Here is What a Good Realtor Can Provide to the Appraiser at the Inspection
Good information is the key to any good appraisal.
As appraisers, we depend on Realtors for that good information.
Many times, a Realtor or will have insights into the subject property or possible comparable sales that an appraiser may not be aware of, or that may take time for the appraiser to track down.
I always appreciate it when a Realtor brings a package to the appointment inspection. Here are a few things that a good Realtor can bring that can help not only speed the process along, but can also provide the Appraiser, with info that they might not otherwise get in the normal course of business.
OK, that’s a pretty obvious one. There are however, good ones and bad ones. Most good Appraisers will see through cherry picked comps. A good Realtor will select the best representatives of the subject property and provide any background on them that they know about. A sale 4 miles away that is a year old for a standard SFR will probably be used to line the parrot’s cage by the Appraiser. Don’t forget Actives and Pendings! These are important to the Appraiser. They can show current trends better than sales from a month or two ago.
The most recent version of the contract is always helpful. Sometimes, there is a lag time between the most recent contract and it getting to the Appraiser through normal channels. Make sure the contract is signed by all parties.
• List of Recent Improvements (Or not so Recent)
With the advent of FNMA’s Uniform Appraisal Dataset requirements, Appraisers are required to provide more info on subject property improvements, such as when the improvements were completed. A quick list by the Realtor helps to make sure the appraiser has everything covered. Even more helpful is the approximate time period that the improvements were done.
If the subject property has an addition or garage conversion, a good Realtor will include a copy of the permit in the package for the Appraiser. This info can be tough to get in some municipalities.
• HOA Info
Sometimes, this can be tough to get for Condominiums. It can even be costly! Some HOAs refuse to give out info to Appraisers unless we sign up at a website and pay for the info about a project that we are required to have in an appraisal. A solid contact person at the management agency for an HOA can be invaluable to an Appraiser.
Just a small package with some of these items, or anything else a Realtor feels is relevant can make a big difference in the final appraisal outcome. Can a good Appraiser get along without all this stuff? Of course. But as always, the more info, the better.
Apple Appraisal, Inc. is a California Appraisal Management Company providing appraisal management excellence throughout CA.