should not do this. Do not go into a superior development with superior homes to justify your listing price or it could backfire on you....Adjustments for location, square footage, quality and condition will be made and this sale could actually reduce the value for your Subject property.
**Update per Bill Cobb's comment: Do not forget SELLER Paid Closing Costs/Concessions. If a seller pays well more than the typical closing costs, you MUST adjust downward against that sale as Appraisers will do this. This is Required by Fannie Mae to adjust that sale in the amount that it has effectively increased the Cost of that Home over what the typical market price should have been.
8. Consider using
2nd Gen Square Footage Data
source which comes from actual Appraiser measurements of the homes. This data will help you to accurately determine how much larger or smaller the homes are...the same way an Appraiser would. GLA (that area above ground or grade is what appraisers count) Basement level finished space is considered separately and shown on this website along with other physical data about each home which has been measured.
Cost is very reasonable at .10 cents per address and can be printed off for your files.
say things to Appraisers like: "You should have no problem appraising this home at the Sales price"... or... "We need a GOOD appraisal on this one". Remember one thing...Appraiser's objective is to protect the bank and not to make the deal work.
All you will do it place doubt in the Appraiser's mind if you make comments like this and trust me I have heard them many times! Just give them the packet of information already discussed and this will go a LONG way to getting the best possible value that the market will support for your Listing.
tell Appraisers if you had multiple offers and the details of those as this will provide them with good information about the value and demand for this property.
** IF IN DOUBT AS TO THE PROPER LISTING PRICE FOR A PROPERTY, GIVE US A CALL FOR A
APPRAISAL in North Georgia. THERE ARE SO MANY GOOD REASONS TO HAVE THIS DONE AND SETTING THE RIGHT PRICE SO THE HOME WILL SELL IN A REASONABLE AMOUNT OF TIME IS THE BEST REASON OF ALL!
CLICK HERE FOR MORE REASONS FOR PRE-LISTING APPRAISALS HERE
Thanks for reading my newsletter. If you know of anyone who would be interested in having this sent to them on a monthly basis there is a link below to forward this to them.
Lanier Appraisal Service
5747 GARDEN WALK
Flowery Branch, Georgia 30542
how to communicate with appraisers
How Realtors can work with appraisers. Rules of en
how to work with appraisers
Posted by Mary Thompson on November 15th, 2015 8:50 AM
Leave a Comment
Subscribe to this blog
Leave a Comment
Characters from the image above:
Subscribe To My Blog
Characters from the image above:
INTRINSIC VALUE VS. MARKET VALUE. WHAT IS THE DIFFERENCE, WHY DOES IT MATTER?
Lanier Appraisal Service on WDUN Radio Talk Show
Lanier Appraisal Service voted best Real Estate Appraiser in Hall County, GA
SQUARE FOOTAGE IN APPRAISALS...NOT IMPORTANT?
The Perfect Real Estate Listing from an Appraiser's Perspective
How will appraised values catch up to current market trends?
10 Rules of Engagement with Appraisers that CAN impact values.
What Value do Appraisers Give for certain Home Amenities?
Realtors have more Control over Appraisals then they think!
Building Permits and How Lack of One Impacts Appraised Values
How we appraise lake lanier properties in this drought.
LAKE LANIER TAX VALUES
Why Buyers and Sellers NEED Realtors from an Appraisers Perspective.
How FMLS listings Can and Do IMPACT Appraised Value.
FHA Loans and What homes Qualify for FHA Financing. What Appraisers Look For.
Letter to Sellers regarding benefits of Pre-Listing Appraisals
Lanier Appraisal Service has started a Monthly Newsletter
Thank you Realtors for your Referrals! Keep them Coming!
VISIT MY OTHER BLOG ON THE INTERNET...ACTIVE RAIN
Are Appraisals Delaying Closings or are Lenders. Read On!
How do Building Permits or Lack thereof Affect Appraisals
Mary Thompson's Blog Page
UAD, Uniform Appraisal Dataset, Effective September 1st. How it affects you!
FDIC Sues LSI & CoreLogic LSI one of the largest AMC's out there!
Does Perceived Value Equal Market Value? You Decide!
Usual & Customary Fees for Appraisers are posted. Appraisers need to stand firm with AMC's
FANNIE MAE & FREDDIE MAC HEADING FOR DISSOLUTION? FHA LOANS WILL SEE DECLINE IN 2011 AND BEYOND
Lake Lanier Photo January 2011
Lake Lanier Sales Stats for First Half of 2010
HAPPY 60TH BIRTHDAY BUFORD DAM - MONDAY 3/1/10
Lake Lanier Boat Dock Permit Lottery has ended. No more dock permits available
Mary Thompson to be Interviewed By The WEATHER CHANNEL
Lake Lanier hits full summer pool Today, after over 4 years!
FHA to adopt HVCC as of January 1, 2010.
Lake Lanier Sales Statistics for 2009 First Half...We have hit bottom!
Mary Thompson Featured in Pink Ladders August Newsletter
LakeLanier.com well known business website helps Lakefront Radio come back in full swing!
Realtors YOU can take control over the New HVCC ruling in your sales contracts!
Why Appraisers use Foreclosures to value your property
Realtors if you are conducing-BPOs for lenders to value property you are breaking GA Law!
2008 Lake Lanier Sales Statistics second half of year.
Happy Valentines Day, the bailout may provide some hope for Lake Lanier
What would the White House Appraise for? Is it in a declining market?
Happy New Year
2008 year in review
New Venture Custom Slide Show Creations
1071 Coalition Meeting Tuesday 12/9/08
Mary Thompson selected as North Georgia Real Estate Examiner
1071 Coalition Formed to Fight Lake Lanier Drought Issues and Water Releases down south.
WGST and the AJC interviewed Mary Thompson regarding the Drought
The Weather Channel doing a Story on Lake Lanier
Lesli Smith Needs Your Help! Lake Lanier Realtor
Lake Lanier Real Estate News
Ever Heard of Active Rain Website? Yours Truly is listed in the top 15 of Appraisers Nationwide!
Will the courts decide that Drinking Water was not a planned Use for Lake Lanier?
Lake Lanier Sales Stats for First Half of 2008
Mary Thompson Number 1 in Hall County on Active Rain Network
Tim Russert Dies at age 58 of Heart Attack
Mary Thompson in top 25 on Active Rain Website
How to Say Thank you to our Troops
Lake Lanier Water Release News
Lake Lanier Sailing Club Commodore, Jim Chinik interviewed by Lakefront Radio
LakeFront Radio interviews Lake Lanier Sailing Club
Lake Front Radio Interviews Aqualand Marina General Manager
New HVCC regulations will have impact on Appraisers
Lakefront Radio Interviews the DNR
Interview with the Army Corps of Engineers
Lake Lanier Pending and Closed Sales First Quarter 2008
Lakefront Radio New Venture
Lake Lanier is Rising
Lake Lanier is Back in Swing!
Freddie Mac and Fannie Mae Agree crack down on lender pressure and mortgage fraud!
Lake Lanier Activity Picking up in 2008!
Lake Lanier Still has boat dock permits left!
Recession and Lake Levels On Lanier
There are Boat Docks Left
October 2014 (1)
April 2014 (2)
March 2014 (3)
August 2013 (1)
November 2012 (1)
June 2012 (1)
May 2012 (1)
August 2011 (1)
June 2011 (2)
February 2011 (2)
January 2011 (1)
July 2010 (1)
February 2010 (1)
October 2009 (3)
September 2009 (2)
August 2009 (2)
March 2009 (3)
February 2009 (3)
January 2009 (1)
December 2008 (3)
November 2008 (1)
October 2008 (5)
August 2008 (2)
July 2008 (1)
June 2008 (5)
May 2008 (5)
April 2008 (3)
March 2008 (3)
February 2008 (2)
January 2008 (2)
December 2007 (2)
Appraisal Valuation (1)
Appraised Values (2)
Real Estate Appraisal Information. (1)
Real Estate Listings (1)
My Favorite Blogs:
Sites That Link to This Blog:
Have a question? Get in touch!
Thank you, we'll be in touch!