Appraisers perform opinions of fair market value to the best of their ability. It is important for them to gain as much information as they can in order to develop the most accurate opinion of value. In this fast-paced real estate environment, lenders typically demand the appraisal to be turned around in 48 hours from the time of inspection. During this time, speaking to realtors is a critical component in their due diligence.
Some say the best defense is a good offense. In my experience, realtors who know the market well and provide the appraiser with pertinent information are an asset. Here are a few tips for realtors before and after the home appraisal is performed.
This informs the appraiser that there is demand for this property. Point out what makes this property more desirable than the next to help explain why multiple buyers are interested in it. The appraisal can come back low if there is a bidding war, especially when the buyers are emotionally attached. If the appraisal comes back low, there is still a chance of increasing the value as long as you can show rational support from market data. (See tip 3.)
Realtors typically specialize in an area smaller than the coverage area of an appraiser, and therefore they may know the neighborhood better than the appraiser. When a realtor asks if they would be able to provide comparables to me, I always respond that I’m happy to review them. This does not mean I will necessarily use them, but I read them over and I find it very helpful if the realtor adds notes such as issues or benefits which they may know about that is not conveyed on the listing. Examples of this could be if:
When realtors provide an appraiser with comparables, do not send them 40 sales from all over the town. If you are going to provide comparables, it is most helpful if you narrow it down to the best 5.
If the appraisal comes in under the contract price, the buyer may request a reconsideration of value which is a rebuttal on the appraised value. As a realtor, when helping out your client it’s best to provide detailed reasoning as to why the comparables selected in the low appraisal are either not the best. Or perhaps specific adjustments made are not correct. If there are better comparables available, provide the address, MLS number if possible, and detailed reasoning as to why they are better comparables. If you feel that adjustments should have been made or were made in error, it is also best to explain why with detailed reasoning. As an appraiser, I am open to hearing a rebuttal and will act accordingly if the information presented is valid.
As stated earlier, appraisers are typically given only 48 hours to turn around the report so if you wait 3 days to get back to the appraiser, it may be too late. The information realtors provide is valuable and can be helpful to make the proper monetary calculation in the report as they are hearing first hand from the buyers in the market.
The saying you goes ‘you can catch more flies with honey than with vinegar’. It is always best to have a professional and courteous attitude. If a realtor has a positive attitude in their response, the appraiser may potentially be more open to reviewing their report without getting defensive.
There are times when the market doesn’t support the contract value. As a realtor, if you find yourself with a low appraisal and feel stuck, I can potentially help. I can perform a review of the appraisal to find errors and perform research to find more relevant comparables to be used in the rebuttal. Give us a call if you find yourself in this situation and need assistance.
Evan from American Realty Appraisals came out to our home last spring to conduct a home appraisal in support of our property tax appeal. He arrived promptly at the agreed time, was very professional and conducted a thorough walk through. We were very satisfied with the results of his appraisal - they were well-researched and accurately captured the features of the home. His appraisal proved to be a crucial element in a very successful tax appeal. I would gladly recommend his services to others.
I was extremely pleased in my experience with American Realty Appraisals. Evan was very knowledgeable and was happy to answer any questions I had. His appraisal was useful in our being able to successfully appeal our taxes. It was worth every penny. He also shared some suggestions on how to shore up insulation efficiency around the house. 5 Star service. thanks!
Evan was extremely helpful in our obtaining a favorable result from our tax appeal and I highly recommend his services
If you want the Do's and Dont's. I would say DO use Evan. It was a very smooth and easy process. He worked around my schedule. His turnaround time was very impressive. Price: He was in line with the other quotes I received. And you DON'T need to worry. I will recommend him and use him again
Prepared the documents to submit for a tax appeal and accompanied me to the tax appeal hearing to present my case. I have used American Realty Appraisals twice and have won my tax appeal each time.
I was appealing my real estate taxes and American Reality did an appraisal on my home. The appraisal went well and as a result the tax appeal was successful and our real estate taxes were lowered.
I was ignoring go through Tax appeal process because I thought it was so cumbersome with very little chance of winning. In this process, I used Evan for a tax appeal. Not only we won but it was very easy and simple process between him and the lawyer. I highly recommend to use Evan, he knows what he is doing!
The tax appeal through you and Lisa Walsh was successful, and you may use me as a reference any time in the future
Evan was great. He was instrumental in helping me to appropriately lower my taxes via an accurate appraisal. I highly recommend his services to anyone in need of an appraisal in NJ.
When the interest rates dropped last year, I decided that it was a good idea to refinance my mortgage. I was recommended to American Realty Appraisals by my mortgage company. They were affordable, expedient, and ultimately put together a very comprehensive report with figures, photos, and local comps. I would highly recommend them to anyone looking for a professional and honest appraisal company.
Evan and his team at American Realty Appraisals are simply the best at what they do. As a mortgage banking professional, I have worked with dozens of appraisal firms over the years and I continually return to American Realty Appraisals when I can for their expert advice and service. I would highly recommend them if you are an individual looking to have your home appraised, or a banker looking to add a high quality appraisal firm to your list of approved appraisers.
Before I went to list my home, I hired Evan at American Realty Appraisals. I wanted an unbiased opinion of what my home was worth. He provided a thorough report that gave me piece of mind and a leg to stand on when it comes time to negotiate. I was also pleased with how fast he turned the report around after the inspection.
I am an attorney in Westfield and I refer all of my clients to American Realty Appraisals. I have worked closely with Evan Siegel for the past two years and I have been impressed with his professionalism, integrity and expertise as an appraiser. Relying on his appraisals, I have been able to negotiate property tax reductions for numerous clients in Union County. I highly recommend American Realty Appraisals for all of your residential real estate appraisal needs.
ARA did a great job of handling my tax appeal. The guidance was spot on and the staff, specifically, Evan Siegel, was professional and knowledgeable. The outcome was excellent and I'm saving a good amount of money on my real estate taxes. Thanks ARA!!
I used Evan for a tax appeal project. It was a seamless operation between him and the lawyer. Zero blips, and we won.
Mr. Siegel performed an appraisal for my home for tax appeal purposes. He was very professional and helped me lower my taxes by 17%. I am quite satisfied with his work.
Highly recommend. Excellent service, professional, prompt. Great result