By Scott Newman
Many agents forget that barriers to getting deals to the closing table exist in both good and bad markets. We are seeing a lot of appraisal issues in the Chicagoland area as over-regulation and timidness on the part of appraisers to push values — despite undeniable appreciation — has resulted in many deals dying at the financing stage.
How do you avoid becoming one of the statistics? Follow my 3 practical tips below…
Know Thy Appraiser
The biggest mistake an agent can make is not meeting the appraiser at the property.
To assume that your appraiser is a true expert on that particular neighborhood, city, property type, etc. is foolish. You know what they say about people who assume!!
You need to be there — both agents should be present, in fact, to show solidarity. Make sure you walk that entire property with the appraiser and give him or her the comparables you feel best reflect the true value of the home. Also, follow up with them afterwards to make sure things are going smoothly.
Remember, lenders are no longer allowed to speak to the appraiser on their file, so you are the first and last line of defense in making sure someone who’s under-qualified doesn’t blow up your deal .
Know Thy Lender Continue reading »