Steps for Realtors and Agents to Support Their Sale to the Bank Appraiser
Over the past 2 years, changes in the Bank Appraisal Process may cause problems. Read More Below.
At Ebert Appraisals, we have assisted 1000+ families buying or selling their home. James Ebert shares these ten important “insider secrets” for agents to follow, to get the best results, and earn an extra $10,000-30,000 each year.
The Bank Appraiser is now a newly deputized part of your fiduciary team, even though the bank’s AMC sent him out. The information they uses to support the sale price is also your responsibility. (I know, we hear it all the time: “You want me to do their job too?” ) When the sale closes, you make 10X their meager fee.
Since the bank & the AMC (appraiser management company) take an additional commission from the appraisal fee, a typical bank appraiser might be making only 75% of what they made 15 years ago. Compare that with your commission, based on sale prices, as it is possibly 200% of what you made 15 years ago.
With that in mind, expect that the bank appraiser sent out may be:
– Possibly newer, and less experienced
-Trimming the home inspection, possibly missing important features or updates.
-Reducing in- office research & then missing important sales that are slightly older, or further away
4. When the appraiser calls you for access to the home, before you set up a time, Interview them first:
– Check where their office is, are they local, or 20 miles away? – Do they know the area – ask if they know which school district the home is in….( or similar ??) – Will they accept your comps? Or are they closed off, and not accommodating.
5. If they fail at these easy inquiries, get their number and tell them you have to call them back.
6. Then call the buyer’s agent, and get a new appraiser sent out, that is “geographically competent”.
7. As soon as you enter escrow, first build a WORD Document of all the features and local attractions
8. Second, Assemble a PDF “Full Printout” of 3-4 Comps the appraiser might miss, with details and agent name.
9. With the current market, It takes deep research to support each sale, so use these three expanded parameters:
- Go back in time, even 18-24 months to research older sales that still support your sale.
- Within ¼ to ½ mile, also search homes 50% greater or smaller than subject, that support your value.
- Go Further away, to “nearby competing neighborhoods”
10. Keep my phone number on your quick call list. Call me if I can assist you 310.505.5916