Last week at our office business meeting I shared with ourÂ brokers some ideas to help them interact more effectivly with appraisers. Appraisers are increasingly being tasked with more duties by governement regulators. The more we can do as an idustry to help them with their job the smoother our transactions will flow. Below is the handout I provided our group:
1)Â Â Â Take the lockbox off of the house.
2)Â Â Â Meet the appraiser at the home.
3)Â Â Â Be prepared with the following items to help support value:
- MLS print out
- Marketing information
- Copy of the purchase and sale agreement
- Information about previous offers
- Area information
- Cost invested for remodel or upgrades
- 3-6 comparables
4)Â Â Â Collect the appraiserâ€™s business card.
5)Â Â Â Send the appraiser a thank you note.
There is nothing in the HVCCs (Home Valuation Code of Conduct) that prevents you as the broker from talking with the appraiser.
Per FNMA a good appraisal will contain, among other things:
-Â Â Â Â Â Â Â Â 2 sales from within the past 6 months
-Â Â Â Â Â Â Â Â 2 like/kind physical characteristics
-Â Â Â Â Â Â Â Â 2 located within 1 mile
-Â Â Â Â Â Â Â Â Use both closed and pending sales