APPRAISAL QUESTIONS THAT ARE OK TO ASK
November 4th, 2009 categories: Buying, Market Trends, Selling
Today’s lending procedures can be really, really intimidating. The rules have changed so much that many Realtors are afraid to talk to the appraisers–we don’t need to be. We can ask questions that will help us help and our clients get a fair and accurate appraisal. It is fair to ask the following questions, gently and diplomatically (naturally):
- How many appraisals have you done in the downtown Chicago market in the last year? Particularly important if the appraiser has a 630, 847, 708, or heaven forbid an 815 prefix on his phone number.
- Do you have access to the Multiple Lising Service?
- Have you appraised this type of property before? This is of special importance if the home is a cooperative or an unusual vintage rowhouse–anything out of the ordinary.
- How will you satisfy the comopetency requirement in the Univorm Standards of Professional Appraisal Practice if you don’t have MLS access and adequate experience in this area with this type of property.
If the answers to these questions are unsatisfacotry, you can certainly suggest that they need to onntact the company that ordered the appraisal and decline the assignment since they don’t have the geographic and professional competence for this particular assignment. If your home is currently listed, you may want to tell your agent about this blog.
Now if your questions are about Chicago real estate, call me at 312-607-1306, cell, or direct 312-981-2360.
Other articles that might interest you are:
Must Haves For A Mortgage Application
A Hunting We Will Go Stress Free!
This entry was posted on Wednesday, November 4th, 2009 at 3:26 pm and is filed under Buying, Market Trends, Selling. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
