Editorial

Front Page - Friday, April 9, 2010

Real Estate Facts

Give them a hand

Elwynn Schwartz

With all of the changes enacted in real estate and related industries, the appraisal process has not been immune. Because lenders were found to be pressuring the appraisers they hired, banks now must largely work with independent appraisers, and they're finding themselves buried in a backlog of jobs.
Because of their workloads, appraisers will gladly consider any information you can provide about your property, and will hopefully generate a more accurate report. As a seller, list the best features of your home, including recent improvements, professional landscaping, or even benefits of your location (like access to public transportation and schools).
While you won't necessarily be graded for your housekeeping skills, appraisers do pay attention to the very appearance and cleanliness of your home. You can positively affect your appraisal's outcome if your lawn is mowed or raked, your windows sparkle, and your closets look spacious. Appraisers are practically looking through the buyer's eyes, so pretend you're preparing for an open house before their arrival.
Finally, be sure to request a copy of the report, because lenders are required to provide it, but you've got to ask. If you find any errors in important features like square footage or property description, contact the appraiser directly. Let the lender and your agent know, too, but understand that they cannot take any direct action under the new rules.
Elwynn Schwartz is the owner of Chattanooga Real Estate Consultants and may be reached at 423-894-3050.

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