Fridays with the Fiddle Fig: 4 Ways to Get The Best Appraisal
This week's topic: 4 Ways We Get Our Clients the Best Appraisal
Last week I talked about the 4 outcomes of a property appraisal value coming in low. This week I wanted to go into how we help our clients have the best opportunity for their appraisals to come in at the correct value.
First off, it is important to know we meet the appraiser not only when we are representing the seller but also when we are representing the buyer. We also offer to all our clients to meet an appraiser anytime they are doing a refinance. Please feel free to take us up on that. We are always on your side!
Before we get into what we do you should understand why it’s so important that we meet the appraiser in person. After the big housing crash in the early 2000’s it became a requirement that an appraiser must be randomly selected to do appraisals and can’t be chosen by the lender or the agent. I could go into this but thats really a whole other topic for another time. By having this random selections it means appraisers do appraisals ALL over San Diego County and possibly Los Angeles too.
The biggest issue I see with this is that they are not as familiar with the specific neighborhoods in San Diego as we are. So its important we are able to convey ALL the little ins and outs of each area. We have some areas we sell homes in that a matter of 2-3 blocks could be a $50,000+ difference in price for seemingly the same property.
Lets get into how we prepare to meet an appraiser on our clients behalf.
1) We bring copies of all the properties we feel are the most accurate comparable based on our expertise of the neighborhood.
2) We bring a map outlining all the comparable properties and their proximity to the subject property.
3) We bring a list of ALL the improvements that have been recently made to the property so the appraiser can have them all in one place.
4) And lastly, we bring a detailed comparison between the subject property and every comparable property we are providing to the appraiser.
Over the years we have found that this is the most tried and true way of giving the appraiser everything they need to make the most accurate and educated evaluation of our clients homes.
Please don’t hesitate to take us up on our offer. We are always here to help our current clients, past clients and potential new clients!