Combat Deal-Killing Low Appraisals | Pound Ridge Real Estate

-
About one in three real estate contracts were canceled in January, up from 9 percent the previous year. Lowball appraisals are most to blame, agents say.
A recent article at Zillow points out how home owners may be able to improve their appraisal:
Gather about six comps ahead of time. Appraisers will pull their own comparables of recent sale prices to help determine the home’s value, but real estate professionals can walk sellers through at least six comparables beforehand in educating the seller about pricing the home. This can help prepare them for what an appraisal might show later too.
Show off upgrades. The appraiser will inspect the property and sellers and their agents should carefully consider what separate the homes that are similar from theirs. This may include a finished basement, the biggest yard on the block, or maybe its location in a scenic area. Sellers should "respectfully tell [the appraiser] what you know," treating them as a member of your team, says Sara Stephens, president of the Appraisal Institute. "It will increase the odds of your getting a fair and accurate assessment."
You can appeal an appraiser. Believe the appraisal was unfair? Most lenders allow home owners to challenge an appraisal they feel wasn’t done correctly, but home owners can just say their home is worth more as their sole justification. Home owners will need to prove an error or omission, such as comps that should have been taken into consideration but weren’t (another reason to review those comps before). Home owners can also take their complaints to the state’s appraisal board if they feel their case isn’t being properly reviewed.
via realtormag.realtor.org

Comments

Post a Comment

Popular posts from this blog

Four Regional Banks Discuss Settlement Over Foreclosures | Waccabuc Real Estate

-
Image
U.S. state attorneys general are pressing four banks to accept a legal settlement over botched foreclosures similar to a deal reached with larger competitors this year, according to three people briefed on the matter. U.S. Bancorp (SFBC) , PNC Financial Services Group (PNC) Inc., SunTrust Banks Inc. (STI) and HSBC Holdings Plc (HSBA) have held talks with state and federal officials who investigated claims that loan servicers mishandled foreclosure documents, according to the people, who spoke on condition of anonymity because the talks are private. U.S. Bancorp Said to Join PNC in Talks on Mortgage Settlement Jeff Kowalsky/Bloomberg Mortgage servicers typically handle billing and collections, as well as foreclosures when borrowers fail to pay. Neil Brazil , a spokesman for HSBC’s North America unit, said in an e-mail that the London-based lender has conducted “preliminary discussions with its bank regulators and other
Read more

Top 20 real estate websites in June | Mount Kisco Real Estate

-
Last year, Realtor.com and Yahoo Real Estate battled it out for the top position in the monthly real estate website rankings maintained by Web metrics firm Experian Hitwise . So far this year, Zillow has been king of the hill, having bumped Yahoo Real Estate from the top spot in March. Jockeying for the spots below first place has also been fierce, with Trulia jumping two positions into second place on the Hitwise list in June. Trulia leapfrogged over third-place Realtor.com, bumping Yahoo Real Estate into third place in the process. AOL Real Estate, meanwhile, moved up two positions from May to June, but there were no new websites in the top 10. The Hitwise rankings don't tally mobile app users, an increasingly popular option among consumers conducting listing searches. But they still provide a window into who's winning the battle for eyeballs -- an important consideration for brokers and agents in deciding where to spend their marketing dollars. According to Hitwise, t
Read more