Whether you’re a buyer, a seller, or an agent, the last thing you want is to receive a low appraisal on a home you recently sold or wanted to buy.
I just had a buyer’s agent tell me that they simply “let the appraiser handle that.” That’s absolutely the wrong thing to do—in fact, there are three crucial things you must do to avoid a low appraisal in the first place:
- Make sure the appraiser has a detailed list of all the features, amenities, and improvements of the home. Sellers, provide your Realtor with that list so they can give it to the appraiser.
- Find out if the appraiser would like comparable sales. Even if they say no, provide them anyway. Do this before they go out to appraise the property, and make sure to use sensible comps—not ones that are too high, low, or far away. You want the appraiser to be able to utilize them in case they’re not familiar with your area.
- Provide the appraiser with any supporting documentation. A client’s home had an additional lot, and if we hadn’t provided the survey for it, the appraisal would not have been accurate.
If all else fails and you still receive a low appraisal, there are still other things you can do. We’ll be detailing these in a future video, so stay tuned!
In the meantime, feel free to reach out to us if you have any questions or would like further information. We look forward to hearing from you soon.