Providing comps to appraiser, good or bad idea?

[Josh Dillingham]

What is your opinion on providing a list of comps to the appraiser when you meet them at the property? I want to do everything I can to help the appraiser and get a fair valuation,but I also don't want to offend them and have them feel like I am trying to persuade them into giving a high valuation. I also plan on giving a list of all the improvements I have made. Is there anything else you all do to get the most out of an appraisal?Any appraisers out there that can let me know what they do and do not appreciate in terms of borrower provided information?

I am refinancing a rental property that I bought last year and fixed up. I got the appraisal back last week and it was 25% below what I feel is a conservative valuation of the poroperty. After providing evidence of why I felt some of the comps used were less than ideal (2 of the comps were sold by an estate and were only on the market for 1 week and sold for 40% of the town assessed value, when the average selling period in the area is 3-6 months) and providing 13 alternative comps in the same town, same acerage, same beds and baths, same sqft, same condition (maybe slightly better) that sold for twice as much as his appraised value, the appraiser felt my argument is invalid.

I've decided to order a new appraisal as I really don't feel this is a case of me being unrealistic about the vaule of the property, I think the appraiser took minimal time looking at comps and was offended by my questioning.

[Heidi Wilson]

I take a similar approach as Jerry Murphy in that I show the appraiser that I have a passion for and knowledge of real estate in the area and let the conversation flow from there. I try to keep it conversational like we are in it together - “can you believe the stuff that’s happening around here? I just saw a house over at xyz sell/list for blah blah blah” while we are talking about the renovations and why I rehab properties in the area. I do however provide a very detailed list of work done to the property with associated costs and value as well as dates. My last appraisal got me well above what I had hoped for and I think in part it was due to him viewing the property through the lens of “this person knows what she’s doing” which came from our chat. Delicate balance though; you have to give them space and respect their process. I usually start out by being super arms length and approach them later to offer details on the property and then let the conversation evolve. This way he has already gotten a lot of what he needs and doesn’t feel like I am being pushy/derailing him (or her!).