Brand spanking new in the business and I was shadowing the gal who, without knowing it, would soon become my partner in the real estate business until she moved away from the area.
One of her listings had just taken a binder and she asked me if I would like to accompany her to meet the appraiser. I was pleased to, yet surprised that she was in fact meeting him as I had recently been trained that typically it’s the buyers’ agent who meets the appraiser.
Comps
On our way to the appointment she showed me the comparables that she was about to hand over to the appraiser. “I always do this whether I am representing the buyer or the seller.” She exclaimed. “I don’t want to leave anything to chance. Some of the appraisers come from far away and don’t really understand the value that one particular street can command versus another. They know the principles of progression and regression in theory, but don’t always know how to apply them to the specifics of a neighborhood. Whomever I’m representing, I have to protect their interest in the transaction.”
“What’s progression and regression?” I naively asked. “Progression suggests that a street with larger, pricier homes increases the value of a home on that same street that is not as large or pricey.” Regression is the diametric opposite.”
Questionable
I questioned in my mind the wisdom of bringing the comparables directly to the appraiser. “Would he be offended?” I wondered. “Isn’t this going to appear contrived?”
A short time later we arrived at the property. The appraiser introduced himself and the aforementioned agent introduced the two of us. She handed the appraiser a folder with the comparables that she had prepared. He said, “Ok great.” Sensing that I was new to the buisness, he turned toward me with the folder in his hand and calmly stated, “This is one reason why some agents are successful in real estate and others aren’t.”
No Surprise Here
After reading about this scenario, anyone who knows me and has worked with an agent at Al Filippone Associates should have no doubt that an appraiser who is involved with appraising one of our properties will be met at the home and will be given the comparables that the agent thinks most appropriate for the subject property.
There are many components involved to providing the glue for a real estate transaction and protecting your client. Meeting the appraiser at the home with comparables in hand is one of them.
What has been your experience with appraisers of late?
Do you find it helpful to offer them comparables?
Please let us know in the comment section below.
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