Wednesday, December 12, 2012

An Appraisal Story

One of my listings in Santa Clarita is a little different from most. Santa Clarita is the town of mostly track housing, cookie-cutter, fairly easy to find 'comps' for.

This one is a tad different. And, for me, determining a list price I had to get creative. Pull from out of the 'track', add in for extra items, take away for less, adjust for this and that. Lots of adjusting for this and that!

Fortunately for my sellers it is a standard sale and it is a sellers market with the lack of inventory. We did have multiple offers on the home and selected one that appeared would work best to close escrow.

Then, the appraiser schedule their appointment to view the property. Grumpy right from the start. 'I'm too busy to come out until next week'.....'It's a duplex? Oh, ugh, no one told me that on my sheet.' 'There are no recent comps?' 'Oh, Ugh again!' So, needless to say, I am really dreading the meet with this one.

I get my documentation together since the assessors records are all crazy. Two story noted on a one story unit. Square footage about 400 short. But, my seller overnights me the plans, sends me the inspection sign off sheets for the remodel, I pull more comps than I could possibly need....I'm Ready!

With a smile on my face, standing on a gravel road in my tennies, paperwork in hand....I meet the lovely little appraiser in her flashy red car and high-heels. 'This is a gravel road?' 'Ugh, no one told me that' I smile and tell her I wondered if she would see that in the MLS and wear flats....big smile here. Laughing inside.

So, she then tells me what I already know. 'This is going to be a really hard appraisal. I really wish I never took the assignment.' But, I see she has done a lot of her homework, she has gone out of the normal boundaries, and she really is ready to do the best job she can do.

She turned out to be a rather nice, funny lady. I enjoyed her chatter, and she said the property was definitely nicer than she had expected.

I came back to my office and pulled even more comps, older ones that she would need to adjust for age. But, I doubt we'll have any problem.

And, if we do, I'm armed with more info.....and, 
with two additional back-ups 'chomping at the bit',

 there's no reason to make any price adjustments if the appraiser won't make any value adjustments either.

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