How to Get More Accurate Appraisals
July 30, 2012
Low appraisals have been blamed on delaying—or even canceling—many real estate transactions over the last few years. While real estate professionals are limited in how much involvement they can have in the appraisal process, they can do a few important things to help ensure their sellers receive a fair valuation.
- Be there. Appraisers and other real estate agents say that being present at the home’s appraisal is important. Agents can respond to any possible questions the appraiser might have as he or she is valuing the property. However, agents need to make sure they don’t overstep their boundaries. Rules limit contact between agents and appraisers.
- Provide extra information. Michael Citron of Coconut Creek, Fla., says he gives appraisers packages of information that include comparable sales as well as a list of the home’s home’s upgrades and amenities within the development. Others also recommend that any information include the dates that renovations took place, permits for additions, and even receipts for the work (if available).
“You don’t want things to be missed that may result in a higher value,” says appraiser Scott Dooley in Fort Lauderdale, Fla.
Source: “How-to Make Sure a Home Is Appraised Accurately,” RISMdia (July 28, 2012)
Updated: February 19, 2019