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A REALTORS Guide to Appraiser Assistance

You’ve sold the home. Your sellers are happy; they got the price they wanted. Now the work begins. The appraiser calls. Don’t panic you’re prepared – or are you? Here’s 8 simple steps you can take to ensure an accurate appraisal.

1. Be available for the appraiser at the date and time requested. If you can’t be there have your assistant or an associate. You could also have the seller meet the appraiser or some other warm body.

2. Do not distract the appraiser during the inspection. There will plenty of time for questions later.

3. Advise the appraiser and have written documentation of all the homes you or your office has sold in the area. Let the appraiser know he can rely on your expertise.

4. Appraisers rely on statistics and FACTS concerning value, amenities, neighborhood and regional data. Provide a profile sheet of all the patent and latent attributes of the home, i.e. furnace updated 2008, roof replaced 2004, insulated double hung windows and so on… The more detail you give him the more he’ll respect your expertise. Be sure all information is pertinent and reliable.

5. Provide the sales contract with all addenda and agreements. Appraisers consider all value influencing factors. Unusual terms or conditions could adversely influence the reliability of the report if they are not disclosed.

6. Provide a copy of the deed, tax bill, site plan and floor plan. The appraiser must identify the legal description, form of title, encumbrances, restrictions, covenants and easements too. Yes he can find all this information himself, but you’ll be saving him valuable time and gaining his respect.

7. Provide at least three nearby, pertinent comparable sales and listings. If the market is active sales no older than three months, in slower markets 6-8 months may be appropriate. The active listings can help determine the direction of the market – escalating or declining. Sold, pending and active are all valuable tools in the real estate valuation process.

8. Additional information such as condominium documents, county general plans, home inspection reports and others… also help the appraiser make conclusions. All are valuable pieces in the puzzle.

When you provide the appraiser with necessary information you make his job easier, he can expedite your report and you let him know you’re an expert too. Follow these simple tips and all your appraisals will turn out in your favor.

For more information contact the UNcommon APPRAISOR Group today.

410-730-2185 or uncommon@comcast.net