Episode 047 - Are Appraisers the Devil? PART 3 REPLAY
Episode 047 - Are Appraisers the Devil? PART 3 REPLAY
Are you a Netflix binge-watcher? Then, we have a 3-part binge worthy-listening opportunity for you! In our 3-part series all about how to more effectively price properties, we dive into understanding more about the appraisal process.
Part 3, similar to a great Star Wars Trilogy, ends with a triumphant conclusion of how to more successfully challenge an appraisal. Preparation is key here as Jedi Mind Tricks won’t work on the strong-minded.
We talk about what to share with an appraiser; how to present it; and what to include with an appraisal packet. If you want better results in appraisal reports, be proactive!
Be sure to watch our accompanying breakout video where B explains what to include in an appraisal packet. No, appraisers aren’t the devil! They provide a service. Understand how the appraisal process works and what is expected, and you'll get better results in your next appraisal.
SHOW NOTES
- 01:00 – B & Christian side with horns and Cate with her halo.
- 02:25 – Song of the week: It’s What you Value, George Harrison
- 05:03 – Part 3, How to prepare for an appraisal and how to challenge an appraisal more successfully.
- 05:33 – Ask B for document about how to prepare for an appraisal.
- 06:27 – Have your home “showing” ready. Make sure access to all areas of the home is available. Leave a ladder. Make sure utilities are on.
- 06:55 – Question: Should anybody be at the home? Probably not, they are distractions, talk about things you don’t want appraisers to hear.
- 07:51 – Cate: has a checklist to prepare for appraisal. Make sure car is not in garage blocking attic, etc.. Stay out of appraiser’s way.
- 08:50 – A checklist and a reminder to help homeowner prepare.
- 09:10 – Leave an appraisal packet (watch B’s breakout video on what to include). Be proactive, not reactive.
- 09:45 – Typically, if agents leave anything, it is only comparables and that is not enough. Appraisers have comps already, unless you know of something that is hidden or unavailable.
- 10:25 – Have an adjustment grid that includes comparables on a grid and have been adjusted. Gives you a legitimate response to get the number you want.
- 11:15 – Have a list of updates. Helps appraiser “sell” the report to the lender. Include an explanation.
- 11:45 – Cate: What about cookies? The size of the bottle of Captain Morgan is directly proportionate to the value.
- 12:47 – Cate: appraisers are human. Make home welcoming. Present home well. The appraiser will leave with a better feeling about the property.
- 14:10 – B got bit by a dog and didn’t leave the house with a positive image. Value was fine though.
- 14:26 – Cate’s Side Note Tangent: Cate had a buyer with a high list price. She called Super B, the best appraiser in town. Cate ALLEGES B didn’t know how to appraisal the property.
- 18:00 – How to challenge an appraisal MORE successfully.
- 18:10 – Listen to part 1 & 2 for some guidance on how to get ahead of issues.
- 18:39 – Make sure you and the appraiser are comparing apples-to-apples. Do you both have the same square footage, room count, updates, etc.
- 19:16 – Who is right? Appraiser or assessor? B is ALWAYS right. It should be the appraiser, but not all are equal. Some do not measure the property.
- 19:50 – Cate: Appraiser should be sketching the property, whereas the Assessor does not visit or measure the home.
- 20:10 – Look at the comps and get ahead of issues. Divorce, size, condition, etc.
- 20:55 – Cate: multiple offer situation. Buyer offers above list price, prepare them to see if they ready to come up with the difference in cash if the appraisal does not come in at purchase price. Write it in the offer to make it stronger. Price isn’t the only factor. Make clean offer. Negotiate other items. Seller might not want to accept over list price from buyer if appraisal is presumed to be an issue.
- 22:10 – Prepare for all things that could happen.
- 22:26 – Quote for the podcast: “There are some things money can’t buy…like manners, morals, integrity and professionalism.” -B Be the professional and your business will thrive. Get the appraiser good information at the right time.
- 23:12 – Closing: Have home ready for appraiser. Leave solid data. Challenge with solid evidence. Make sure everyone is making an apples-to-apples comparison. Are you on the same page?
- 23:55 – Thank you for listening to our 3-part series and will have more in the future. Make your day legendary!
SHOW LINKS
- It’s What you Value – https://www.youtube.com/watch?v=KL6UsDlO86E
- Beatles White Album sold in 2015 $790,000 – https://www.businessinsider.com/ap-rare-pressing-of-beatles-white-album-sells-for-790000-2015-12
- Jim Irsay bought Ringo’s drum kit – https://www.rollingstone.com/music/music-news/colts-owner-why-i-paid-2-2-million-for-ringo-starrs-drum-kit-60879/
- Cotton Candy Grapes – https://en.wikipedia.org/wiki/Cotton_Candy_grapes
- Captain Morgan – https://www.captainmorgan.com/en-row/
BETWEEN THE LINES LINKS
Web
https://www.facebook.com/groups/realestatebetweenthelines/
https://www.facebook.com/Brian-C-Lee-111822417027919/?
YouTube
https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?