Home Selling in 18045>Question Details

Dab, Home Seller in Forks Township, PA

When you are selling a home in PA what exactly is the realtor supposed to do?

Asked by Dab, Forks Township, PA Fri Jul 20, 2007

I was informed by my realtor that she does not handle appraisals.

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17
A REALTOR provides you an opinion on market value; appraisals are performed by certified appraisers working for the insurance co, mortgage co, etc, to assist them in risk evaluation. For example, if an appraisal comes in at $100,000, the property may sell for more or less of the appraised value; ultimately, a ready and willing buyer determines what they are willing to pay for the property. Finally, an appraiser utilizes the information available to and provided by REALTORs to perform their appraisal; I have been contacted on numerous occasions for assistance.
2 votes Thank Flag Link Fri Jul 20, 2007
Go to the National Association of Realtors website, that should help.
Web Reference: http://www.realtor.org
1 vote Thank Flag Link Wed Apr 16, 2008
Great point that Edmund made. Appraisers sometimes call me and ask me questions about sold properties when they are doing appraisals. It might not be a property I am involved with, or the appraisal may not even be on a purchase transaction. Appraisers will phone and ask if I was in a particular property, what the condition was, etc. when they are looking at comps to use for an appraisal. Perhaps the written data doesn't fully describe a feature on the sold property and they need additional info.
1 vote Thank Flag Link Fri Jul 20, 2007
Deborah Madey, Real Estate Pro in Rumson, NJ
MVP'08
Contact
Do you enter into an agreement for full service?

My immediate reaction is to say, "We do that for all of our sellers!" But, what we do is based upon a proposal we presented for full service through and even after closing. We offer 3 mareketing plans that allow the seller to choose the extent of marekting and related fees. All of our marketing plans includes full service representation. So, with us, yes, we meet the appraiser and come with comps, etc. Some appraisers look at what we bring, others do not. Either way, we bring comps.

I cannot say your agent should be doing this for you or not. It depends upon the services and fees agreed upon.
Web Reference: http://PeninsulaFirst.com
1 vote Thank Flag Link Fri Jul 20, 2007
Deborah Madey, Real Estate Pro in Rumson, NJ
MVP'08
Contact
One needs a license to do appraisals or sell real estate. The licensing requirements are different for each, and vary state to state. Most real estate agents are not licensed as appraisers.

Real estate agents do comparative market analysis (CMA) and present their findings to clients. A real estate agent helps clients understand the market by comparing the subject property (the one you are selling or perhaps interested in buying) to similar properties that have already sold, are currently on the market, or have contracts. A real estate agent will evaluate properties that went off the market without getting a contract, and recent trends in showings, inquiries, number of contracts, and overall market acitvity levels, etc. All of these factors are evaluated for the purpose of determining a market price strategy when offerng a property for sale or making an offer on an avaialble property. Market prices are determined by supply and demand. A Realtor looks all of the factors that indicate the recent and current facts to assist in purchase and sale decisions.

An appraiser uses closed sales for comparative purposes, and, under the right circumstances may employ other appraisal methods other than comparable properties. Most appraisals are done for financing reasons (refi or purchase), but these can also be done for other reasons.

What a Realtor is supposed to do depends upon what services they offer and what services you wish to hire. These are negotiable.

Determine what you want from a real estate agent. If you are not already in an agreement (buyer representation or listing agreement), meet and discuss your expectations with a few prospective agents and find the right match for you. You will find agents who will offer very limited services for lesser fees and full service agents who will do everything, explain everything, and be on-call 7 days a week from day one through closing and beyond. The choice is yours.

If you have already entered into a listing agreement, review the proposal you received for a review of the services and fees.

Best of luck!
Web Reference: http://PeninsulaFirst.com
1 vote Thank Flag Link Fri Jul 20, 2007
Deborah Madey, Real Estate Pro in Rumson, NJ
MVP'08
Contact
This question was posted July 20, 2007. I would hope by now the the person has her questions answered. Realtors are supposed to sell homes for the highest price possible in the shortest amount of time, with the fewest problems possible that the local MARKET will bear.
0 votes Thank Flag Link Mon Dec 10, 2012
Weichert Realtors pride themselves in the two step listing process. We will come to your home to gather as much information as possible about your home from you. Here the seller can point out special features that make their home special to them. We will measure room sizes and take a lot of great pictures. In the second step, we give our actual listing presentation. Here we explain what we will do to market your home, (print, Open Houses, internet, etc.) and also introduce our Gold Services program. At this point we have already done a market analysis of what we think would be a good price to sell your home. After all of the information is presented and you do decide to list with us, you will have our signed Pledge of Service. We will work to sell your home at the best possible price, the quickest possible way and with the least inconvenience to you and your family.
0 votes Thank Flag Link Sun Dec 9, 2012
I can't speak for what other realtors do but when I work with a client I will make them aware of what makes their house more inclined to sell faster and at a higher price. A review of how your property will be marketed by my organization, Century 21 Keim Real Estate will also be addressed. Informing my client of what constitutes a good offer is another important item to review with all prospective property sellers. I am also strive to represent my sellers best interests as we proceed through the negotiating process and into closing out the sale. There is a lot of more so choose the right agent.
0 votes Thank Flag Link Fri May 18, 2012
Appraisals are done by certified appraisers. Your agent can do a comparative market analysis (CMA) for you to give you a feel of what is going on in the real estate market in your area. This will include homes that have closed in the last 3-4 months, homes that are under agreement and homes that are for sale. Your agent should use comparable types of home ( example if your home is a ranch they should only comp. your home with other ranches). Unfortunately homes that have been in a short sale or have been foreclosed will factor into this market analysis.
This being said we as realtors can assist an appraiser by providing these comps.
0 votes Thank Flag Link Tue May 24, 2011
Yes, in my view it is your listing agent's job to help an appraiser or any other third party, ie. inspectors, surveyors, etc...It is advantageous for all when a listing agent does everything in his or her power to get a transaction to closing. No, I am not licensed as an appraiser nor do I wish to be one, but it is extremely easy to pull available and sold comparables for a listing especially because a listing agent should be privy to all competition available and sold in their listed property's market.
0 votes Thank Flag Link Wed Oct 20, 2010
Yes, one more answer. Realtors in PA are NOT necessarily Appraisers. They are 2 separate licenses.
0 votes Thank Flag Link Fri Aug 13, 2010
Realtors are not always Appraisers. Additional education and licensing is required to become an appraiser. A Realtor can do a Comparative Market Analysis based on recent sales of properties in and around your home. Your Realtor should help you stage and price your home for sale, advertise and market your home to the public, negotiate terms of the contract between you and the buyer, assist you in contracts so you are completely aware of what you are signing, make sure all inspections and terms of the contract are met in a timely manner and stay on top of things until you go to settlement. But, unless they are licensed appraisers, this they cannot do. (Just in case Jay is reading this -- Yes, this question is 3 years old but it is good information for anyone selling or buying a home...)
0 votes Thank Flag Link Fri Aug 13, 2010
I am sorry I missed your reply there Dab.

Actually, I think it is indeed the listing agent's job to pull "comparable sales" together and leave them in the house, on the table, to make sure the appraiser sees them. I do this for my houses.

Why in the world would an agent not want to do work to help an appraiser gather data?
0 votes Thank Flag Link Fri Aug 13, 2010
The lender for the buyer will order an appraisal.

However, sometimes a listing broker will order a pre-listing appraisal. Is this what you meant?
0 votes Thank Flag Link Fri Aug 13, 2010
If you have a listing agreement with your realtor, the realtor should represent you, market the home to the best of their ability and get the listing on every web site possible. The realtor should do a CMA to see what the competition is listed at, what the competition is selling for, and what listings have not sold and have expired out due to price. The listing agent should also due an absorption rate to see how many months of inventory there is in your area.

THe seller needs to have the home listed below what the last home sold for because we are in a buyers market and the market is still gooing down, unfortunately. The seller needs to have the home in great condition, updated as much as possible, and clean as a whistle. List price is CRITICAL in this challenging real estate market.
0 votes Thank Flag Link Thu Aug 12, 2010
Depends what your agent means by "handle" ?

Normally, it is the Buyer's mortgage company that requires the appraisal. As the listing agent, I will normally coordinate getting the mortgage company's appraiser into the home, much like I would for a showing.

If you want an appraisal for yourself, often a listing agent will provide the names of appraisers that they have worked with in the past.

Hope that helps. Joe K.
0 votes Thank Flag Link Sun May 9, 2010
Actually, I wasn't clear. My realtor said that she does not work with the appraiser to ensure the appraiser has all the information as far as recent sales in the area. Instead I had to do that because she said it isn't her job.
0 votes Thank Flag Link Fri Jul 20, 2007
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