Yes, the Real Estate Market is HOT, but as listing agents, it’s our job to ensure we truly understand the market AND have a clear understanding on how to present information. If you list a nice home for sale, and it’s priced reasonably- in all likelihood, it’s going to sell. In this type of market, that’s the easiest part of your job. News Flash, if you are the homeowner and the listing agent- Your job is just starting!
When an offer is submitted on a home, more than likely the buyer’s lender requires an independent appraisal. As a listing agent, my job is to ensure that I present all the information possible about your home to give the best picture possible to the appraiser. That includes comparable sales (both on and off the market), list of all upgrades, prices of upgrades, and time frame in which they were completed, and firsthand knowledge of the neighborhood and what influences prices. It’s also my job to ensure the appraiser has experience and knowledge of the area. For example, if a home is located in Phoenix, you don’t want an appraiser that is most experienced in Tucson. When an appraiser calls to schedule an appointment, I ask them that question and if the appraiser doesn’t have knowledge of the area, I immediately notify the lender and ask for a new appraiser due to geographical incompetence of the original assigned appraiser. It’s important we take these steps BEFORE the appraiser issues a value on the home, if we wait until after- it’s too late. If your listing agent doesn’t take this seriously, you could be at risk. Perhaps you hired a discount brokerage and this is not part of their service- you need to educate yourself on how to present to an appraiser……..you might get lucky, but honestly you should simply hire someone skilled in this arena.
I recently had a home listed for $635k and after accepting a contract for the asking price, the home appraised. I had a listing agent that had a similar home for sale in the same neighborhood asking if the house appraised because their listing priced at $615k, only appraised for $584k. Something to note, my listing was on the market before theirs and the appraisal was in before. They should have contacted me and asked these questions BEFORE they went on the market- it’s called due diligence. I asked them if they met with the appraiser and provided proof of sales, upgrades, etc. Unfortunately, they did not and the seller was contemplating what they would do next. They have options. They can dispute the appraisal, the buyer can cancel, and they can wait for a new buyer, or they can agree to adjust their price. Ultimately, both the buyer and the seller have options, but this most certainly may disrupt plans for all parties involved.
When you hire NextView Home Professionals, please understand you’re receiving a full-service commitment that includes market research and appraiser communication. We want to do everything possible to ensure the price you agreed upon, is the same price at closing.
For your real estate needs, contact NextView Home Professionals!
-Tia Moore, Realtor
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