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The Appraisal Approaches

February 7, 2013  |  by Diane Ives

The contract has been accepted and all parties are waiting for the appraisal. What can be done to prepare?

  • Prior to listing the property, review the tax record with the owner to make sure it contains accurate information; owner’s name, basement, number of rooms (what gets reported on the tax record varies by jurisdiction).
  • Use the Keystone Profile sheet to help you gather all of the information, and provide complete data in your listings. An appraiser relies on the listing information, and sold listings become comps. Inferior information entered affects many people over time, so it isn’t just about one property or appraisal.
  • Provide good descriptions of the home. In Keystone, agents can clearly specify which rooms exist and what level they are on as well as provide flooring type and room measurements. These fields help appraisers know where the rooms are located in the house. “Rooms Other” provides a place to check any additional rooms. The “Other Structures” field provides a place to check structures on the property. Upload documents to listings using Document Management.
  • Using Media Connect, enter up to 30 photos. Appraisers appreciate photos which can be viewed in MRIS Virtual Tour, album, and thumbnail versions. Five photos are easily displayed on the Matrix Display “Photo Comparison”.

    Categories in Photo Comparison display are:
    • Primary,
    • Kitchen,
    • Master Bedroom,
    • Living Room, and
    • Exterior Rear.

  • Make it easy for the appraiser to access the home.
  • Have the owner prepare a list of:

    • Amenities and recent upgrades (including dates),
    • Survey or plat map (if available),
    • Additions with inspection certificates (if needed), and
    • Dates of maintenance (roof, gutters, etc).

  • Improvements will most likely be evaluated for both quality and condition. Remind the owner that the appraiser will take photos inside and outside so everything should remain clean and neat.
  • Before the appraiser arrives for the inspection, ask if they would like addresses of comps (some do and some don’t) but please remember that appraisers work under strict guidelines. Comps should be recent, with similar criteria, and geographically near.

Diane is grateful to the appraisers who helped her with this blog post.

Posted in Blog, Featured, Trainer Talk

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6 responses to “The Appraisal Approaches”

  1. Maureen Geary says:

    Good and Helpful info……Thanks!

  2. TOM KARRAS says:

    Should add: Ask seller if theyhave: Survey and flloor plan and provide to appraiser and the upgrades
    and improvements list should contan both date and costs; this helps appraiser in making adjustments
    and helps sellers to get a more proper appraiser of their property.
    Agent should prepare a CMA/Price Analysis (within a 1 mile radius of the property for Surburbs
    and up-to-5 miles for Rural) of similar property to include: Sold, Under Contract, and Active, the more the better, most recent is most important before taking the listing and could also make that available to the appraiser as a reference or check list of potential comps.

  3. Viktoria says:

    Great info! Thank you:)

  4. Lisa Mick says:

    Very good class. Helpful and informative.

  5. Excellent information, Diane. Many thanks!

  6. Betty says:

    Good Information! I needed clarification in this area..

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