Listings, Appraisals...getting to closings...oh my in the Ann Arbor market area.
Back in January 08, I did a series on Appraisals and Square Footage Issues. We are still going through appraisal issues in Ann Arbor and this was before HVCC became a law. I will share the story after we either get to closing. (if...)
Karen Anne Stone had a great post on pricing today on Activerain.
Here is an excerpt:
Then... I would talk about how it is NOT the seller who determines the price. Of course, when I said that... they would look at me kinda funny-like... (I get that a lot... LOL)... and then they'd try and guess that it would be the buyer.
Noper... said I. Nor is it the Realtor either.
The one who most determines the price... is the appraiser. That is when I would really start laying the blame... or the answer for the suggested list price... right square at the feet of the appraiser.
I'd tell them about the appraisal process... and about how the appraiser has to submit the closest three comparable sales she can find... to justify her price.
Then we would talk about how "accountable" the appraiser had to be... in substantiating, or "proving" the price of the house... when they did the appraisal.
Finally... I would ask the seller this:
Mr and Mrs Seller... if you were the appraiser, and your job, your entire career, your family's future income... if all of that was riding on your submitting the three best comps that "prove the price..." which three would you choose ? Now remember... your job as an appraiser... depends on you picking the most correct three !"
I have rarely, if ever, seen this fail. Usually they end up picking even lower comps than I would have used to determine their asking price.
WE (The Missy Caulk Team) do CMA's for both sellers and buyers. It is the data, the numbers, that count, NOT what our sellers want to price the home at, NOT what the buyers "think" it is worth.
When you have a listing agent overprice from the beginning, you are fighting them, (their ego), the sellers who were NOT TOLD THE TRUTH, and then the appraisal evaluation.
NOT fun....to be continued.
Missy Caulk
Missy Caulk & Team can be reached at 734-926-9797 or email: Missy@MissyCaulk.com
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