Home Selling in Studio City>Question Details

Wonderfulcon…,  in Sherman Oaks, CA

I'm selling a beautiful condo & received offers close to asking. How do we ensure appraisal comes in at the right price given a high?

Asked by WonderfulcondoforleaseinShermanOaks, Sherman Oaks, CA Thu Feb 24, 2011

price/per sq ft? Despite receiving multiple offers close to asking price, we are priced higher than the average for a price/per sq ft. I find this to be a highly inappropriate measure given it does not take into account all our upgrades, specific location etc. We are concerned that an appraisal will come in too low as their primary measure is price/per sq ft and recent comps. How do we ensure the market value is determined by what buyers are willing to pay? We have received numerous offers clearly above all the comps and clearly above what any price/per sq ft in our area would equate to. Shouldn't a market value be determined by what numeous buyers are willing to pay? Thanks.

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Your listing agent can meet the appraiser at the time of the appointment at your home. In person, your agent can point out the upgrades and discuss nearby comps with the appraiser. I present the appraiser with the comps and the notes, so that the appraiser can take my material back to his office to consider. Most good appraisers understand and put a monetary value on upgrades, high-end finishes, and other aspects of your home that increase its value. Good luck...it will go well.
1 vote Thank Flag Link Thu Feb 24, 2011
Question posted Feb 2011.

Make sure the BUYER is sufficiently motivated and able to make up the appraised / offered price difference out of their pocket. A big down payment usually solves this issue.

DON"T allow the bank to become a third negotiator in the transaction.
0 votes Thank Flag Link Fri Aug 22, 2014
Ultimately, it's not something you can control. As other agents have said, your agent should be meeting the appraiser to show off all the features and provide the highest comps that make the case for your high price.

It's a little bit concerning that you're asking this and other questions on Trulia, and not to your realtor. It shows you're not completely confident in his/her ability... I hope that's not the case, and you're just being extra cautious.

Anyway, good luck with the sale, and purchase of new home!

Ben Vorspan
Rodeo Realty, Studio City
http://www.benvorspan.com
0 votes Thank Flag Link Fri Aug 22, 2014
Your agent must prepare an appraisal handbook - I do this for all of my deals. Include comps, photos, upgrades, features, and anything else you think is helpful and relevant to the value of the property. Please free to contact me anytime!

Best,

Julie Kryukova
310.402.8181
http://www.juliekproperties.com
jkryukova@gmail.com
0 votes Thank Flag Link Wed Aug 20, 2014
This is the trand that we have seen early 2012 going into 2013. Like the answers below, the best option is to have the listing agent OR buyers agent meet the appriaser at the property to show him comparables that they have come up with and obviosly point out any updates that are not seen in pictures and/or the MLS. Fannie-Mae offers financing that does not require an appraisal which is leading to higher home prices and asking prices which should help the appraisal situation going into 2013.
0 votes Thank Flag Link Sat Feb 16, 2013
This is one of the services your Realtor should be offering you. When a property I have listed is being appraised, I meet the appraiser at the home. I provide the appraiser with interior photos of the comps and documentation regarding your upgrades. I also provide the appraiser with location information, documenting the differences in the various locations and why one location is superior to another (ie view, backing up to commercial property or busy street, impact of schools on desireability, proximity to high noise areas like under the flight path of a local airport etc.).

With the way appraisals are ordered these days, many appraisers are NOT well versed with the neighborhood they are appraising and appreciate this type of information from the agent, who is an area specialist. Speak with your realtor and make sure they are prepared to go to bat for you. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
myrealestateanswers@gmail.com
http://shel-lee.listingbook.com
0 votes Thank Flag Link Fri Feb 25, 2011
Good Moring Selling;
Market value's going to be determined by recent comparable sales. To ensure that something is taken into consideration for your upgrades, you could suggest to your agent that they contact the buyer's agent to see if the bank would consider doing an interior/exterior appraisal as opposed to a "drive-by" appraisal.
Good Luck.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Fri Feb 25, 2011
Hi Sellinginstu...

Congrats on getting multiple offers and getting your home ready, by doing upgrades and having selected
A nice location when you bought the place.

Prudent for you to itemize the value of the upgrades and point out the location.
The market is beginning to move up, and we are seeing multiple offers above list.

Best regards
Perry
Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Thu Feb 24, 2011
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