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Meeting The Appraiser

 appraisal

 

In order to get the property sold...the house has to sell four or five  times. 

Let me explain. 

The first ''sell'' is to me, the listing agent. Do I want this listing? 

The second "sell" is to the other agent so they bring their buyers.

The third "sell" is to the buyers.

The fourth is to the appraiser.

And occasionally a fifth when it has to be 'sold' to the underwriter. 

 

This morning I met the appraiser along with a package containing the contract, the full listing and comparable homes.  

Property is an easy one " cut and dry'' with enough sales to easily support the price.

As a listing agent, I meet the appraiser, pull comps, make notes on each house ... with number of bedrooms and baths, recent updates like the age of the HVAC, roof and  any details that help to compare the subject property.  

There are times when we get an out of area appraiser who might "need" a bit of help. 

 I know the neighborhood, the sales, the FSBO, the HOA and I share this information.

Never had an appraiser complain.

 

Remembering an agent who got very angry when their property came up short at appraisal time. They went to their manager, they yelled at the lender, they called the appraiser and told everyone in listening range how wrong  the price was.  When asked if they pulled comps and met the appraiser...their reply:

'Why should I do their work?'  

(Gee.. I don't think that is the right attitude to get the job done.)

We are all in this together. We work together to get to the closing table, That means everyone... buyers, sellers, agents, inspectors, lenders, title companies and, yes, appraisers are all important to get to that final closing.

Have a question about appraisals and your home?

Call Margaret Rome

 

Margaret Rome

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Comment balloon 40 commentsMargaret Rome, Baltimore Maryland • August 25 2018 02:00AM

Comments

Good information and important to know.  Thanks for post.

Posted by Robin Wells, Giving Peace Of Mind One Chimney At A Time ( RAW Chimney Sweep and Inspections) 12 months ago

Good morning, Margaret Rome, Baltimore Maryland meeting the appraiser is an important task....many out of town appraisers are not aware of the difference in value of certain sectors of a town.... it's important to provide comps in that specific area and/or make minor adjustments for other parts of town...

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) 12 months ago

Good morning Margaret. Can remember when you did not have to meet with the appraiser. They were local and knowledgeable. The government changed that with our wise legislators freeing up the market! Kudos to you for your efforts!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 12 months ago

You make an excellent point, Margaret.  It isn't only the buyer we need to sell a home to.  It's all those other entities!

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) 12 months ago

CONGRATULATIONS Margaret, on having this blog FEATURED in the Old Farts Club group!  

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) 12 months ago

Absolutely - we do meet the appraiser and are happy to share our comps and thoughts, just as you do. However, I have had one or two tell me they are not interested in my research and further, I'm not supposed to communicate directly. Oh really?  

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) 12 months ago

Barbara Todaro For my listings, I always meet the appraiser for the reasons you mentioned.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 12 months ago

Wayne Martin Even with local and knowledgeable appraisers, I have always met them.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 12 months ago

Myrl Jeffcoat We need to "sell" a few times. Thanks for the feature in OFC!

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 12 months ago

Debb Janes EcoBroker and Bernie Stea JD  I have never had an appraiser turn down my packet. Now they may not use it but they always accept. It is the lender who cannot make contact...not us.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 12 months ago

A true professional will do just as you did ... and in a manner not to make the appraiser feel like they don't know their job ... but in a way that shows a collaborative effort.  

Posted by Kathleen Daniels, San Jose Homes for Sale-Probate & Trust Specialist (KD Realty - 408.972.1822) 12 months ago

Kathleen Daniels Treating each other as professionals...there's a concept!

We are all in this together. The appraiser WANTS to reach value, so do what is necessary to please the seller, lenders and clients.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 12 months ago

Well said Margaret Rome, Baltimore Maryland . I do the same meeting every appraiser for every one of my sales

Posted by Scott Godzyk, One of Manchester NH's Leading Agents (Godzyk Real Estate Services) 12 months ago

Hi Margaret, The appraiser step is important as you point out.  We always help our seller's by giving an appraiser an envelop with comps. And I just hand it to them and leave. Even if they do not use our offerings we feel we have done our part to ensure there is no real bump in the road in regards to value.

Posted by Gloria Todor, & Doug Durren (484) 431-3686 in SE PA (Century 21 Absolute Realty ) 12 months ago

Scott Godzyk You are doing your job for the sellers.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 12 months ago

 

Gloria Todor Doing your job with your own comps and how you arrived at the price. Sellers and appraisers appreciate how you work.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 12 months ago

We all are trying to cross the same stream...

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) 12 months ago

Richie Alan Naggar And a helping hand is welcome.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 12 months ago

Great post Margaret!  I also believe in your attitude!  We are all in this together to get a transaction closed.  Cooperation goes a long way

Posted by Gordon Crawford, Your Morris County Specialist! (Gordon Crawford Home Selling Team) 12 months ago

I've had some appraisers tell me they won't accept any input on recent sales; I come prepared anyway!

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com) 12 months ago

Gordon Crawford Your post on feedback has inspired my next blog. Enjoying your contributions to AR.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 12 months ago

 

Kat Palmiotti I have never had an appraiser not take my comps. They may trash them afterwards but they have all been accepted with not propblem.

 

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 12 months ago

We learned this first long time ago with Floyd Wickman training!

The first ''sell'' is to me, the listing agent. Do I want this listing? 

The second "sell" is to the other agent so they bring their buyers.

The third "sell" is to the buyers.

The fourth is to the appraiser.And occasionally a fifth when it has to be 'sold' to the underwriter

Posted by Sham Reddy CRS, CRS (H E R Realty, Dayton, OH) 12 months ago

Sham Reddy Great to see you.  That was more than 25 years ago and is still quite relevant today!

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 12 months ago

It's amazing how many agents take on an adversarial role with others involved in a transaction... I agree that cooperation is the best method. After all, it's our client's who goals that are important, not our egos.

Thanks for sharing, Margaret Rome, Baltimore Maryland. You're absolutely correct.
Bruce

 

Posted by Bruce Kunz, REALTOR®, Brick & Howell NJ Homes for Sale (C21 Solid Gold Realty, Brick, NJ, 732-920-2100) 12 months ago

Bruce Kunz And thank for your comment. You are so right.." it's our client's who goals that are important, not our egos."

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 12 months ago

Margaret Rome, Baltimore Maryland Meeting the appraiser has long term benefits.  If you treat them as an a person not someone with a job that controls your income they do respect you for your effort.  It shows up in future appraisals with the same person.  They do remember the people who worked with them not against them, just like we all do.

Posted by Pete Baranowsky Jr, Selling Good Homes, Priced Right, Quickly (The Castle Team at Maximum One Realty Greater Atlanata) 12 months ago

Hi Margaret

I always meet the appraiser too, with the intention of providing information, including the comps, to assist them in the appraisal. I have found most to be open to at least taking the information, and thankfully no recent appraisers who have no clue about the local market.

I also always check to be sure the carbon monoxide detectors are in place (including when I am a buyer agent) since they are required and appraisers must take photos for their reports. No CO detector? They have to come back at buyers expense. I simply point out the need to the L.A.  Pretty rare that this happens now that the law has been in place for some time.

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) 12 months ago

Pete Baranowsky Jr I have found this to be so true. Several times a month, I get calls from appraisers that I have worked with over the years. We are definitely in this together.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 12 months ago

 

Hi Jeff Dowler, CRS When I met an appraiser this past week, I brought up the smoke alarms and CO detectors. I was told they do not check them. 

Our new laws went into effect the beginning of the year. 

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 12 months ago

This is an on time article for me. I had an appraisal come back at 285k and we represent buyer and the comps are there at purchase price at 322k and listing agent wont budge and wants to appeal the appraiser. I'm glad it came back at 285k. ???????????

Posted by Dr. Karen Lewis, Broker 305-3231556, Residential for Sellers and Buyers in S. Broward (K1 Realty Group) 12 months ago

Dr. Karen Lewis, Broker Very timely...will be waiting to hear the out come. What kind of financing? This would be a great topic for the show!!

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 12 months ago

my most recent listing... was a referal from a local appraiser.  Yup.  Because I also meet them with a package and when I called to thank him he said, "you are always such a professional".  I Never understand those agents who want don't pull comps.  I mean I pull comps for buyers when they are making an offer. Typically unless a very recent and more appropriate sale comes along those are the same comps I meet the appraiser with.  Of course on a listing I pull comps and same thing... unless something more recent and better fitting has closed those are the comps I take.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) 12 months ago

Tammy Lankford, I have received referrals from appraisers also.

I remember one appraiser years ago who sold his own house FSBO. I got the best deal for my buyer at the time..way under what it would have appraised for. At settlement, I asked why he was selling without an agent...standard answer.."I wanted to save the commission"

He could have gotten $40-50K more. This appraiser had no negotiating skills.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 12 months ago

I'm with you on this one...going the extra mile is what makes you an exceptional agent!  I find that appraisers appreciate the comps and seller improvements.  If they want the info--great. If not, at least it shows I'm on top of everything and pro active.

Posted by Mary Hutchison, SRES, ABR, Experienced Agent in Kansas City Metro area (Better Homes and Gardens Real Estate-Kansas City Homes) 12 months ago

Mary Hutchison, SRES, ABR We provide the information and it is their choice whether or not to use it. 

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 12 months ago

Margaret, as someone who has been a broker longer than I've been an appraiser I get to see all ends of the spectrum. Some contracts I have to review I just shake my head thinking I'm glad that agent doesn't have their license with me. But as to input from listing agents I'll always give it consideration, especially if they have been in some of the comps I haven't. I do have to say that the GOOD agents with their multiple pictures give a better idea of the comps. But, while I will give the provided information consideration I still do my own research. But then again, I started in the 80's with a book every 2 weeks and 10 listings with 1 thumbnail per page.

Posted by Joe Daniels, Broker, Appraiser, Realtor(R), (Personal Service Realty) 12 months ago

Joe Daniels, Broker, Appraiser, Realtor(R),  I would love to see you make a blog out of this comment. Being both a broker and an appraiser, you would have a lot to share with the members. And I would appreciate your contribution.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 12 months ago

There can often be a lot that the appraiser won't be aware of until it's pointed out.  How much did seller spend on that PV system?  Maybe a view is guaranteed with planting restrictions for the neighbors.  What kind of infrastructure improvements were done and when?  It's a good idea to help them see these things that can't be seen.

Posted by Georgie Hunter R(S) 58089, Maui Real Estate sales and lifestyle info (Hawai'i Life Real Estate Brokers) 12 months ago

Georgie Hunter R(S) 58089  You really do understand. Having a list of things that the appraiser cannot find on the MLS is helpful.  And it is....So much easier to meet an appraiser than to fight an appraisal later. 

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 12 months ago

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