Are you entering all your sales into MLS in a timely manner? If not, PLEASE make sure you do so going forward – and here’s why:
- Appraisers pull data from a variety of sources when researching comparable sales for their reports, and the availability of sales data on the MLS is crucial!
- With inventory currently at low levels, properties are selling before they hit the MLS and this data may not become available in public records for 90 – 120 days after closing.
- Help us all avoid appraised value problems by making sure that your sales are available for appraisers to review.
- Due to Appraiser Independence Requirements, lenders are not able to discuss value with appraisers at all; however, nothing prohibits the real estate agents from talking about this with the appraisers and providing them comps.
- VanDyk Mortgage always encourages the agents to provide comps and to meet the appraisers out at the properties for the inspections.
- Regardless of what lender a buyer is working with, make sure that YOU are the contact for the appraiser.