|by GRI Instructor Michael Soon Lee, MBA, CSP, CRS, GRI |
Author: "111 Ways to Justify Your Commission" and "Black Belt Negotiating"
Whether you are the listing or selling agent on a property it behooves you to make sure that the lender's appraisal comes in at the highest price that can be legally justified. However, Fannie Mae's new appraisal guidelines that require lenders to select appraisers impartially can result in low property valuations.
There are a number of actions you can take to prevent this problem from occurring. First make sure that the buyer requests an appraiser from the local area. It's not uncommon that one would be selected from several counties away. Next, provide a list of comparable sales that the appraiser may not be aware of. For instance, there may be homes with similar floor plans in a nearby development but because they were constructed by a another builder have a different plan name.
In my next post I'll give you a couple more ways to get the highest appraisal.