How to Suggest Comps to Real Estate Appraisers The Right Way
In our experience, real estate agents and real estate appraisers have different motives when searching for comparables. Appraisers always search for comps that are most similar to the subject property in a variety of ways- size, location, construction, etc. We do this in order to paint the most accurate picture of what a property is truly worth. Real estate agents tend to put these rules on the backburner, and search for comps that will best drive up the value of a home. If you want your real estate appraiser to take your comp suggestions seriously, keep these things in mind: Why Are You Suggesting Comps? Whatever the reason, be sure to state it when handing them over to the appraiser. If your suggesting comps because you happened across a similar house to the one being appraised and think it might help the appraiser, right on. If your sole purpose is to offer comps that will help improve the value (which is obvious to a good appraiser), stop right there. It’s not okay to try and persuade or coerce a real estate appraiser to “hit your mark”, or appraise the property at or above a certain value. Picking sub-par comps in order to encourage positive price adjustments is an obvious ploy. If you’re not suggesting comps to try and make the appraiser’s job easier or to be generally helpful, it’s doubtful the appraiser will give your comps a second look. Are the Comps You’re Suggesting Close in Size? This should be a no-brainer, but you’d be surprised how often we get suggestions that make us think...Appraisal Secrets eBook – Click Now!
Click to Learn More
Recent Comments