If the error is in measuring, draw the house with your measurements, highlighting the differences.Are older, newer, larger, smaller comparable being used?.Pointing out miscalculations and calling the appraiser stupid will not help your cause. Point out errors on the report, but don't throw the appraiser under the bus.Concise narrative, explaining the reason for each comparable, and why it is "superior" to the comparable they provided.Don't base your value on price per square foot, Appraiser do not, and neither should you.Provide actual print outs from MLS along with Reconsideration of Value Form.Solds should be with in the same age, don't compare a 2004 with a 1979 home, unless the 1979 has had significant updates.Solds should be the same style of home, don't compare a condo with a townhome, or a ranch with a craftsman style.If a comparable is greater than 90 days, comments will be needed to justify the older comparable.Solds should be with in the last 90 days, going past that and the appraiser may have to make additional adjustments.If a comparable is further, comments will be needed to justify the further comparable if it skips over closer comparables.Solds should be in the same neighborhood or with in 1/2 mile.Do NOT providing listing that are not solds or pendings.Do NOT provide your subject house as a pending, duh.If you provide pending, provide 1 or 2 in addition to the 3 solds, but pending may not have full consideration.Solds, it is recommended no more than 3, and I would say no less than 3. See VA appraisal information on this page, bottom, right.) Comparable need to be: (If this is a VA Appraisal, the VA appraiser WILL NOT provide us a copy of the appraisal, as per the VA rules. Most lenders will require you to submit all the information to them, and not directly to the appraiser, so please don't call up the appraiser and yell at them.ġst you will need to review the appraisal and make sure the appraiser utilized the comparable that you would of. I have attached a simple Reconsideration Form HERE to download. Don't freak out (yet), Call you lender and ask them if they have a Reconsideration of Value form and policy, most lenders will, if your lender doesn't, find a new lender. Now the appraisal has come back, and it is below value. Also, ensure that the appraiser has the most up to date Purchase and Sales agreement with all addendums and counter offers.Īppraisal back and low, Don't Freak out (yet). If they have completed add-on's, have the building permits available. Have homeowners write down any updates and upgrades they have completed in the last 24-36 months. Make sure the appraiser can look in the crawl space/basement and up in the attic. Initially it is up to the Listing Realtor to ensure that they have completed a thurough and professional CMA or Certified Market Analysis, training and CE classes are available to help Realtors complete a professional CMA.įor the homeowner the 1st step is the initial inspection, make sure the house is neat and organized. Let's look into how a Realtor can help the situation and ensure the appraiser has all the information.
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