Mona's Real Estate Matters and a Myriad of Other Conversations: That All Important Appraisal - Waiting For Thumb's Up

That All Important Appraisal - Waiting For Thumb's Up

Finding the right house isn't always the toughest part of the real estate transaction, getting the whole shebang to the Settlement Table is.  There are so many components to guiding your Buyers (and Sellers) through the morass of Due Diligence.  Unless there is a hidden defect, I don't usually sweat the home inspection but sometimes there is a knot in my stomach until that all important appraisal comes in.

 

Most consumers, including the Buyers and Sellers, are unaware that the Appraisal is actually just an "opinion" from a human.  A well educated and disciplined human with many sophisticated tools at hand but nonetheless - a human.  Don't get me wrong, I am in awe of the restrictions the appraisers work within as well as the crazy time invested in each appraisal. Honestly, I don't know how they do it!

 

When agents assist buyers and sellers in pricing their offers or listings, we are always listening to our inner appraisers trying to anticipate the number$ that will seem reasonable to them.  In a dozen years of real estate transactions, I've only had one one deal that didn't appraise for the contract price.  Even in that one, we provided the appraiser with additional comparable sales and the opinion was revised upward slightly but not enough.  In that case, buyers and sellers both had to give up a little. Buyer paid more, seller took less.

 

Negotiation is a science and whomever you choose for your real estate agent, this is one area you would like them to have a good track record.  If you don't hit the right price mark with a negotiated purchase price then there's a whole lot of hurt going to happen on both sides.

 

I just got the thumb's up on the long awaited appraisal yesterday and all parties are breathing easier now. Even though my track record is good, I never take it for granted.  I try to keep in touch with my appraiser friends so that I can stay informed on which guidelines the appraiser is operating under currently and keep the negotiations based in something real for a happy and successful outcome.  We're all smiles now as we round the corner for a good closing!

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MoonDancer Realty Team Photo Collage copyright 2012 Mona Gersky

 

 

Unless noted otherwise, all photographs & content are my own and will only be shared with the courtesy of a written request for permission. 

 

 

   

Tree Dude Border 1 copyright 2012 Mona Gersky

Tree Dude Border 2 copyright 2012 Mona Gersky

 

Comment balloon 3 commentsMona Gersky • May 04 2017 12:13PM

Comments

Good morning, Mona Gersky congratulations for dodging that bullet.... imagine how simple life would be if appraisering were an "exact science"....

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) 7 months ago

Good morning Mona. One person's opinion can make or break a transaction. A scary thought, especially when they are not from the area. Congrats! Enjoy your day! 

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) 7 months ago

Good morning Mona. The appraisal is a thing for sure. All you can do is what you can do. I always brought annotated comps with me and a full listing sheet I compiled with pictures.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 7 months ago

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