New real estate agent appraisal resource guide
As an appraiser I often get asked questions by real estate agents that are curious about why and how appraisers do their job. I enjoy speaking at agent’s offices to help them understand the process so that they are able to perform their jobs better.
It is my philosophy that by helping them understand more about appraising they can price their listings more accurately and there is less chance of deals falling through or deals being held up with underwriting issues. I especially enjoy helping new agents begin their careers on the right foot by teaching them what they need to know about appraisals, so it is in this spirit that I put together this post. I have compiled a new real estate agent appraisal resource guide consisting of links to 10 blog posts that I believe will help them to clearly understand various areas of the appraisal process.
Since the introduction of the HVCC several years ago there has been a lot of confusion about what appraisers and agents can talk about. We can discuss a lot more than you might think, so take a look at some of the top concerns between agents and appraisers.
Getting a listing ready for the appraisal inspection can help a sales transaction proceed smoothly and help reduce call backs by the loan underwriter. By following these guidelines you can be proactive in the appraisal process.
Most of the time there are valid reasons for an appraisal coming in short of the contract but an out of area appraiser or one lacking in knowledge of the local market should not be one of them. Find out what you can do to head off problems before they begin.
FHA loans continue to be a significant option for buyers in today’s market. Find out all you need to know regarding FHA appraisals and get a free checklist to help you out.
Many times agents go out of their way to make sure the seller is not present during the appraisal inspection, however it doesn’t have to be this way. There are many good reasons for the seller to be present.
Bracketing is a term that most agents are not familiar with. It can assist you in developing a better asking price for your clients, so check out this often overlooked tool to use in your next CMA.
Some appraisers do not prefer to receive comps from the agent, however others don’t mind. Find out the best way to present this information to them so that it is received in the best way.
It’s important for real estate agents to use accurate square footage information in their listings. This resource guide will guide you in the right direction so that your listings will reflect the most accurate square footage information.
I’m always asked what homes are selling for per square foot and this can be a helpful metric if looked at correctly. Find out when is the best time to use this indication of value and when you shouldn’t.
Pre-listing appraisals are not just for FSBO sellers. Agents can learn how to use them to their advantage.
If you’re a new agent what is your #1 question regarding appraisals? If it wasn’t answered here please leave me a comment below and I’ll get back with you. I speak at real estate agents offices all the time to help inform and educate them about what we as appraisers do, so if you would like me to speak at your office lets connect.