Appraisals are a key part of the real estate process. If you’re selling or buying or refinancing your lender will likely have an appraisal done. What’s an
appraisal? It’s an opinion of value., a weighted opinion by a professional who has experience and education in evaluating the value of a property. This
appraisal will be used by professionals, including lenders, to make decisions surrounding the property, so good preparation is essential.
As a real estate professional, when I’m meeting an appraiser, I prepare a package to give them with, ideally, a floor plan and recent area comparables.
I also know the inventory in my areas and am ready to discuss the specifics of other properties. We see many houses and they do not so this is important.
In a sale it’s also important to let them know if there were multiple offers and if so how many and if any system upgrades have been done to the home.
An appraisal that comes in low is not the end of the world. I have had a couple experiences when the value did not come in but my buyers still
wanted to move forward. I have had success getting past this is by doing what’s called a “rebuttal”. To create a rebuttal I fill out a form and provide
arguments and additional information such as comparables not listed in the appraisers report to support the price. Another option is to check in with title
companies for any undisclosed sales in the area. There may be one or two that the appraiser wouldn’t have known about!
The good news is with an appreciating market, as we have now, appraisals have gotten a little easier. If you have any questions on the appraisal
process, please contact me.