How Do Sacramento Appraisals Work?
How do Sacramento appraisals work? Appraisals are something that is always interesting to talk about. This excerpt below was provided from a blog, which Elizabeth wrote some years back. It got me to thinking about the various appraisal challenges we have had. A great subject to write about today for our blog.
One of the actions we take to assist with the appraisal process is to provide the comparable sales that support our list price. When our listings go pending we change showing instructions to not reflect a lockbox. This ensures the appraiser calls us to get in so they can’t enter without us. As if they can get in and out they may leave with very little information and then a low appraisal. Additionally, we provide the appraiser all the upgrades and features that support our list price. Many appraisers want to bring the value in however, without the added information we provide the appraisal can come in below the sales price. What does a low appraisal mean to a seller? A topic for another blog, the impacts of a low appraisal in escrow.
— JaCi Wallace
“People think Sacramento appraisals are etched in stone, but that kind of thinking is flawed. Appraisals represent an opinion of value. Get 10 appraisers together in a room, and you’ll have 10 opinions of value, and some of them will undoubtedly be worthless. But that doesn’t stop people from thinking their home in Sacramento is worth a certain value because the appraiser said so or the agent said so.
Market value is that price, at which a seller is willing to sell and an able buyer is willing to buy. It’s when you throw a lender into the mix that appraisals come into play. This is a reason sellers tend to prefer cash buyers. When you throw an appraiser into the transaction, it’s not unusual for market value to vanish — poof! The appraisal is for the lender, to protect the lender’s security; it’s not for the buyer, even though the buyer pays for it.
So, how do Sacramento appraisals work? When you hire full-service Realtors to list your property, we work with the appraiser to do whatever we can to reduce appraisal value issues. To ensure your appraiser is provided all information available, call Weintraub & Wallace Realtors with RE/MAX Gold. We can be reached at 916-233-6759.