Looking for Appraising Advice in Phoenix, AZ

[Matt Dickens]

Hey Phoenix BP Crew,

I know one area of my real estate investing I am not well informed on is the appraisal process, and especially the little things that can really bring up the value of a property. I wanted to reach out to see if there were any appraisers in AZ in this group that could give a break down, or would be interested in connecting to discuss?

Best,

Matt

[Wes Blackwell]

@Matt Dickens

Appraisals are all about the numbers and the comps. At the end of the day, your appraiser is merely comparing your property to the recent solds in the area... and that's pretty much it. There are some things you can do to influence their valuation though - but only to a degree.

At the appraisal, show up with your own data and a really strongly supported opinion of value. Run the numbers of the comps, call the previous buyer and seller agents for those properties and ask them why they think the property came in at the value it did, and have that data ready to provide to the appraiser for the appointment.

BUT -- don't make it seem like you're trying to tell the appraiser what the value is. You'll only insult them. You want to make it seem like you're just offering to provide data.

Another trick is to have your own appraisal done prior to listing the property for sale or having it appraised by the appraiser that matters. It's much easier to influence an appraiser who only has to answer to you (the person paying him) rather than justify the value to a bank. Then simply tell the new appraiser "We had an appraisal done two weeks ago for X amount... would you like to see it?"

If there is a comp that sold for a price you'd like to sell for, try to make your property look as much like theirs as possible. The closer it is in comparison, the more the appraiser will be able to use it to justify your value. But also take into consideration things you can't change like street quality, proximity to power lines, creeks, busy roads, etc. and lot placement. Just because the home itself looks the same doesn't mean the rest of the property does.

And here's some quick tips from another article here on BP that will help round out my answer. Best of luck with your Phoenix property!

https://www.biggerpockets.com/renewsblog/2016/04/28/home-appraisal/ 

[Matt Dickens]

Hey @Wes Blackwell I appreciate the great advice! I will keep that in mind for future.