On the checklist of selling a home, one of the most stressful items can be the appraisal. A low appraisal can derail a sale quickly. So, how can you help to be sure that your appraisal is a successful one?
When appraisers and listing agents work together, everyone benefits. Listing agents can communicate with appraisers, but they cannot demand a particular value. The Uniform Standards of Professional Appraisal Practice (USPAP) states that appraisers must arrive at their own supporting conclusion. They must be independent in their judgement and able to be impartial and objective about the property. So how, can a listing agent help ensure that the appraisal goes well?
Before an appraiser arrives at the property a fair amount of work has already been done. They do the best job when they are fully informed. Before the appraiser visits the property, selling agents can share their expert knowledge about current market conditions and the condition of the home. With reliable data, great information, and respectful communication a good appraiser won’t take offense.
Another way to help an appraiser? – Have your agent meet the appraiser at the property and provide a package with pertinent information.
- MLS printout
- Copy of the contract
- Spreadsheet of other offers received
- Description of special features that make the property stand out
- List of improvements including date completed and cost
- Property data sheet and brochure
- MLS printouts of sales in the area
- MLS printouts of pending sales with contract prices
- MLS printouts of current listings
- Recent survey of the property if available
- Floor plan and home measurements
A knowledgeable agent will take the time to learn what guidelines the appraiser is required to follow and will provide the best market comparisons at the ready. The type of loan can impact the guidelines and requirements of the appraisal as well – for example, VA and FHA appraisal requirements may vary.
Prior to the appraisal, your agent should provide instructions on how to best prepare the property. Putting your best foot forward as you would for showings is important during the appraisal as well. Turning on lights, making beds, removing clutter, keeping any smells at bay, and so on can help with the overall aesthetic of the home and sellers shouldn’t relax just because they are under contract.
What happens if an appraisal comes in lower than the sales price? Or if the appraiser doesn’t have the proper experience? This is where having a good listing agent on your side can be helpful as well. Your agent can reach out to the lender to inquire about the appraisal and see if additional information can be submitted for consideration.
Working with Team Athey will give you the best outcome in the sale of your property. While the appraisers job is look at a home objectively, our agents will know how to best present the home and maintain professional communication between the lender and appraiser which will aid in achieving the best outcome for your sale. When you let our family take care of your family through the sale of your home you know that we will take every step to ensure things go smoothly. Give us a call today!