By Eileen Murphy
Nov 30, 2012
Q: How do I know if I’m getting an accurate appraisal?
A: It depends on who the appraiser is that the buyer’s bank assigns it to. When a buyer goes to put in an offer, their Realtor should have already done a market analysis for them for that particular property that they are interested in purchasing.
This is done so that they will know the recent sales for a similar house. This includes number of bedrooms, number of bathrooms, amount of acreage, condition, location, etc. That is how a buyer will know the range of where they should put in their offer.
Then, there are negotiations between the list price and what the seller will accept. Based on that number, when they go to get their mortgage the banks find an appraiser and the appraiser comes out.
What I do as a Realtor, whether it is my listing or my buyer, is the same market analysis that I did when they went to put in their offer. I print out those recent sales. Do not go back beyond three months. Keep it within 30 days or 60 days. They are running very tight. Years ago, you would go back six months.
— Eileen Murphy, William Pitt Sotheby’s International Realty, 203-321-6912