Sunday, August 27, 2006

Asheville Real Estate Journal : Appraisers 

Asheville Real Estate Journal

Whether marketing a home, or seeking a loan for residential property the appraisal is a key factor. Appraisers can use various methods to figure out the value of a residential property. Most likely, the Appraiser determines the value solely on comparable properties nearby and home sales prices. It is important that you know how to get an accurate appraisal of the home's market value.
Here are some quick tips:

1—Get the Property to Glow

If the purpose of the appraisal is to obtain a mortgage or to refinance, be sure to “de-clutter” and clean every nook and cranny in preparation for the Appraiser’s visit. This will assist the Appraiser in seeing the good points of the property. First impressions count, so be sure the landscaping looks spiffy. Investors in second/vacation/investment properties…ask your Broker to contact the seller’s listing agent to give the seller the heads-up that an appraisal soon will take place. Possibly the seller can scrub, polish, clean, paint, and fix-up the property so that it will look its best. Recently one of my clients invested $200 in weeding and landscaping his property and $200 in new paint for the interior. At the time of the appraisal, my client accompanied the Appraiser. She was gratified when the Appraiser mentioned the "immaculate condition both inside and out."

2—Go with the Appraiser

It was early morning. The Appraiser was due to arrive any minute. My client, coffee and crumb cake smelling great in the kitchen, met the Appraiser at the door, with the home's features and benefits clearly in mind. The Appraiser knew right away that he had an interested party along on his mission. And he was right. My client happily extolled the home's charms and benefits. Experience tells me that welcoming and accompanying the Appraiser can work for the positive. Do some resesrch on comparables and then, in your conversation, let the Appraiser know about the “comparables.” This can be helpful to an Appraiser. Most Appraisers I know and recommend do an outstanding job and report fairly. If you are present, you can make sure that the attention to detail you deserve occurs.

3—Provide the Appraiser with a Written List of the Property's Special Qualities and Features

We had a client with a challenge. He had been pursuing the For Sale By Owner (FSBO) route and it just wasn't working for him. His investment property sat on the market for months and months. When we listed the property, we asked him to take an hour or so to list the assets and charms of the property. We added photos to his list. It was typed and ready to give to the Appraiser along with the MLS sheet detailing the special features of the house. My client also gave the Appraiser a typed list of comparable neighborhood home sales prices and their MLS sheets packaged for the Appraiser's use.

4—Request and Get a Copy of the Appraisal

In most situations the investor or home owner pays for an appraisal. And in most cases the bank through which a mortgage will be obtained orders tha appraisal and hires the Appraiser. Request and make sure you promptly receive a copy of the appraisal and go over it item by item with your Broker.

For a team approach to investing in property..please contact the team at ECO-STEWARD REALTY


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