By Charles Scott
Dec 2, 2012
Q: How do I know I’m getting an accurate appraisal?
A: This question is usually asked when the real estate deal has fallen apart. Usually, the house fails to appraise for the anticipated selling or refinanced value.
In recent years, lenders have utilized independent appraisal management companies. Some real estate agents and sellers feel that contracted management companies send out appraisers that are not familiar with the area appraised. Also, the price the bank pays for these appraisals has been reduced and many sellers feel the appraiser did not do their due diligence in researching the comparables in a given area.
There are many things you can do to help ensure a fair appraisal. Ask if the appraiser is familiar with the area and how many appraisals he or she has completed near the subject property in the last six months.
Improve the curb appeal of your property. Make sure the appraiser is aware of all the improvements and additions completed since you purchased the home.
Go to your town hall and record current sales in your area of homes similar to your property. Also inform the appraiser of rehab and foreclosed homes so that these homes are not used as comparables.
And last if you disagree with the appraisal, call the appraisal review department at the bank and submit your research and comparisons received from your local town hall.
— Charles Scott, Tri-State Realty, 203-334-7434