Today I’m sharing what an appraisal packet is and what it contains.
I’m coming to you today from one of my listings, where I was waiting for the appraiser to show up. We spent a lot of money to maximize this home’s value, including adding a pool, and we ultimately got it priced at the top of the market. Now, it’s under contract. It’s a gorgeous property, but there’s not a lot of comparable data to look at, so I’ve put together an appraisal packet for when the appraiser shows up.
Putting together this packet is just one of the extra steps that we as Realtors can take for our clients to make sure that we get in front of any appraisal issues that may come up with the property.
What is the appraisal packet? Essentially, it’s a multi-page explanation of how we came up with the price of the house. First, we looked at homes with pools in the micro area immediately surrounding the house, and then the macro area in a three-mile radius around the home.
Putting together this packet is just one of the extra steps that we as Realtors can take for our clients.
There wasn’t a lot on the market in the way of competition—there was only one competitive listing, in fact. That allowed us to push the price point. Pricing can be tricky; we like to look at what our competition is doing because a huge difference can be made in just the span of a week, depending on how many houses are on the market.
In the appraisal packet, we also made a list of the improvements that were added to the property, as well as full copies of the other two offers that we had on it. These helped establish what other buyers were willing to pay, which helped us set the price.
Once the appraiser came to meet with us, she was very receptive to our packet and took the information with her when she left. That’s about the best we can ask for, so hopefully, everything works out with the appraisal.
If you’re interested in learning how the appraisal turns out or you have any questions about real estate in general, don’t hesitate to reach out to me. I’d love to hear from you.