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