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Looking For Residential Appraiser For Se Heights (abq)

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Michael S

Thread Starter
Senior Member
Joined
Mar 18, 2009
Professional Status
Certified General Appraiser
State
New Mexico
My brother-in-law is getting ready to sell his house in the Southeast Heights near Gibson and Louisiana. I recommended that he get an appraisal to help establish a listing price and to provide him with information on marketing time and the sales in the surrounding area. He can then use this information to help select a realtor by screening out those who suggest a listing price that is significantly higher, or lower, or who do not utilize most, or any, of the comparable sales selected by the appraiser in their CMA.

It's pretty typical for the neighborhood - around 1,600 SF 4BR (partial garage conversion just redone with permits) 2 BA w/ 1 car garage probably built in the 1960s.

They bought it based on a much larger square footage and didn't discover the difference until a refinance appraisal several years later confirmed that the original appraiser (and seller and realtor) were all off by about 200 SF on what was basically a rectangle.

Please send me a PM if you're interested or know someone who does a lot of work in that area.
 

normando

Senior Member
Joined
May 2, 2009
Professional Status
Certified Residential Appraiser
State
California
I get calls about doing an appraisal to help them get a list price. I would love to get paid but I'm an honest guy. I tell them why don't you contact several realtors which can give free estimate in what price to list. I see many properties here (low inventory and high demand) in which listing agent usually list below market. Some are way below market. Don't understand why but it does cause a frenzy including me and I go and take look at property and I make an offer too in case I get lucky and get a good price.
Anyway my point is your brother in law does not need to know the appraised value. If listed near market, market will take care of the price.
 

Michael S

Thread Starter
Senior Member
Joined
Mar 18, 2009
Professional Status
Certified General Appraiser
State
New Mexico
I get calls about doing an appraisal to help them get a list price. I would love to get paid but I'm an honest guy. I tell them why don't you contact several realtors which can give free estimate in what price to list. I see many properties here (low inventory and high demand) in which listing agent usually list below market. Some are way below market. Don't understand why but it does cause a frenzy including me and I go and take look at property and I make an offer too in case I get lucky and get a good price.
Anyway my point is your brother in law does not need to know the appraised value. If listed near market, market will take care of the price.
Broker's incentive is to sell the property, period. They want to get the highest price, but not necessarily at the sake of not selling it quickly. If they list it too high it will sit on the market, too low and they leave money on the table. Or the broker can list it at the right price but convince them to take a low offer because waiting to get an additional $5k ends up being an additional $75 in their pocket (assuming 6% commission where they get a 3% split and the broker takes half) but my brother-in-law ends up losing out on $4,700. Their incentives are not aligned.

If they have an unbiased appraiser provide a range of values based on marketing time, as well as the sale data from the neighborhood to back it up they can tell if their broker is really working in their best interest or just trying to get them to accept the first offer that comes along so they can move on and make another sale.

This property is not in a great neighborhood (which is why they want to move) and since they overpaid initially they're just looking to get out of it without having to write a check. $400 on an appraisal is well worth it if it helps them sell their house for even $1,000 more.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I tend to be like Normando and let the Realtors value stuff. If someone flips the place because I misvalued it, wow... could be lawsuit city. I only do that sort of thing for complex properties and lots of caveats... Catrina seems to be a thoughtful poster so I suspect I would give her a call in your case.
 

normando

Senior Member
Joined
May 2, 2009
Professional Status
Certified Residential Appraiser
State
California
Broker's incentive is to sell the property, period. They want to get the highest price, but not necessarily at the sake of not selling it quickly. If they list it too high it will sit on the market, too low and they leave money on the table. Or the broker can list it at the right price but convince them to take a low offer because waiting to get an additional $5k ends up being an additional $75 in their pocket (assuming 6% commission where they get a 3% split and the broker takes half) but my brother-in-law ends up losing out on $4,700. Their incentives are not aligned.

If they have an unbiased appraiser provide a range of values based on marketing time, as well as the sale data from the neighborhood to back it up they can tell if their broker is really working in their best interest or just trying to get them to accept the first offer that comes along so they can move on and make another sale.

This property is not in a great neighborhood (which is why they want to move) and since they overpaid initially they're just looking to get out of it without having to write a check. $400 on an appraisal is well worth it if it helps them sell their house for even $1,000 more.
One does not talk to one broker. Talk to at least 3 brokers and one will get an idea of reasonable price to list. It's marketing. For my properties, I list near upper end of market and it takes a little longer to sell. I understand that because it's my property and I can wait to get top dollar.
If one doesn't want to make an effort to interview many brokers, then hire an appraiser.
 
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