Hello again!
I’m really excited about this sale as it topped off another record. It sold at $399/sq.ft. (just a buck shy of $400). It’s been really challenging battling these appraisers who are using comparables from some of these short sales and foreclosures, but it looks like we’re making progress.
Let me shed some light to those that think appraisers are gods at pricing properties:
Rule #1: Appraisers never get a chance to see the inside of the comparables. Realtors do. Remember, appraisers put most of their weight on what has sold. They can’t gain access to these properties since they’re already occupied by the new owners. It’s our job to educate them.
Rule #2: You can dispute an appraiser’s discovery. Recently, I got an appraiser to redo his entire report while bumping up his value an extra $80,000. Check out my sale at 828 Green Street a couple months ago. This guy almost lost his license because of me.
Rule #3: Appraisers may be appraising your property at 10:00 a.m. and then head out to Palmdale for another one at 2:00 p.m.. How in the world can they specialize in your area only. We all know that in our city, each street has it’s own pricing and demand. They can’t know everything everywhere. That’s impossible!
Rule #4: Did you know that most appraisers call us for answers for previous sales and rely on our opinion when pricing? — Oh boy, that builds credibility.
Rule #5: Who will have a better judge on price, someone who’s been selling in your area for nearly 14 years while living in it since birth, or someone who passed a 3 hour exam and got a certificate?
Do the math. Remember, an appraisal is just a licensed guy’s opinion of value. It’s not the price of a property set in stone. For the buyers loan’s sake, you just hope they come in at value.
I hope you get a glimpse of what I’m talking about.
Nonetheless, we sold this one over asking price in only 8 days — all while not paying attention to the media, and educating/equipping the appraiser with what they need to use.
As always, I thank you for helping me with another sale.
Albert Hairapetian
(818) 244-2939