Once a month, I receive a telephone call from an appraiser who is on the ball and performing their job. These appraisers will reach out to me to ask “when are you closing your listing, and for how much?” It’s a professional courtesy for me to facilitate the appraisal process and provide this information on my listings which are in escrow.
Last week, I had an appraiser who is working on behalf of the buyer of my Pasadena listing contact me for an appointment. As I normally try to do, I emailed all of the Realtors who have similar listings which are in escrow and asked: “how many offers did you have, when you are closing, and for how much?” I do this in email as it’s a written record and I have done the appraiser’s job. But far easier for me to do their job up front, then to spend hours rebutting a poor appraisal.
I compiled the similar listings, “in escrows” and sales (with the “in escrow” emails noting the selling price) and forwarded to the appraiser. I included the property brochure noting the improvements and a floorplan. Imagine my surprise when this appraiser phoned to tell me – without even looking at the home that it won’t appraise. I asked if he looked at what I sent him and if he noticed the “in escrow prices”. He didn’t seem to agree that my emails were adequate documentation so I suggested to him that he do his own leg work and verify the emails. He told me he had to take another call.
For all of you Los Angeles home sellers and buyers and those simply trying to refinance, you feel my pain.
Related Posts: Real estate drama more appraisal problems