I have an appraisal report on my desk right now for the purpose of loan modification. A Sacramento area home owner contacted me because her attorney instructed her to hire a real estate appraiser (this is a fairly common practice in loan modification situations). So here I am entrenched in details and analysis in order to provide the home owner with a reliable appraisal report that she can then give to her attorney (who will then take it to the bank or use in court). The goal of the appraisal report is to stimulate conversation with the bank about the true value of the home vs. the current loan amount and situation.
When you need an appraisal to convince your bank of the true and current value of your home, I suggest the following:
• Find an appraiser who knows your market area very well.
• Look over the appraiser’s website to see which areas he covers. Is your neighborhood located within the coverage territory? It should be.
• Keep in mind that appraisers often do have experience in cities located much further from where their office is located (this is certainly the case with me). It’s reasonable for an appraiser to cover large territories, but the real key is that the appraiser is knowledgeable enough in your market to be able to correctly value your property (geographical competency).
• It might be a good idea to interview the appraiser and ask him about his experience as it pertains to your area of town.
• Tell the appraiser a little about your property so that he can assess whether your property is something he can take on. For example, if you have a detached single family residential house in Fairfield, Roseville or Sacramento on a fairly typical lot size, that is something much different than if you have a mansion on 250 acres with agricultural production.
• Don’t go with the lowest price. If you look hard enough in any trade it is inevitable to find someone who is willing to provide a service for a little cheaper than anyone else. But what kind of product do you usually get for the lowest fee? Your loan modification is a very crucial decision and it is important that you are presented with the best possible product to suit your needs.
If you have any questions, feel free to contact me at 916-595-3735 or www.lundquistcompany.com or “ryan [at] lundquistcompany [dot] com”. I am more than happy to walk home owners through what the appraisal process entails.
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