How To Get A Better Appraisal
Realtor.org has just run an article by Mary Umberger of the Chicago Tribune. Umberger got the information for this article from Maureen Sweeney, the owner of an appraisal firm, on how to get an accurate and fair appraisal. These days, appraisals have been something of a problem, so these tips might prove beneficial.
1. Be There. Maureen Sweeney suggests that both the real estate agent and the seller should be present and should actually follow the appraiser around the property; make sure the appraiser does not miss anything important.
2. Ask Questions. There is absolutely nothing wrong with asking if the appraiser has identified the correct neighborhood boundaries and if the comps are really similar to the subject property. My experience has been that appraisers sometimes go far afield in selecting comps simply because they are not familiar with a neighborhood's boundaries.
3. Bring Data. Maureen writes that you should supply the appraiser with a recent tax bill and a survey for the property.
4. Supporting Data. I frankly never thought of this, but Maureen recommends providing a list of improvements that you have made to the property.
5. Give Your Opinion. If you are a real estate agent, give the appraiser your professional opinion regarding why you think your seller's property is worth more than other properties in the neighborhood.
I hope this helps!
1. Be There. Maureen Sweeney suggests that both the real estate agent and the seller should be present and should actually follow the appraiser around the property; make sure the appraiser does not miss anything important.
2. Ask Questions. There is absolutely nothing wrong with asking if the appraiser has identified the correct neighborhood boundaries and if the comps are really similar to the subject property. My experience has been that appraisers sometimes go far afield in selecting comps simply because they are not familiar with a neighborhood's boundaries.
3. Bring Data. Maureen writes that you should supply the appraiser with a recent tax bill and a survey for the property.
4. Supporting Data. I frankly never thought of this, but Maureen recommends providing a list of improvements that you have made to the property.
5. Give Your Opinion. If you are a real estate agent, give the appraiser your professional opinion regarding why you think your seller's property is worth more than other properties in the neighborhood.
I hope this helps!
-30-
posted by Terry Ward at 4:27 AM
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