I was quoted and referenced in this past Sunday’s Sun-Sentinel article entitled: Making sure your home gets appraised accurately. As our Parkland and South Florida real estate market is rebounding, appraisals have been even more important than ever. As a result, it is imperative for sellers and real estate agents to be prepared when home appraisers come to do the appraisals. In the Sentinel article, 15% of all pending transactions fall apart due to unfavorable appraisals. Also, the appraisers questioned for the article stated that over 50% of listing agents to not attend the appraisals.
It is important that my readers know that after the real estate bubble, appraisers are now not allowed to speak with the mortgage professionals. When a bank requires a home to be appraised for either a purchase or a refinance, they order the appraisal through a third-party company. This third party company then contacts the appraisers usually through a rotating system. Please understand that now an appraiser is being paid a lot less than he/she used to be because there is another party involved in the appraisal process.
As a result, it is even more important that the real estate professional and his/her seller be prepared come time for the appraisal. The only point of contact for the appraiser is the listing agent. For my listings, I make sure to do my homework before meeting with the appraiser at the home. That’s right! I make myself available for every appraisal. This appraiser is holding the deal in his/her hands based on the appraised value of the home. As a result, I not only have to sell the home to a potential buyer, his/her real estate agent, but even more so now to the appraiser.
For example, I include a fresh copy of the purchase agreement, as most of the time, an appraiser received the appraisal from an online system. I also try to include a floor plan of the home, survey, home and community upgrades, as well as comparable sales in the community and surrounding neighborhoods with notes on each home. I always have to assume that each appraiser may not specialize in Parkland or the South Florida neighborhood. If I include as much information on the home, as well as the area, I know that I have provided the appraiser with a plethora of information to help them in completing their appraisal for the transaction.
Also, I also make sure to ask the sellers not be present during the appraisal, so the appraiser does not feel uncomfortable. I also request that my sellers have the lawn cut and the house cleaned before the appraisal. Again, we have to sell the home to the appraiser! I make sure to turn all lights on in the home and turn on the air conditioning, especially during the Summer months. At the end of the appraisal, the appraiser gained easy access to the home, received a lot of information, and now has everything he/she needs to complete the appraisal. Presentation is everything today! I have to say that I typically do not have many appraisal issues on my home listings. I certainly can attribute this success to going the extra mile for my clients and personally meeting each appraiser.
The Parkland Parrot is the most comprehensive online source for Parkland real estate information. Whether you are looking for the latest sales, trends or homes for sale in Parkland, Florida, The Parkland Parrot has it all at your fingertips. Know the neighborhood. Know the value. Know your hometown agents: The Parkland Parrot Real Estate Team.
To stay updated with all Parkland real estate information, receive our blog posts via email by subscribing here. After registering, you must activate the subscription in a follow-up email.