We had a transaction recently with a $410,000 price, but the most recent “model matches” sold for $370,000 or less. This of course made the appraisal a real concern.
Fortunately, the realtors involved were very smart and affable, and they did a masterful of job of providing data to the appraiser and assisting the appraiser in a very friendly manner (without coming across as angry, demanding or condescending).
The appraised value came back at $405,000, only $5,000 below the purchase price, but $35,000 OVER the model match prices. There is no doubt that the appraisal would have never come in as high as it did without the skilled and affable input of the excellent realtors.
We address this often, but “friendly” appraiser coaching is a key factor in today’s hot market when it comes to garnering sound appraisals at or near a required value.
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646