Hi my name is Cody and I am new to real estate. The question at hand is for my brother but I am curious about it as well. Ryan Lundquist from the bp podcast ep. 7 elaborated a bit on how to make appraisals work for you. After personally consulting with a friend in real estate. He spoke with his mentor and his mentor basically just said call your local appraiser. I could replay the podcast several times until I finally come to a somewhat of a conclusion on how to implement what he does to make appraisals work for him. However I am hoping someone in the appraisal field or investor who has the experience or know how, will take a newbie under his wing and explain so I can make an intelligent and informed decision. Thank you in advance for anyone who comments in response to this post you are truly amazing and hope this time and effort you put into this community will bless you and your investments ten fold.
Cody R. Macias
I didn't listen to the podcast, but to the best of your knowledge, what do you think the podcast is trying to say?
Forgive me if I'm far off. But to the best of my understanding I believe some of what he was trying to get across is that, smart investors prepare a case or portfolio regarding the property they are looking to appraise. With all of the information the appraiser would have to retrieve for them selfs, In a way making their job easier and putting you in a better light. He suggested as well, You may suggest and list comparable properties in which you think accurately represents your property. Although ultimately the decision for which comps are picked are entirely up to the appraiser. Sending him or her that bit of information may lead to a better choice of comps in your favor instead of feeling like the comps chosen where completely wrong. The approach my brother is taking is to just call the appraiser, end of story I feel as though he could do more. And although this may be a pretty accurate understanding of what he said. He did not go into specifics so as far as how I would begin to approach this I am unsure. lastly I would like to thank you for your response Tanaka.
Cody R. Macias
Is there anything different/special about the subject property that you think the appraiser wouldn't know? Would you say that you are more knowledgeable about the market area than the appraiser (expert in home valuations)?
If you answer "no" to those questions I don't see why you think you would contribute/change/steer the appraiser's opinion.
Just my two cents.
Thank you Angelo,
To be frank with you my answers are no and that opens my eyes a bit thank you for your truthful answer. I will do my homework with diligence so I can answer back with a yes. In the mean time my I rephrase my post for anyone reading beyond this point. Any advise as to how a newbie in this topic of field can be more professional with getting an appraisal rather than picking up the phone with no understanding of how the process actually works. Again a big thanks to everyone for taking the time to answer these questions. I take no truthful answers with a grain of salt, I sincerely mean what I say when referring to my self as a newbie in this field. So please do not hold back any and all input is helpful!
Appraisers see owners playing this “give them a list of the best comps” game all the time.....they have access to All the comps, it does no good. Pointing out non obvious, above typical upgrades, might help, but that’s it.
Don’t focus so much on the appraisal aspect, it’s a very small part of the whole game.
Thank you Wayne,
Thank you for the insight the only reason I wondered was because of what I heard in two separate podcast from appraisers. If this is the general consensus, than I will proceed as you say. Thank you for your time.
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