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Appraisals Will Be The Topic

 

 Appraisal

 

Let's talk about an appraisal and when is one needed. As a real estate broker, this question comes up frequently.

The lender orders an appraisal to make sure the value of the property is sufficient to cover the amount of the buyer's loan. 

When listing a property, it is crucial to show how you determine the asking price. When a Real Estate agent does this research, it's called a CMA comparable market analysis. This information is useful to share with the appraiser, along with the details of the home. Have a list of the improvements, like dates of the roof and HVAC. When was granite installed, and that third bathroom added?

Remember I have to sell the house 4-5 times.

What happens when the appraisal comes in low?

When appraisers have questions about one of their properties, it is not unusual for them to give me a call if the home is in a neighborhood that I am familiar with or have recently sold.

Two appraisers called me this past week to gain some insight into homes they were working on for either refinancing or current sales.  Thinking this would be a subject for tomorrow's radio show.

 

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Sell Your Home With Margaret Rome

Broker-Owner HomeRome Realty 

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Author of Real Estate the Rome Way

mrome@HomeRome.com

410.530.2400

 

 

Comments

Margaret Rome Baltimore 410-530-2400 
Yes - appraisal is a fabulous topic! 
I love it when appraisers call me to ask about comp's. Always polite to them - never know when that person may cross your own threshold! LOL
Enjoy your show 5/3/2020!  All the best - Lynn

Posted by Lynn B. Friedman, Concierge Service for Our Atlanta Sellers & Buyers (Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ...) 3 months ago

Lynn B. Friedman With two different appraisers calling this week, I thought it would be a good topic for the show. Always good to see you.

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 3 months ago

Margaret, I just closed on a Land Sale and oh boy getting to have an appraiser to come out was a challenge and then all your points could be added. Great post and you are spot on... and everyone else thinks Real Estate is easy:))Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) 3 months ago

Endre Barath, Jr. We do a lot more than most folks realize. Glad your Land Sale closed. Congrats!

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 3 months ago

Morning Margaret.

Sorry, but I won't be able to listen, as I will be playing 18 by that time.  Hope your day goes well

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty) 3 months ago

Hello Margaret - real life experiences inspire real estate conversations.  Appraisals remain an intriguing as well as a very important topic.  

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 3 months ago

Good morning Margaret. The first sale may be to get the seller to accept your comps. Then comes the general market to find the right buyer. Then again with the appraiser. New twist on "ABC"s to "ABS" (always be selling)! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 3 months ago

I was asked to perform a BPO for a past client this past week. I can usually do these in my sleep however I cannot get any of the information that I require to make a viable appraisal of 2 properties. I pride myself in a professional appraisal and not being able to travel and visit the properties involved and get the accurate numbers and calculations from the county. I called and cancelled my participation...

Happy Sunday morning Margaret Rome Baltimore 410-530-2400 

Posted by Paul S. Henderson, REALTOR®, CRS, South Puget Sound Washington Agent/Broker! (Fathom Realty Washington LLC) 3 months ago

Good morning Margaret Rome Baltimore 410-530-2400 -  You have made a great point for having a professional like you represent a seller.  You do sell more than once before closing.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) 3 months ago

Paul S. Henderson, REALTOR®, CRS You had no choice. Without the information, it would be a guess and not an evaluation. Hope your weekend was a good one.

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 3 months ago

Grant Schneider We do have to sell multiple times to get to that final sale. 

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 3 months ago

Participate