Lake Lanier Blog

As a Realtor you may think great, NO appraisal! No worries..Not so fast!

As a Buyer you may think great no appraisal...that saves me money and that must mean the home I am purchasing is worth what I am paying....Not So Fast! 

What is a PIW? (It is a misnomer for one). It means that Fannie has decided the buyer and property are a good risk and waives the Appraisal on the home. They accept the estimate of the home provided by Lender as valid. "A prior appraisal has to be in the Fannie MAE CU (Collateral Underwriter File...for a waiver to be offered)." THIS PRIOR APPRAISAL MAY OR MAY NOT BE ACCEPTABLE FOR A HOST OF REASONS and a prior apraisal should NOT in my opinionhave any bearing on a CURRENT valuation of the property. 

So you are a Realtor and you are thinking great I do not have to worry about an appraisal killing my deal. IF you are a Buyer's Realtor you need to have their best interest at heart and not let them over pay or it could come back to haunt you.

In this law suit happy world you need to be very careful. If your buyer gets a PIW on that loan at the very least you need to suggest to the buyer to get their OWN appraisal. Then you need to document your file and let them decide. As part of the recommendation you need to tell them that a PIW does NOT mean the home is CURRENTLY worth what they are paying since they are relying on prior appraisal data and other valuation vehichles other than an appraisal.

The only way a buyer truly knows current value is by getting an appraisal OR taking your word for it based upon your data. Not a wise choice because if later down the road they decide they paid too much and no one told them that they had the choice of getting their OWN appraisal, guess who they will come after first...THE REALTOR.

As a buyer, many may think the lender has decided that their home is worth the sales price. This is NOT true. They are relying on prior data that may be flawed and outside valuation sources and not an actual appraisal. 

So while many may be thrilled with the prospect of  a PIW. Think twice, protect your buyers and do the right thing! ADVISE your buyers to get their own appraisal and then if they decide NO, you have done your duty to so advise. This should also be the case with CASH buyers!

Thanks for reading and please feel free to SHARE!

Thanks to the people of Hall County, GA who voted Lanier Appraisal Servicethe BEST Real Estate Apprasier in Hall County, GA. We are humbled and we thank you. 

Thank you to THE GAINESVILLE TIMES for putting on a great party for all the winners in their respective business categories!

2018 is looking up!!! 

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Home > Blogs > Mary Thompson > Mary's Blog

Lanier Appraisal Service voted Best Appraiser in Hall County, GA 

 

BY MARY THOMPSON

Real Estate Appraiser with Lanier Appraisal Service CR004373

EMAIL  SHORT URL 

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February 05, 2018 12:27 PM

 

REPORT

Thanks to the people of Hall County, GA who voted Lanier Appraisal Servicethe BEST Real Estate Apprasier in Hall County, GA. We are humbled and we thank you. 

 

Thank you to THE GAINESVILLE TIMES for putting on a great party for all the winners in their respective business categories!

 

2018 is looking up!!! 

 

Like:

Home > Blogs > Mary Thompson > Mary's Blog

Lanier Appraisal Service voted Best Appraiser in Hall County, GA 

 

BY MARY THOMPSON

Real Estate Appraiser with Lanier Appraisal Service CR004373

EMAIL  SHORT URL 

Share:

February 05, 2018 12:27 PM

 

REPORT

Thanks to the people of Hall County, GA who voted Lanier Appraisal Servicethe BEST Real Estate Apprasier in Hall County, GA. We are humbled and we thank you. 

 

Thank you to THE GAINESVILLE TIMES for putting on a great party for all the winners in their respective business categories!

 

2018 is looking up!!! 

 

THE PERFECT LISTING FROM AN APPRAISER'S PERSPECTIVE...

Appraisers review FMLS/MLS listings every day including all photos, commentary, etc. What you do and say in those listings not only helps your Seller get the highest possible price, but it can also mean higher Appraised Values and fewer calls from Appraisers! You would be surprised how many Listings I see that fall short of the below suggestions.

First rule of Thumb: Pretend you are selling YOUR own Home. Some of the best listings I see are Owner/Agents. Do your Sellers a great service and give them the same attention to detail as you would your own home. The more Appraiser's have with regard to the Property the better chance for positive results on the Appraisal.

1. PHOTOS: Clear, sharp, high resolution photos: Include as many photos as the Listing will accept. Inside photos should include at the least; Living/Family Room, Kitchen, Master Bedroom, All Baths, Dining Room, Basement Rooms and All Special upgrades and features of the home Inside and Out. You do not need a professional photographer but when someone goes to CLICK on your photos in FMLS/MLS they need to be large enough to see the details. Virtual Tours of course are a plus.

* If you are dealing with Lakefront, Golf Course, Mountain View Homes, PLEASE include a view of these amenities from the REAR of home from the Deck or Patio. This is very important for the Appraiser and the Buyers to get a feel for what their views are FROM THE HOME. For Lake of course always include views of the lake from the Boat dock, the boat dock itself, the views straight out from the dock, to the Right and to the left of the dock and toward the home so you can see things like Rip Rap shoreline and how close the home is from the dock as well as the path to the dock.

* Please UPDATE your photos for the Current Season. Nothing screams this home has been on the market a long time than a Winter Time Photo in the Summer.

2. In your description of the property under PUBLIC comments, include all major renovations & approximate year. If you have total costs of all renovations include those as well.

*Sample: Lakefront home with year round views. Renovations include: New HVAC:2012; New Roof: 2015: New Appliances: 2010; New Floor coverings: 2011. Owner put over $50,000 in total renovation in past 6 years. Include anything that is not obvious in the photos and any special amenities. Then refer them to commentary under each photo. Since you are limited in your Public Remarks section use that section below EACH photo for more information; i.e.; Under your Kitchen photos if you have upgraded appliances say something like this: "Wolf Stove, Dacor Dishwasher, Sub-Zero Refrigerator"  The more details the better both for the Buyer and the Appraiser so that they can give credit where credit is due to upgrades in the kitchen or the home in general.

This kind of commentary is good for every room in the house that includes any kind of special features that may not be obvious in the photos themselves. Leave NOTHING to chance. You have the room to spotlight the home, use every bit of it for the best result.

3. DIRECTIONS: Please do not just say USE GPS in that space. There may be some Appraisers and Buyers who actually do not have GPS or their GPS may be out of date on certain streets, etc. PLEASE list out turn by turn direction to the property. Appraisers have to drive by all Comparables, so clear directions is always appreciated! Buyers will like them too.

4. Please be very careful to list all amenities about the Listing correctly in FMLS/MLS as the Appraisers use this information in their reports not only for the Subject but for the Comparable Sales.

5. SQUARE FOOTAGE/SOURCE: Please do NOT state "Appraisal" in this field unless you have an actual Appraisal on hand. If  you get this from Courthouse Records State "TAX RECORD". You do not want another Appraiser using "The Appraisal" number against your Listing if indeed the Tax Record includes square footage in the basement (which many times they do). This could result in a REDUCED value for your under contract Listing!

 In MLS you can separate square footage in the upper levels from the Basement. Please use that space to so designate that square footage. If you want to show the TOTAL  square footage for better search results and superior selling potential then in the Public remarks please state the following:

" 3,450 total square feet all levels; 1,550 is in the basement and 1,000 of that is finished" OR  if you have Appraisal say something like: 2,450 S.F. on the upper level/s and another 1,250 in the basement of which 1,025 is finished. Total heated: 3,475. IF YOU RUN OUT OF ROOM UNDER COMMENTS, PUT THIS UNDER YOUR BASEMENT PHOTOS ON THE LISTING.

6. Comments to Avoid in your Listing:

 "Priced to Sell" : I don't know why, but this is the Kiss of Death. In almost every case when I see this I look at days on market and it has been on the market longer than average. Isn't the whole idea to price homes to SELL? Do you really need to say this in a listing?  Use this space to outline more features of the home.

"Won't last long": Again many times I see this and Days on market are longer than typical. If you DO say this.....if that home is on the market for over 30 days, remove that wording.

7. Use those attached documents in your Listings to your advantage in the Listing. Include the DISCLOSURE STATEMENT ALWAYS. It is very helpful for Appraisers as well as Buyers. We need to know how old components are in the home up to 15 years. Also include PLATS. Very helpful for Appraisers.

8.  Site Section/Description: I see many times where it lists Cul-De-Sac, when it is not. It may be on a cul de sac street further up, but  not IN the cul de Sac. So technically is should not say cul de sac.

9. I know it is hard to be CREATIVE in all of your listings and not fall into the same "pat phrases" but try to point out that special thing or things about the home that set is apart from its competition and make it something that buyers want to see and Appraisers will appreciate about that home.

10:  Lakefront Property: If  the home is permitted for a larger dock note that in comments section of Listing. This does make a difference on Lake Site Value (permit type).

** Please do NOT state DEEP WATER Dock or especially Drought Proof if it goes dry in droughts of  under 10 feet. I see this wording many times and when I pull it up on Google Aerial, which other Appraisers and Buyers will do and see Dirt under the dock, Deep Water does not seem to accurately describe this lakefront lot.  I see this more times than I care to Admit.

** If you or the owner has measured the depth behind the Dock, then state that amount in the Listing. If we are below Full Summer Pool, you can also state that, i.e.; "Dock has 13 feet of water behind the dock with Lake down 2 feet"

This is it for now. Remember, sell it like it is your own house and you can't go wrong! Thanks for Reading and Feel free to SHARE with your office.