June 29th, 2012 categories: Real Estate Tips
It’s more important than ever to be able to help the appraiser of your St Petersburg home or condo. With the intervention of the Appraisal Management Companies and appraisers who may be unfamiliar with your neighborhood or condominium building, and insufficient payment or time to do necessary research, the more information you can provide the better.
You or your real estate agent should prepare a package for the appraiser to take with him:
- List of improvements you’ve made and dates
- Floor plan, if available
- Survey and flood elevation, if available
- Copy of the sales contract, if applicable
- List of recent sales you feel are comparable, with specific comments
- List of recent sales you feel are not comparable, with specific comments
- information on any unusual features or amenities
The appraiser will have access to the Multiple Listing System, but sometimes that’s insufficient or incorrect information. At a recent appraisal of one of our listings under contract, Tami was able to give specific information to the appraiser on one of the comparables, explaining why buyers objected to the layout of that home (functional obsolescence). That’s something that would not be evident in the MLS. Yesterday at an appraisal of a condo we have under contract, I was able to point out to the appraiser that the MLS square footage of the closest comparable sold unit was incorrect – it overstated the size by 77%. That would make a huge difference in an appraisal!
It’s much more constructive to be proactive than reactive. Don’t try to influence the appraiser on value – just provide as much factual information as you can.
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