Appraisals don’t have to be stressful or even mysterious. You can talk with appraisers—that’s allowed!—to make the process easier.
Here’s what you can do to ensure an appraiser reaches an accurate property value.
Share Relevant Information…
There’s plenty of data and insight you can give an appraiser. Documents such as executed contracts, property surveys, lists of home improvements, and blueprints are very useful. Appraisers could also benefit from what you know about the transaction (multiple offers, previously viewed properties) and the local market (neighborhood information, off-market sales).
…But Don’t Try to Influence the Appraisal
Appraisers are impartial third parties hired by lenders to determine market value. Do not suggest or ask them to land on a certain number. Don’t try to steer them in any way; give them space to do their job. Appraisers will likely ignore any attempts to influence them to arrive at a particular value, but such actions could also cause them to walk off the job.
Be Patient
Appraisers are trying to produce high-quality work despite busy schedules. They appreciate your patience and understanding.
Ask Questions
Appraisers can discuss relevant information about the property with you, too. What they tell you can help you better plan for the closing and set client expectations. You can ask about estimated timelines and potential delays. You can also ask questions if you aren’t clear on some aspect of the appraisal process. Most appraisers would be happy to help agents better understand their work. Be aware that after the appraisal has been turned in, you can only speak with the lender.
Take Classes
Texas REALTORS® offers courses for agents and brokers that explain the appraisal process. Visit alchemycottage.com/findacourse to see upcoming sessions.
Some of your advice is an improper attempt to get the appraiser to raise the value of the property
Which advice would you perceive as undue influence?
As an appraiser with 17 years of experience, IMO everything this article suggests is appropriate. Providing the appraiser with relevant information is always fine and often helpful. It is the appraiser’s responsibility to assess what is appropriate for consideration and inclusion in the report.
I have found that an Appraisal Packet containing information about the property, a copy of your CMA, a list of improvements provided to you by the Seller along with pertinent information has always been appreciated by the Appraisers I have given them to, some were pleasantly surprised I took the time to HELP them. Why not? The Brokers, Agents, Escrow Officers, Lenders, Suveyors and yes…the Appraisers are all part of the TEAM to get a transaction closed. That’s the common goal…to help our clients, be it Seller or Buyer! Yes…we work TOGETHER!!!