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Appraisers Fight Back

Posted by admin | January 14, 2011

Appraisers are a tad testy these days, judging from the defensive tone of their otherwise homeowner-friendly new tip sheet.

“Credible opinions of value can help to stabilize the real estate market,” said Appraisal Institute President Joseph C. Magdziarz. said. “Appraisals are especially important because they are an objective and unbiased source of information. Unlike others involved in real estate transactions, the appraiser is an independent professional who performs a service for a fee rather than for a commission.”

Welcome, appraisers, to our point of view!

Sellers need every scrap of data they can get their hands on to support the asking, the selling, price of their home. Smart sellers think like potential buyers: what pricing data does the buyer have to bring to the lender to get financing? That’s the data that sellers get before putting the house on the market, and that’s the data that sellers use to price their house.

The very best pricing data comes from an independent appraiser who is familiar with your neighborhood. An appraiser who drives 100 miles to spend 20 minutes in your house is not going to produce the most accurate appraisal, and that could jeopardize your sale.

The Institute has just produced a tip sheet for consumers

Here are its highlights:
•    Understand the role of appraisals.
•    Make sure their lender hires a qualified appraiser (such as a designated SRA, SRPA or MAI member of the Appraisal Institute).
•    Accompany the appraiser during the inspection of the property if possible.
•    Request a copy of the appraisal report from the lender.
•    Examine the appraisal report and ask questions.
•    Appeal the appraisal if appropriate.
•    Ask the lender to order a second appraisal by a qualified and designated appraiser.
•    File legitimate complaints with appropriate state board or professional appraisal organizations.

What’s your house worth? Find out before you put it up for sale. A buyer’s market is no place to test the market with a guess.

Image courtesy of Morguefile contributor mhrubin.