You Should Really Know the Truth About These 3 Appraisal Myths

You Should Really Know the Truth About These 3 Appraisal Myths

  The 3 Real Estate Appraisal Myths.   As appraisers, we talk to a lot of different people in the real estate world every day.  In our experience, we’ve come to notice there are a lot of common misconceptions and myths about the appraisal process.  In this video, we debunk some of the most frequent misunderstandings we come across when it comes to appraising homes.       1. Real estate agents can’t talk very much about the appraisal with the appraiser.   This is just untrue.  In fact, we love it when agents help us out.  It’s truly awesome when we get suggestions on potential comparables, lists of recent updates or renovations to the home, or just generally any sort of information that will help us with the appraisal process. What isn’t allowed:  We’ve appraised a few properties where after shaking hands with the agent, they drop that classic line:  “Is this the part where I give you the $200?” We’ll gladly take your money, but don’t expect it to change anything.  Trying to convince, suggest, coerce, or attempt to sway the appraiser towards a certain value and get or to overlook a certain part of the property in any way is strictly prohibited.     2.   Appraisers and home inspectors look for the same things.   This is also false.  A real estate appraisal and a home inspection are two very different things.  When we go to appraiser a property, we don’t even say we’re going on an inspection- in our office, we call them site visits.   Among a few other things, most people misunderstand what exactly an...
How to Write a Real Estate Listing that Sells

How to Write a Real Estate Listing that Sells

As real estate appraisers, we read through tons of listings every day when searching for comparable homes.  For the most part, these listings are all very similar.  There are a few different strategies we’ve seen for writing a listing that always seem to catch our attention, and in our experience those are the properties that sell the fastest.   The real goal when writing a listing is just to peak someone’s interest long enough to get your property a second or longer look.  If your listing makes people curious, they’re more likely to forget about that 4th bedroom they just had to have when they see the photos of your properties spacious lawn- even though it wasn’t what they were looking for.   Here are some tips to write a better real estate listing:     1. Don’t do what everybody else is doing.   “Everyone does it this way; I guess this is just how you write a listing.” –everyone who’s property isn’t selling.    Being original isn’t easy. It seems so simple to just copy-and-paste the features of the home you want to sell into a standardized template and post away- but that’s exactly what we don’t want.      You want to stand out and be eye-catching, you want that buyer to click your link.  There are a few good places in the listing that are best suited for a little originality.  It may seem unorthodox, but don’t be afraid about scaring away buyers with your stand-out listing- you’ll attract a lot more viewers than you’ll lose.     2. The Beginning is Everything.   The BEGINNING  is your first chance to catch a buyer’s attention. It’s...
Passing the FHA Appraisal- 3 Quick Tips

Passing the FHA Appraisal- 3 Quick Tips

Do you have an upcoming FHA Appraisal on your property? FHA Appraisals are quite thorough. If there’s anything even slightly wrong with your property, and a good FHA appraiser will find it. Here are 3 tips to ensure your property passes your FHA appraisal with flying colors.    1. The FHA does not permit damaged or chipping paint anywhere on the property– this is easily the most common problem we encounter that causes a property to fail an FHA inspection.  Often times, FHA repairs need to be completed in a short period of time.  There are all sorts of little tidbits of information you might need to know about painting, but most of these can be answered at your local hardware store. It’s also noteworthy that whether the interior paint is chipping or not, homes built before 1978 will still need to have the interior scraped and re-painted, as it’s very likely the walls were painted with lead-based paint, which is a no-no in the FHA handbook. The most important piece of information we’ll pass along is this- you can’t rush painting.  Different surfaces need different types of paint; different types of paint need different weather conditions and different amounts of time to dry. 2.  Make sure all of the utilities are working properly.  Now remember that real estate appraisers and home inspectors do different things– but when it comes to an FHA appraisal, they do have a shared responsibility to make sure the utilities are functional.  Make sure all of the lights and faucets turn on and off, and that hot and cold water flow properly.  These repairs cannot be...
The 3 Essential Tips for Real Estate Fix and Flips

The 3 Essential Tips for Real Estate Fix and Flips

How Do I Get Into Fixing & Flipping?   When most people hear the term “fix and flip”, the first thing they think of is a get-rich-quick scheme- maybe even one built to scam uninformed home buyers.  This is not true- or everyone would be doing it.  Fixin’ and flippin’ takes lots of work, not to mention the large risks that go along with it. A simple google search will turn up with thousands and thousands of fix and flip guides across the internet- some good, some bad.  We browsed quite a few of the top search results- they were mostly the same, despite a few details here and there. Instead of just adding another guide to the sea of search results, here are a few important tips every investor should know that we did NOT find when looking around the internet.     If you are considering the fix and flip industry, here are a few other articles worth checking out: – The Difference Between Remodeling, Renovating, and Restoring  –  Why Not to Overbuild Your Home  –  Home Repairs You Should Not Wait to Do   Jonathan Montgomery Founder and President of the The Real Estate Appraisal Group.He has been a real estate professional since 1998. He’s been a broker, and investor and now serves as an appraiser.  He currently works as an appraiser, doing real estate appraisals in Washington D.C., Southern Maryland, and Northern Virginia.      #treagroup...
Avoid This Mistake: Cost & Value are NOT the Same

Avoid This Mistake: Cost & Value are NOT the Same

The title says it all, folks.   Newcomers, or anyone inexperienced in real estate, seem to hold a common misconception.  There’s an old motivational saying along the lines of “you get what you give”  or “you get out of it what you put into it.”  It’s a good saying, it encourages people to work hard to achieve their desired results.  It’s mostly true- but not in real estate.     When improving your house, it’s important to maintain a simple rule: Make sure the improvements you get are things that ANY buyer would want- not just you. If you can afford to pay for incredibly expensive elephant-ivory bathroom tiles, then great for you.  Just keep in mind you’re probably one of very few people who would find that appealing- or be willing to pay for it.  This is the same as overbuilding your home– it doesn’t just have to be bigger to be considered overbuilt.  Ultimately, it’s important to research what sort of renovations, remodeling, or restorations will add the most value to your home before getting started.  Obviously, it will pay off in the long run.     Jonathan Montgomery Founder and President of the The Real Estate Appraisal Group.He has been a real estate professional since 1998. He’s been a broker, and investor and now serves as an appraiser.  He currently works as an appraiser, doing real estate appraisals in Washington D.C., Southern Maryland, and Northern Virginia.      #treagroup #realestate   ...