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Good advice about meeting the appraiser at the property. Made that detrimental mistake and still feel my seller’s house was under appraised in late 2012 since in six months 2013 other similar homes in the sub ranged in price increase from $152k to 190k.
Fha appraiser put the “burden of proof” on me to compare the interior of the homes; after the offers were accepted! Couldn’t get her to budge. Still “stings”. She compared a Short Sale to my seller’s house.
How right you are, Scott!! These 3 tips are spot-on. I ALWAYS meet the appraiser at my listings & giving him/her accurate information (comps, list of upgrades) definitely helps to get a realistic value. In our New Orleans market, neighborhoods that are close together can be vastly different, creating havoc with finding comps that are truly comparable to the subject property.
Your advice to “Know Thy Lender” and “Know Thy Client” would seem to be no-brainers. Truly “financing is as difficult as ever and the rules change every day”, as you said. All I can add is that COMMUNICATION is the key here. Madeleine
To “Know That Lender” is to “Know That Appraiser”. I would stay away from lenders who use abusive AMC’s and treat their appraisers poorly. If you had a bad experience before with a particular lender who uses a particular AMC its likely that situation won’t change. My tip is to look for smaller regional lenders who have small “panels” of local appraisers. Like names you recognize, done business with before and have a some local experience. The more local the better. Typically the “panel” managment system pays their appraisers well and allows them enough time to complete assignments. With appraisers now doing double the amount of reporting and paid half as much as they used to the hours in week get really long. Short cuts will be taken. It truly is get what you pay for. So for a $200 or so fee and a 48 hr turn time for appraisers to get their reports done its pretty natural human nature to not “give it 110%”. There is no time or financial incentive to do otherwise.
That would be the first question I would ask any mortgage originator wanting my loan business. Who do you have to use to assign appraisers ? Keep the good and toss the bad.
Awesome advice! I am a new Realtor with my first listing. Everything written in this article makes much sense! Thanks so much!
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