Archives for March 2014

You just spruced up your house and put it on the market. You painted. You cleaned up all the clutter. You’re ready to invite in buyers. But wait — there’s one more person you have to sell – the appraiser! Believe it or not, there’s plenty you can do to improve your chances of obtaining the value you’re looking for.

First of all, you should expect to be able to speak to the appraiser. In fact, conversation is vital. After all, the appraiser needs to be able to discuss pertinent items about your house.

So you want to begin by making sure that the appraiser is qualified and competent. Check to see if they are affiliated with the Appraisal Institute, an organization created by our federal government to set appraisal standards and qualifications. You have every right to demand someone with field experience in your market and knowledge to handle your property with expertise.

Specifically, find out from your appraiser:

• What professional designations does he/she have?
• How long has he/she practiced?
• What level of experience does he/she have with your market and your type of property?
• Is he/she familiar with your neighborhood?

Next, when the appraiser arrives, present him or her with a list of everything in and about your house that you believe adds value — additional counter space, new sliding doors, a new sunroom or patio, etc. You’re not trying to influence the deal; rather, you’re simply documenting.

Your home value list should include:

• a detailed description of any improvements or replacements made.
• the dates they were made.
• who did the work (including invoices to show they were done by pros).
• a brochure to show the quality of the materials and building permits.

Now you’re ready to give the appraiser a list of “comps” or comparables, which are similar properties in your neighborhood that sold recently. The appraiser may already have the exact same houses; so at worst, your list may be redundant – no worries there.

Feel free to also list any ways your house differs from others on your block, such as different finishes, your better view, your larger lot size, etc. If your home boasts of a well-known builder, like Scott Patrick or Rutledge Homes of High Desert, you should mention that. Any information you can provide about the house, the neighborhood, the schools, etc., can be very helpful. It will help give the appraiser an even better understanding of the market.

Finally, you may highlight the per-square-foot sales price for each comp so the appraiser can see at a glance that the contract price for the subject house was just under the lowest price of houses that have sold in the previous six months.

So, with a little “homework,” you can help make the most of your house’s appraised value and then start thinking about your new dream home!

If you have any tips to add to this post, please leave them in the comments below. And if you’re thinking about selling or buying your next home in metro Albuquerque, contact me today!