Are YOU appraisal ready?
You have heard me preach this before but here we go again! Here is an example of what I bring to an appraisal on my own listing! Why do I do this? Because the appraiser is the most important person in the transaction. He/she basically controls the fate of how your transaction will flow when a loan is involved. What are you all doing to make sure your appraisal comes in "at value.?"
Here is our checklist:
- Floor Plan (they will measure/draw on their own but its always helpful to have).
- Excel spreadsheet of all upgrades (including costs of each & every upgrade. We have the seller fill out and upgrades are auto-summed for easy understanding for appraiser. There are so many things you can miss that have value).
- Property Brochure
- Unique community features (Schools, Community Amenities, Crime Reports, Walk Scores and items not mentioned in MLS spec sheet).
- Copy of 1st page of RPA and any counters showing final contracted price.
- If multiple offers received copies of 1st page of all offers.
- We send all watermarked hi-rez photos to appraiser as well (property website or dropbox link) just in case it goes to appraisal review (so reviewer see our photos instead of low rez/untouched photos appraiser took with their 1980 camera.
- We pull our own comps and give to appraiser. (Pro-Tip) --> We even search title for off market comps (appraisers usually do not have access to title reports of off market closings. This helped us out tremendously when we had a purchase appraise $140k UNDER purchase price. A home closed the same day as the appraisal for $25k over our purchase price but closed off market. We fought to have this closing in the appraisal and we won).
- Lights on, music on, pool on, fountains running, beds made, birds singing & flowers blooming. Its show time. Literally looks like an open house.
We never send an appraiser to a home by themselves. All of this is presented in a beautiful folder and handed to appraiser. We ask for 5 minutes of their time to itemize and discuss everything we are handing to them.
Best of luck!
Raj Qsar - In 2016 Raj was named to the prestigious SP200 Honoring The Most Powerful 200 People in Residential Real Estate. As a National & International Speaker, Raj travels the world educating Real Estate Professionals on the value of Technology & Social Media, and continues to make his mark in today's ever changing real estate market.