Appraisal packets reminders for listing agents attention, attention. That is Shana Acquisto. She’s a luxury real estate broker. She knows what she’s doing. My name’s Mike and I just sit here in this chair most of the day. So while I do it all right, that’s really true. Actually, I use a different chair. But so anyways, we need to pay attention to this one little packet.
So in our market right now, it’s it’s kind of chaotic and something that we do is provide. So from a listing agent standpoint, what we like to do is provide appraisal packets. And what this is meant to do is to not influence the appraiser, but to show them the truth, remind them, remind them of the truth and how we obtained our listing price. OK, and you have to think they’re coming in. So they were hired. By the lender on behalf of the buyer, so this is this is the lender’s precaution to get a fair market value for this home.
That’s a really good point. Yes.
So when the up rate when we are doing appraisal packet’s and I know that we all do these, there’s a couple of things that I don’t know if you know this or not. That one, you need to be truthful. OK, we’re doing true apples to apples comparison, but you have to think this appraiser only has limited information. They only have the information that’s provided in MLS.
So they’re going to pull the same comps as you most likely. But the things they don’t know are updates. When where were the updates made? They would like to see a survey, right. They would like to know, were there are any other properties that may have sold off market that they didn’t have access to and could consider. So these are all things that you, as the listing agent, should provide them right. To help them determine fair market value, not to influence them.
Now, one of the reasons you want to definitely do that is because they’re not incredibly well compensated. It’s one of those crazy things. The pay per appraisal hasn’t went up, you know, at the same rate of most items. So what they’re doing is they’re trying to get in and get out and provide this professional servicer a real, true professional.
And it feels like they’re under attack for their compensation and they have to do more and drive further and all those things. So imagine what they’re going through. This is to help them and make it much, much easier on them so that they can get us what we need. We’re trying to assist them.
And, you know, a lot of people get frustrated with the appraiser. This appraiser was awful. He took comps from whatever. This is this is the appraiser’s they’re licensed by the state of Texas, they have very strict guidelines that they have to follow. My dad was an appraiser and I heard it from his side all the time. But you know what? The appraisers are valuable. They’re there to protect.
Our market and they have a standard that they go by, they do have a standard. So when you’re providing these appraisal packets, I don’t know, most appraisers will take them and be happy that you have provided for them. Any information they can have in making that determination is great. If they don’t and they say, hey, I can’t take that, don’t send me that, that is actually a violation.
And that’s what I wanted you guys to know. If they do not accept it is a violation of the U.S. Pappe, which is the uniform standards of professional appraisal practice law. OK, so you want to be careful there because you never want the appraiser to feel like you’re trying to coerce them or influence them in any way, shape or form. All you’re doing is handing over key information that they may not have had otherwise. OK, if they feel that you are influencing them in trying to persuade them or bribe them, if you will, they can note that in the appraisal.
Well, it’s like a bribe would be if you give them something of value in exchange for receiving an action. So, no, you’re not going to compensate them or do anything. Right. What you can do, though, is simply give them the information. And you correctly noted that they cannot ignore information from a market expert. And so are you a market expert as a listing agent?
Right. That’s probably another another question. But, yes, they are not allowed by their license to ignore that information. So good point. I just want to make sure everyone was aware of that. And if you have any questions on that, we should discuss it, because the appraisal packets are very, very important for you to provide. Very good. And love your appraiser’s, think of them. There they go through a lot.