This week I met with appraisers for 2 of my listings. Even though the appraiser works for the buyer’s mortgage company, it’s the responsibility of the listing agent to let the appraiser into the home. I also provide comparable sales to help ensure that the homes appraise high enough. If they don’t, the sale could fall through.
The appraiser for one my listings called me the night before asking for comparable sales. The challenge was that the listing was a 2 bedroom house. There aren’t a lot of them, so there aren’t a lot of comparables if you only look for other 2 bedroom houses. I found comparable sales for other houses in the area that were similar in size and the appraiser was satisfied with that.
Sometimes appraisers do a “drive-by appraisal”. They drive by the home, but don’t enter it. This happened recently to one of my listings. This saves me time, but I question how good such appraisals are. I think to estimate the value of something you need to thoroughly examine it.
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
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How are the appraisers going to see the unzillowables if they don’t go inside? You pull the comps for them too?
Hmmm….