REPRINTED FROM APPRAISAL INSIGHT BLOG - AUTHOR: Vic Knight has been a licensed real estate broker in North Carolina since 1984. He's also a Certified General Appraiser in the state and is past president of the North Carolina Association of REALTORS®. He has chaired NAR's Appraisal Committee and currently is a member of the Board of Trustees of The Appraisal Foundation.
10 Tips for Brokers to Help the Appraisal Process
- Don’t restrict the appraiser from making an appointment to inspect the property (if your MLS uses an appointment system, use it. You will be notified of the appraiser’s site inspection).
- If an appraiser calls, be responsive and provide as much information as needed. Return the call promptly even if your listing has closed. (Brokers are the expert source of information on your listing.)
- Be as descriptive in MLS as possible about your listing and include as many photos as your MLS system will allow (include photos of: Front, Rear, Street, and ALL major rooms & property features).
- Don’t use or reference tax records as your source of information. Do the proper legwork on your listing; it builds significant long-term credibility among your peers and local appraisers.
- Distinguish “above-grade” living area from “below-grade” living area in your MLS, particularly the quality of finish in below-grade living area, attics, bonus rooms, decks, porches, and so on.
- Provide an “Appraisers Package” in advance, and have it available at the property when the appraiser is inspecting the property, or meet the appraiser at the property so that you can answer any questions or inform the appraiser of the unique features of the property or neighborhood. Make sure you allow the appraiser the space and time to complete their inspection (Appraisers Package could include plats, surveys, deeds, covenants, HOA documents, floor plans, specifications, inspection reports, neighborhood details, recent similar-quality comparables, detailed list and dates of upgrades and remodels, and energy-efficient green features).
- Provide a fully executed copy of the purchase contract, with all addenda.
- Explain, to the seller or buyer that the roll of the appraiser is not to confirm the sales price but to provide the lender an independent, objective and impartial opinion of the value of the underlying collateral which the loan would be based on. Provide the seller or the Buyer a copy of the brochure developed by The Appraisal Foundation entitled “A Guide to Understanding a Residential Appraisal,” available from NAR to view or download at http://www.realtor.org/appraisal/a-guide-to-understanding-a-residential-appraisal
- Real estate salespeople and consumers can be present during the appraisal inspection. Make sure all parties allow the appraiser the space and time to complete their appraisal inspection, uninterrupted.
- Make sure the property condition (inside and outside) is the best possible for the appraisal inspection, and inform the seller that interior and exterior photos (and measurements) must be taken by the appraiser.
SOURCE: APPRAISAL INSIGHT
Vic Knight has been a licensed real estate broker in North Carolina since 1984. He's also a Certified General Appraiser in the state and is past president of the North Carolina Association of REALTORS®. He has chaired NAR's Appraisal Committee and currently is a member of the Board of Trustees of The Appraisal Foundation. Vic’s nearly 30 years in the real estate business includes owning and managing a Century 21 residential brokerage firm, extensive residential and commercial development, and residential property management. Vic is currently the owner of Appraizr.com, a real estate consulting and full-service residential and commercial appraisal firm. Vic is a graduate of the Instructor Training Institute and has authored and taught numerous real estate brokerage CE courses since 1998. He holds a BS in Civil Engineering from North Carolina State University and was a practicing professional engineer with the Bechtel Corp., an international construction company headquartered in San Francisco, Calif. Vic is chair of the North Carolina Real Estate Commission, a position appointed by the governor.