3 Ways to Ensure a Smooth Appraisal Process

Appraisals can be a chore, but there are ways to engage in the process.

Appraisals – can’t live with ‘em, can’t live without ‘em. A topic we have covered numerous times, appraisals have been a consistent source of headaches for agents in the post-boom market, with contract failures a common result of the process.

As agents, you are not powerless when it comes to appraisals, and these are three things you should consider:

  1. Localization – Make sure your lender finds an appraiser that is locally based, especially one that is familiar with your county or a neighboring county. It has become increasingly common for lenders to outsource the appraisal process, resulting in appraisers from far-off areas who have little knowledge of the nuances of your market.
  2. Credentials – Always, always request that the appraiser have the necessary certifications and designations, such as the SRA, or senior residential appraiser distinction from the Appraisal Institute, or the MAI designation.
  3. Engage – Do not be afraid of meeting and engaging with your appraiser. Even if the appraiser is locally-based, chances are you have a better grasp of your property’s market than they do; share that knowledge with them. It will better ensure that short sales, foreclosures and other distressed comps do not negatively impact your home’s value.
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading ... Loading ...

Inside Edition

Current Issue

The Lending Issue

During the housing boom, loans were easy to come by. After the housing bubble burst, the reaction was extremely opposite from banks: tighten all guidelines. Now, although the market has improved, it can still be a challenge for buyers to obtain a loan due to a variety of challenges.

Sign Up For Our Newsletter
Sign Up For Our Newsletter
Be Profiled in Miami Agent! Take Our Agent Snapshot
Send Us Your Event Photos
Who inspires you? A managing broker? A veteran agent? Nominate great candidates for our Viewpoints here!