Appraisal Letter -inman News PM
Monday, August 17, 2009 | Comments Off
Dear Editor:
Getting appraisals for properties continues to be an exhausting process that neither the buyer nor the seller can be adequately prepared for (though I continue to try).
A recent example was a property that is tucked away in a lovely but tiny little subdivision isolated from the surrounding homes. This subdivision has one or two sales per year, with homes ranging in size from 1,500 square feet to 8,000 square feet.
The lending company wanted three comparables within a mile. The deal fell apart and the next buyers (much to my seller’s delight) offered them $5,000 more, and our local appraiser had no problems with the value. Knowing when to prepare your client for this “numbers game” is difficult, as the explanations will more than likely confuse them if given in cases where we don’t have problems.
Chris Tesch
Realtor
Article pulled from inman News, PM Edition