Don’t Let Appraisers Undervalue Your Las Vegas Home

By
Real Estate Agent with Simply Vegas

Appraisers.  An appraiser can be one big obstacle that can stand in the way of selling your Las Vegas home. Imagine that our N&Y Team has found a buyer for your home, and the one thing standing in your way of closing the deal is the appraisal. These days, appraisers are routinely undervaluing homes. Therefore, it is important when hiring an agent, that they are knowledgeable about the area and its comparable homes. Don't let that appraiser undervalue the appraisal of your home; instead arm them with a plethora of information.

 According to the The Real Deal, rule changes under the new Home Valuation Code of Conduct have created a flood of out-of-town appraisers. Many complain that they are routinely undervaluing properties. That, in turn, threatens buyers' mortgages and makes them think they're overpaying for your home. 

Commonly, the reason these appraisers are offering such low appraisals is due to the lack of information that the appraiser has, not only on the property, but also regarding the area and the comparables on other homes in your neighborhood.  They have no knowledge of recent Las Vegas home sales and listings.

Therefore, it is important when looking for an agent to make sure they are knowledgeable about the area in which you are selling your home. Jonathan Miller, president and CEO of Miller Samuel Real Estate Appraisers, said agents should "always assume that the appraiser knows nothing."

That's why it is so important for the agent to give the appraiser an over abundance of information. Providing them with recent sales, listings, neighborhood information and comparables help ease the process. Mr. Miller also recommends telling appraisers about bidding wars or multiple backup offers. Also, pointing out upgrades in your home help boost that appraisal as well. since these will help your home outshine the other comparables.

Let's face it. Selling a home is a stressful time. There are lots of factors that can make a deal fall through. Don't let the appraisal be one of them. 

I'm ready, willing, and able to help you sell your Vegas home for as much money and in as little time as possible! And, when you're ready to purchase your next home, we are your local Las Vegas and Henderson real estate experts. For the personalized attention you want with selling or buying property in Las Vegas, Green Valley, or other areas of Clark County, contact me today. And be sure to visit my Vegas Real Property website - I am dedicated to helping you in any way possible.

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Topic:
Home Selling
Location:
Nevada Clark County Las Vegas
Groups:
First Time Homebuyer
LAS VEGAS - NEVADA
Las Vegas, NV Area Real Estate Professionals
Prudential Network
Realtors®
Tags:
yonas woldu
prudential americana
first time homebuyers
home sellers
appraisals
home value code of conduct

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Rainer
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Jennifer Chiongbian
Specializing in all types of Manhattan apts & townhouses - Manhattan, NY
Real Estate Broker - NYC

Appraisers routinely undervalue homes because they are following the orders of their banks, who want to pass the risk onto buyers and take an ultra-conservative position on lending to the buyer.  Ironically enough, they were just eldning to any warm body, made a ton of money off of us, and are now squeezing us.

I opted to get an Asst. appraiser's license so I know how to fight these unfair, undervalued appraisals.  I have even helped a couple of broker friends bring up their appraisal values for a successful close.

Jul 07, 2011 04:06 PM #1
Rainmaker
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Yonas Woldu
Simply Vegas - Las Vegas, NV
Yonas Woldu

Hey, Jennifer, good for you! Thanks for the comment.

Jul 10, 2011 09:55 PM #2
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Yonas Woldu

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