Big Bear Real Estate appraisals can vary greatly and so it is important to make sure you have a local professional conduct the valuation. Outsiders who are unfamiliar with the local neighborhoods, or who are on the payroll of a financial institution, have been found to differ from a few thousand dollars to tens of thousands of dollars–and this can be a problem.
When the National Association of Realtors conducted polls on the topic, the organization found a lot of frustration surrounding the matter. Faulty estimates were discovered to be major causes of contract cancellations and the use of affiliated appraisers (or in-house staff) contributed to the escalating numbers of disagreements over property values.
If you have had a deal fall apart because of a bad appraisal and the lender has not worked with you after being alerted of the problem, you can file a complaint with the California appraisal board. Although the board cannot solve your issues, they can take disciplinary action, fine, or suspend a bad service provider. Rather than fight such battles, there are some steps you can take to be proactive in getting a solid appraisal. One of the first steps to take is to work closely with your Big Bear Realtor to provide a summary of comparable homes (comps) that include recently sold properties and active listings .
Your Big Bear Real Estate professional can pull comps that are in the neighborhood, that are approximately the same size, that feature some of the same amenities, and that are in similar condition. If you are aware of any unique influencing factors on the home sale prices in your area, make sure to disclose them. Knowledge of things such as personal tragedy, death, divorce, financial challenges, or concessions made to make the sale are important factors.
It is also a good to compile a listing of all the property improvements and upgrades you have make on your Big Bear house. Providing documentation on the dates of the work and the total financial investment will help to enhance the value of your home. So, bringing it to the attention of the appraiser is important.
Prior to the inspection, query the individual about his or her qualifications. Longevity, certifications, professional titles, memberships and professional contacts can help you assess just how competent the service provider might be. If he or she has professional contacts in the local Big Bear Real Estate market, it is likely that your appraiser will be able to get good information about pricing trends and current sales information.
Plan to be present during the assessment of your Big Bear property. Once completed, you are entitled to a review copy–so ask for one. During your review of the appraisal, look closely at the comps that were selected and double check the property measurements for accuracy.
Discuss any concerns with your Realtor, and if there are any serious mistakes and your valuation is low, ask for corrections. If you are unsuccessful in getting the appraiser to correct the valuation, you can make an appeal directly to the lender.
This is called a “reconsideration of value.” Follow the procedures required for the appeal and then request a second valuation. Although this will require additional fees, getting another by a more competent appraiser will be to your benefit.
Rahill Realty would be happy to assist you as a buyer or seller. Don’t hesitate to call one of our Big Bear Realtors for help at (909) 547-4402.
