Communication Between Realtors and Appraisers IS Allowed – Sort Of
As Realtors, we have all gotten back an appraisal and not agreed with the outcome. Sometime, we feel the comps used were not the best, and sometimes, there are actual errors in the data. If that is the case, Realtors are allowed to communicate with the appraiser. Appraisers that are competent will usually welcome any information you may have to help them do their job. ( as long as the communication is professional and productive.)
I have talked with many agents that were unaware that they could communicate with the appraisers at all. And they certainly don’t understand what they are allowed to say or what information they can provide. In reality, Realtors can supply any relevant information to the appraiser. This includes terms of the sale, comp sales, recent renovations done by the homeowner, updates to appliances and other systems, etc. This information will help the appraiser reach an opinion of value that is more accurate and that reflects the market value of the home.
However, there are some things the Realtor is barred from communicating with the appraiser. Realtors are not allowed to coerce or threaten an appraiser to influence the outcome. They should never ask the appraiser to bring a value equal to the asking price. A Realtor cannot dispute an appraisal just because they don’t like the outcome!
Realtors that have questions or concerns about the appraisal can take formal action to ask for reconsideration of the final value. If the appraiser is not reachable, a Realtor can submit comp sales to the lender to get to the appraiser and they can ask that correction of errors be made to things like bedroom count or square footage.
It is our duty as Realtors to make sure the appraisal is an accurate reflection of the market value of the home. It is also the appraisers responsibility to do the same and any info that can assist the appraiser in this objective should be provided. A true professional appraiser will welcome the assistance!
If you are looking to buy or sell a home in the Anderson or Greenville SC real estate areas, visit our website at www.SheilaNewtonTeam.com for tons of great information.
Sheila Newton Team
Berkshire Hathaway HomeServices -
C. Dan Joyner, Realtors