Realtors have more control working with an appraiser—more than they think they do.
West Palm Beach, FL – According to FloridaRealtors.org, “One out of five real estate pros say they avoid any type of interaction with an appraiser because they think it’s against the rules.” However, “regulations allow real estate agents, or other persons with an interest in the real estate transaction, to communicate with the appraiser and provide additional property information, including a copy of the sales contract,” according to NAR’s FAQs on the residential appraisal process.
Below are 8 things Real Estate Agents can do to help with the appraisal process.
- Provide Photos: In addition to the photos of the home that may be on your website, email the photos to the appraiser to review ahead of time. Include additional photos that may not have been posted online. Include a description of EACH photo.
- Highlight any unique features or upgrades of the property: This could include things like a pool, a finished basement, or a recently remodeled kitchen. These features can help to increase the value of the property and should be pointed out to the appraiser. If you can attach the receipts for the work completed or the cost of the improvement, it’s an extra bonus.
- Provide an Information Packet: If the home is vacant, the appraiser may not even call you to set up an appointment. Leave a folder marked APPRAISER INFORMATION. And if they do call, tell them about the packet and where it’s located.
- Provide Insider Information: If you have information about the neighborhood that they may not know about, provide that info to the appraiser. For example, maybe a new school has been approved by the city and will be built nearby within the next few years. If you know the reason the buyers have chosen that home, include that info too. Let them know if there were multiple offers on the property, too.
- Be Available to answer any questions the appraiser may have and provide any additional information they may need to complete their report. It is important to be responsive and cooperative throughout the appraisal process.
- Provide Comps: While appraisers do their own research, it helps to BRACKET comps and supply them with what you used to establish the price. Provide sales that have sold BOTH below and above the sales price. List why each is superior or inferior. Do not rely on “per square foot price.” If known, also include seller-paid concessions.
- Double Check the Square Footage: Appraisers must also measure the living areas, and if it’s substantially different, it creates a “red flag” and the appraiser may be looking for other things that may be inaccurate.
- Realtors should avoid saying:
According to Adam Law Group, “Realtors must avoid any type of communication with appraisers that is intended to unduly influence the appraisal. In addition to any type of direct communication of coercive statements, realtors should also make sure to avoid any statements that could end up being misinterpreted as such.”
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