Wednesday, December 28, 2011

Appraiser - Friend or Foe

Are you of the opinion that appraisers are killing deals and keeping the housing market in the dumps?

Many real estate agents, builders and lenders seem to think this.  This belief betrays a misunderstanding about what appraisers do.  Does the appraiser determine the value of the property?

If you said "yes" then you are among the misinformed.  It is the market that determines the value.  Appraisers simply report what the market has already decided.  If you disagree with a value conclusion and wish to dispute it, remember one simple thing.

Data is King!

The value is coming in low because that is what the data supports.  If you feel the value is unjustifiably low, provide the appraiser relevant, meaningful data that suggests otherwise.  Many real estate professionals have the belief they are not allowed to interact with the appraiser.  This is false.  You can be involved in the appraisal process as a data source.  Appraisers welcome any and all useful information you can provide.  

Treat the appraiser as an ally rather than an adversary and I guarantee you will see positive results.