Setting Appraisal Goals- SomeTips

Below are some tips for setting Appraisal Goals. Do not walk into an appraisal without thoroughly planning out a strategy to maximize the outcome in your favor.

Here are some tips:

•Evaluate current comps and reasons for value (print pics and mls listing). Make a spreadsheet to compare features and value.

•Which comps can be used again? Which comps will fall off?

•Are there any minor/major structural changes that I need to take into consideration that will help/hurt my rehab appraisal? (add bedroom?)

•What material was used in the comparable properties you will see again?

•What advantages/disadvantages do you have vs. comps?

•Are there any minor/major adjustments you can’t overcome?

•What app value will you get for using certain materials vs. others? Is there anything written in stone? (ex.appraisers for the most part don’t know the difference between level 1-2-3 granite or travertine)

•What materials or changes do I have to make to the property to get the highest appraised value based on known comps?

•What is my low/high targeted appraisal based on current comps and materials/work to be performed?

•Was my property listed on the MLS and if so how can I dramatically change first impressions? (off MLS properties can usually get better appraisals)