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The APPRAISER Cometh!

 Asheville real estate. Cabin in the snow                                                                                It was early morning. Still early enough for the anxious homeowners  to deal with an unexpected blanket of snow on this April morning the Appraiser had scheduled his visit. The Appraiser was due  to arrive within the hour. 

According to the Department of Labor, Appraisers of real estate "estimate the value of real property for a variety of purposes, such as to assess property tax, to determine a sales price, or to determine the amount of a mortgage that might be granted on a property. "   

Alert to the importance of this event, and that the Appraiser would be confirming the highest and best use of their property, the couple began to scurry around. The wife cleared a path from the driveway to the door and asked her husband to make coffee. She could smell the freshly baked crumb cake all the way to the pine tree. She and her handsome husband would greet the Appraiser at the door, with the home's features and benefits clearly in mind. (photo of Asheville, N.C. cabin by J.T.) 

The Appraiser knew right away that this home was an energy efficient, green-built home and that he had an interested party along on his mission that morning.. And he was right. The couple wisely and happily extolled the home's charms and benefits. As real estate professionals, experience tells us that welcoming and accompanying the Appraiser can work for the positive. We also have found that  letting  the Appraiser know about the "comparables" can be helpful to an Appraiser. Most Appraisers I know and recommend do an outstanding job and report fairly. If you are present, you can make sure that the attention to detail you deserve occurs.  Appraisers can use various methods to figure out the value of a residential property, but it is mostlikely that the Appraiser will determine the value of a property solely on comparable properties nearby and home sales prices.

It is important to make a favorable impression when the Appraiser determines a property's market value.

Get your property to glow. A bit of home-staging could help. Be sure to "de-clutter" and clean every nook and cranny in preparation for the Appraiser's visit. This will assist the Appraiser in seeing the good points of the property. First impressions count, so be sure the landscaping looks spiffy, too . In this case, what could be more beautiful than a newly applied blanket of snow ?

You probably aleady guessed that the couple getting ready for  the Aprraiser's visit had scrubbed, polished, cleaned, painted, and fixed-up their already sweet cabin so that it would look its best. They invested a modest $200 in geraniums and pansies to add color to the landscaping (a great story for later on since the plants now were safely stowed inside!) and had budgeted $200 in new paint for the interior. At the time of the appraisal, they were gratified when the Appraiser mentioned the "immaculate condition both inside and out."

Resources:

National Association of Real Estate Appraisers
The Philosophy of "De-Cluttering"
Green Home Appraisals - Do They Exist?
Green homes sell for more money


 

 

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Comments

janeAnne - you have a great talent in communicating a story and pertinent information.   Kudos.
Posted by Rob Robinson- Lehigh Valley PA (Bertrum Settlements (Title & Abstract)) over 11 years ago
I always meet the appraiser at the property and ask my clients to make sure the property is in showing condition for the appraiser. In our area, we are not supposed to provide comps to the appraiser, unless they specificially ask us for more information (it can be seen as trying to sway the appraiser's opinion). I usually give them my multi-page color brochure of the home, though, which has all the features and interior pictures, to help them remember the details about the home that they may miss. Great post!
Posted by Kelly Sibilsky (Licensed Through Referral Connection, LTD.) over 11 years ago
many times people forget the importance of this visit!  Good post!!!
Posted by Chris Tesch, College Station, Texas Real Estate (RE/MAX Bryan-College Station) over 11 years ago

Rob~ 

Thanks for the comment. One of the assets we have as real estate professionals is, as you say, "communicating a story"...So often our clients are not aware of the importance of the Appraiser's Visit!

Posted by . 4Terra Land Brokers .. 828-776-0779 Asheville NC, What's Most Important to YOU? Call(828)-776-0779 ( REAL ESTATE RESOURCES & NETWORK ) over 11 years ago

Kelly~

Good to know about regional Appraiser-related information!

When getting ready to put their properties on the market, a good number of sellers seem to like the idea of having an appraisal in hand prior to listing the property. It seems to work well for them when they actually call the REALTOR, and that document could be a positive addition to the marketing plan.

Posted by . 4Terra Land Brokers .. 828-776-0779 Asheville NC, What's Most Important to YOU? Call(828)-776-0779 ( REAL ESTATE RESOURCES & NETWORK ) over 11 years ago

Chris~

I agree. If we kept a tally of our listing clients, how many of them do you suspect even know that the Appraiser's visit is extremely important?

Posted by . 4Terra Land Brokers .. 828-776-0779 Asheville NC, What's Most Important to YOU? Call(828)-776-0779 ( REAL ESTATE RESOURCES & NETWORK ) over 11 years ago

You are right! It can be helpful, especially when a property is very difficult to comp (we have many custom homes in and around the area). Most people in our area don't call an appraiser in first, they rely upon our opinion of value, most likely they don't want to pay for the appraisal!!

How about this? I've seen many clients who bought a house for $425,000, then went to get an equity loan three months later, and the appraisal says the property is worth $500,000. The comps are wacky...our market is not experiencing much, if any appreciation, and the home has not been improved since their purchase. Now the seller needs to sell due to some unexpected circumstance, and pulls out this appraisal to show me what his property is "worth". Of course, now that "equity" has been spent paying off other debt (not improving the home)...and the current market conditions show that because they bought their house only six months ago, their purchase of $425,000 is the best comp...the home is worth nowhere near $500,000. YIKES! Has anyone else experienced this?

Posted by Kelly Sibilsky (Licensed Through Referral Connection, LTD.) over 11 years ago

Kelly~

Interesting scenario! I'd get up an article on this if I were you! =-)  In the meantime, you have one of those situations in which a decision on whether to represent or not represent may be before you....Appraisals can be misleading. I'm going to put this out to a couple of groups here to see what we all have to say!

Posted by . 4Terra Land Brokers .. 828-776-0779 Asheville NC, What's Most Important to YOU? Call(828)-776-0779 ( REAL ESTATE RESOURCES & NETWORK ) over 11 years ago

janeAnne,Thank you for the article that does show how certain aspects can have benefits in many areas.

Green built homes benefit all of us in many ways, including our life!

As you know, Home staging benefits are evident in:

listing photos

showings

offers to buy

appraisals

selling prices

future comps for that neighbor hood, etc

As founder and owner of Asheville Stagers, I would like to whole-heartedly thank you for your article and support of home staging principles.

The snow was a pretty surprise . My husband and I were looking out at our mountain view, watching the storm in Madison county move towards us. I thought it had alot of heavy rain since it looked so white and covered the sky but afew minutes later we saw snow flakes. Mother Nature reminds us of her many wonders and We must respect and protect our beautiful surroundings. (Earth, Water, Air etc)

 Thanks, Leslie 

Posted by Leslie Godbold, Motivation Speaker, Radio host "Positively Living" (WZGM AM1350 Independent Asheville Radio) over 11 years ago

janeAnne,  this post is quite the testimony to carefully planning to sell the home - which includes "Staging" the house so that it looks its best!  Everyone should know that a house that is "Staged" gives the impression of a well-cared for home - even to an Appraiser!

VAL

Posted by Val Allocco, HSE; ASHSR - Home Stager, for Manhattan, Brooklyn & Long Island (Staged 2 Sell New York & Long Island) over 11 years ago
And you know, in the hot humid dog days of a North Carolina summer, a cold glass of iced tea offered to the appraiser goes a long way toward making the home look presentable!
Posted by Leigh Brown, CEO, Dream Maker - Charlotte, NC (Leigh Brown & Associates, RE/MAX Executive) over 11 years ago

What a GREAT story, and SO true.    The mantra should be: STAGE, APPRAISE, LIST, SELL in that order! 

Leigh:  Good one!

 

Posted by Patricia Ebrahimi, Home Staging the Washington DC Area from Rockville MD (SHOW SMART! HOME STAGING & Color Consultant) over 11 years ago
I'm off the point again. What makes this property so energy efficient? From my limited view it is difficult to tell.
Posted by Dena Stevens, Putting The Real Into Realtor Since 2004 (Rocky Mountain Realty ) over 11 years ago

Leslie~

Earth, Water, Air..and Fire...I am curious about how that aspect is represented in the staging process and how it would translate into something attractive that might be seen by appraisers (and clients) as appealing...

I look forward to meeting you!

Posted by . 4Terra Land Brokers .. 828-776-0779 Asheville NC, What's Most Important to YOU? Call(828)-776-0779 ( REAL ESTATE RESOURCES & NETWORK ) over 11 years ago

Val~ 

I was surprised and pleased to hear form our staging-folk! When I wrote this piece, I hadn't thought of the positive impact just even an hour or so consult with a professional stager could offer to the person who was  about to sell a home! Come to think of it...this could be a very attractive tool for a REALTOR'S tool box! THX!

Posted by . 4Terra Land Brokers .. 828-776-0779 Asheville NC, What's Most Important to YOU? Call(828)-776-0779 ( REAL ESTATE RESOURCES & NETWORK ) over 11 years ago

Leigh~

I often think  of scent and sound when I think of preparing a home for viewing...but your suggestion is refreshing!  Ambiance is not only visual...

Posted by . 4Terra Land Brokers .. 828-776-0779 Asheville NC, What's Most Important to YOU? Call(828)-776-0779 ( REAL ESTATE RESOURCES & NETWORK ) over 11 years ago

Patricia~

You commented: "STAGE, APPRAISE, LIST, SELL in that order!  " and the power of process is never so evident...a wise choice, for all concerned

Posted by . 4Terra Land Brokers .. 828-776-0779 Asheville NC, What's Most Important to YOU? Call(828)-776-0779 ( REAL ESTATE RESOURCES & NETWORK ) over 11 years ago

Dena~

 The narrative assumes that the property is energy efficient... possibly the appraiser could tell by the windows/doors/construction...maybe there were solar panels on the side of the roof we can't see ..I'd better add that in, eh?  or upon entering s/he noticed the appliances...

Posted by . 4Terra Land Brokers .. 828-776-0779 Asheville NC, What's Most Important to YOU? Call(828)-776-0779 ( REAL ESTATE RESOURCES & NETWORK ) over 11 years ago

JaneAnne,Always try to meet the appraiser and/or  have an "appraiser" package at the property. This includes the current listing ( marked subject) with color flyer, the plat, and comps for the past 6 months, if available past appraisal to be used for floor plans, etc.

 Never had an appraiser complain about "too" much info. They usually take it and slip it under their clipboard for a review later. I have spoken to many appraisers over the years and have found this information to be greatly appreciated.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 11 years ago

Margaret~

Good information. Thanks for sharing. Like you, I have found that this extra bit of attention to detail pays off for all concerned.

Posted by . 4Terra Land Brokers .. 828-776-0779 Asheville NC, What's Most Important to YOU? Call(828)-776-0779 ( REAL ESTATE RESOURCES & NETWORK ) over 11 years ago

I have respect for appraisers and we need to work together. Many times I will get a call from an appraiser, that has nothing to do with my listings. They are seeking information to comp for a refi etc. I am always available. I have a list of EVERY appraiser I have spoken with in my PDA. There are times when a friend/cleint  needs to value a property for an estate etc. I will  have an appraiser in their area to reccommend. Appraisers have been good souces of referrals for me, selling their homes and home of friends/family.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 11 years ago

Margaret~   

You know I like the idea of win-win-win...we have spent years developing our list of community resources...and like you appraisers have an important place on our list...and yes..we get calls from them for assistance, too. From time to time, some of our clients have seen the benefit of having an appraisal done prior to listing their home or commercial-property. I like tot think that everyone wins from this foresight.

Posted by . 4Terra Land Brokers .. 828-776-0779 Asheville NC, What's Most Important to YOU? Call(828)-776-0779 ( REAL ESTATE RESOURCES & NETWORK ) over 11 years ago
JaneAnne, Win-win-win is the way to go in this business.
Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 11 years ago

Margaret~

I totally agree with you...if a real estate professional offers  the choice of a happy transaction and excellent communication back-and-forth throughout that transaction as opposed to the Us versus Them approach......that person is doing a great service for all parties, IMHO. 

Is this a Type E thing, (uncommon) do you think? ...or?? 

How do we help create the Triple Win??? Possibly engage those who are involved (appraisers, surveyors, environmental health pros, attorneys, etc. ) in dialogue in the course of ordinary days so that during extraordinary days we can be clear in our communication with them on behalf of our clients.

Posted by . 4Terra Land Brokers .. 828-776-0779 Asheville NC, What's Most Important to YOU? Call(828)-776-0779 ( REAL ESTATE RESOURCES & NETWORK ) over 11 years ago
I am thinking of selling my home. Would it be a good idea to have an appraisal done before I put it on the market?
Posted by John Thomas over 11 years ago

John~ 

Listing agents often say that having a current appraisal is a 'good-thing"...it can help the seller have an idea of the value of the property from an independent source.

Posted by . 4Terra Land Brokers .. 828-776-0779 Asheville NC, What's Most Important to YOU? Call(828)-776-0779 ( REAL ESTATE RESOURCES & NETWORK ) almost 11 years ago

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