Nov 13

Agent, Appraiser: How Much Can We Talk?

Agent, Appraiser: How Much Can We Talk?

Agent, Appraiser: How Much Can We Talk? Image courtesy of tungphoto / FreeDigitalPhotos.net

Agent, Appraiser: How Much Can We Talk? Image courtesy of tungphoto / FreeDigitalPhotos.net

One big misunderstanding between real estate agents and appraisers centers on how, when, and what they can communicate about the valuation process, said panelists at a Valuation Forum on Saturday at the 2013 REALTORS® Conference & Expo.

While federal laws dictate those communications, appraisers and agents don’t have to be estranged during a transaction.

“There’s a window of opportunity when agents and appraisers can talk, but once the appraisal has been developed and sent to the client, that window is closed,” said Vic Knight, appraiser at Chapel Hill Appraisals in Raleigh, N.C.

Before that point, agents have an opportunity to provide appraisers with supporting information. For example, listing agents can be present for the appraisal and be on hand to clarify any items necessary, such as a remodeled kitchen. They can also provide an appraisal package upfront that includes the purchase contract and comparables that demonstrate how the listing agent arrived at the price.

Because of the number of off-MLS listings — or pocket listings — in many markets, agents may have valuable information that appraisers can’t find on the MLS, said John Anderson, a real estate agent with Twin Oaks Realty Inc. in Minneapolis. “Many appraisers are usually open to the information that agents bring within the appraisal package.”

Another issue: Although home prices are picking up in many markets, inventory shortages are limiting comparables, leading to appraisals lower than the contract price. Home owners may be able to appeal a valuation if they can prove that there are errors in the report, pertinent comparables are missing, or the appraiser lacks geographic competency, panelists said.

Source — M. Tracey, REALTOR® Magazine

 

admin

For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.

Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.

Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.

When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.

For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.