My recent Google Hangout with Genny Williams of “Get A Real Estate Life”
I recently had the opportunity to join Genny Williams of “Get a Real Estate Life” in a Google Hangout to talk about “Pricing, Evaluations, and Contesting Appraisals in Today’s Market”. This was my first time to do this so I hope I came across well and was able to provide you with some answers to questions you may have had. Genny asked questions that have been on the minds of many of the agents that she coaches. These agents are no different than any other because they experience the same issues that agents in other parts of the country do. I’ve included a link to a recording of the Hangout below (or click here) for you to view in case you missed it, and I have also included links to past blog posts of mine that also relate to these questions so that you can explore the issue further after you have viewed the video. If I can be of service to you please let me know as I am always happy to answer questions you have about the appraisal process.
Related Blog Posts
Pricing Listings: I know agents aren’t appraisers but they really don’t have to be to use the same techniques we do to narrow down recent sales to comparable status. Check out these posts in order to see what appraisers look for when choosing “comps”.
What Is A Comparable?– Learn how to more closely replicate what an appraiser does when choosing comps to help you in pricing your listings.
Is it a sale or is it a comparable?– Does this sound confusing, aren’t they the same? If so, this post will explain the difference between the two. You’ll gain better insight into why there is a difference and how it can make a huge impact in an appraisal.
Seller Tips: Picking The Right Comps To Help Narrow The Gap Between List Price and Sale Price– This post will explain how appraisers pick their comparables so that owners or agents will know what they are looking for and maybe this can help in making the sale price to list price ratio closer to each other.
What is bracketing and why should Realtors do it?– Pricing your home using this method will help decrease value related problems on the back end of the sales transaction.
Real estate agent and appraiser communication: Over the last several years there have been changes to the way agents can communicate with the appraiser. I’ve explained what is acceptable practice between the two since the change.
Clearing the air- A look at exactly what real estate agents and appraisers can talk about– The idea behind the rules regarding communication revolve around the desire for appraisers to be able to perform independent and impartial appraisals on real estate being held for mortgage lending purposes. This post covers the top concerns among agents and appraisers.
Pre-listing appraisals- When is it best to get a pre-listing appraisal? Some people think that only FSBO sellers need one but read these posts to dig a little deeper and find out who can benefit.
How an agent can use a pre-listing appraisal to save themselves time and money– A pre-listing appraisal can play an important role in saving an agent time and money. This post takes a look at how the appraisal can be used to an agent’s benefit.
Do I need a pre-listing appraisal even If I’m using a real estate agent?– Sometimes it makes sense to get an appraisal even though you are using the services of a real estate agent. Find out how to decide when it’s a good choice.
10 reasons NOT to get a pre-listing appraisal– Check out the ten reasons I came up with and see if you agree.
FHA Appraisals- Here’s a resource guide I put together previously for FHA appraisals, and a bonus download to help you out.
An FHA appraisal resource guide and checklist for real estate agents– If you’re a real estate agent I hope this post will help you navigate through FHA requirements on your listings.
Contesting a Low Appraisal- There is a procedure for contesting a low appraisal.
What Realtors Can Do When They Disagree With An Appraisal– This post will give you a general idea of what you should do if you don’t agree with the appraisal.
Conclusion
I hope that you questions were answered either on the hangout or within my blog, but if they were not please let me know and I will try to address it in a blog article. I’m sure if you have a question about a certain topic many other agents will as well. Please leave a message below if you found value in this information, I’d like to hear from you.
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I have been listening to this discussion in little pieces all morning. Great job Tom. Thanks for all you do for representing the appraisal industry.
Thank you Gary. I’ve looked to you and Ryan’s example with your own local interviews. Keep up the good work.
Nice job, Tom. Way to get out there to be a resource to locals in your area. I hope many people contact you with questions and business. 🙂
Thanks Ryan, you’ve been a great example to follow with how you provide interviews and teach classes within your own market.
When I speak with agents I give them a review of FNMA’s UAD, the MC and now the Underwriter. It makes them aware of the added complexities of those – but then I add the STIPS. After they have digested both – they start to not depend on their limited skill set as it makes them aware that they are not on the same page with the Lender, FM, the Underwriters and the Appraiser that is hired.
Also, If all homes in the market have similar (granite) components I let folks know that that item is baked in so to speak.
If you ever need a wing man for a future hangout let me know. Great discussion.
Great points Tom.I think when real estate agents find out all these things that are taking place on our end they start to realize the reason behind our need to have the home priced correctly before hand so there are less problems on the back end. An agent that understands their limitations in pricing and that appreciates our skills is a good one to find.