5 Tips for Helping Your Appraiser Help You

By lshoemaker Appraisers, Tips, 1004MC, square-footage-companion, closing-comments, appraised-value-field With 0 Comments

1.    Use the 1004MC Tabular Statistics Report as a resource. 

Tell me more: The 1004MC Tabular Statistics Report isn’t just for appraisers. It contains valuable information for brokers, too, including minimum, maximum, average and median values for sold price, total bedrooms, total bathrooms, above-grade square footage, list price, CDOM, year built, and more. Reviewing this information can help you understand the variables appraisers consider when they value a property.

2.    Don’t forget about the Square Footage Companion

Tell me more: The Square Footage Companion is an easy-to-use guide that helps you correctly identify a property’s style, the square footage, and the number of stories. Take a minute to make sure you’ve accurately reported the info; your appraiser will appreciate it.

3.    Use the broker closing comments to indicate specific sale conditions when closing out the listing.

Tell me more: Closing comments are used to describe unique conditions of the sale and are helpful to appraisers using the sold comparables for future loans. For example, if the buyer’s agent was the buyer, then you’d want to note there was no commission paid. Or, perhaps the buyer was a family member of the broker, and so, therefore, the broker’s commission was reduced. Additionally, you can also use closing comments to indicate if there were multiple terms, or if the buyers brought cash to the closing to compensate for the difference between the appraised loan value and the sale price.

4.    Fill in the Appraised Value field if you have the information available.

Tell me more: You can enter the appraised value when you’re changing the listing to Sold status. It’s not a required field, but the info is helpful for appraisers and brokers because they can see the price at which the listing sold and compare it to the appraised value. 

5.    Double check your map pin placement.

Tell me more: The map pin placement (latitude and longitude) ensures your listing appears in the correct location when appraisers and brokers run searches in Matrix. If you’re not sure of the exact property location, you can add a map layer that displays the property address on each parcel. Check out this Matrix How To guide for step-by-step instructions.