Brentwood TN Real Estate Scoop!

Pass this along to every Realtor you know. Re-blog this post, whatever you can do to get the word out!  

As of September 1, 2011 appraisals will change drastically. We now must complete appraisals in what is defined as UAD or Uniform Appraisal Dataset format. This is a GSE Fannie, Freddie requirement. 

What does this mean for you? The new reports will look foreign to you and your clients with all the codes we have to use in the reports, so you will have to be versed on what the codes mean. Instead of the old days where we described a property as being Good in condition or Good in Quality of Construction, we will now be using codes such as Q=3 and C-2, etc. It will be far less user friendly to read and more automated system friendly. Fannie and Freddie want consistency across the board for all appraisals nationwide and the codes are   the way they are trying to get this accomplished. They have clearly defined what Fair, Poor, Average, Good, Very Good and Excellent Quality and Condition should entail. No more leeway in how appraisers determine this on their own. Lenders are also gearing up for uniform delivery of their loan packages and the UAD is part of this whole process.

If you GOOGLE UAD or Uniform Appraisal Dataset you should find a wealth of information on this topic. Be prepared and prepare your clients! 

What do we as appraisers need from you? One of the big changes is we must know in what YEAR any renovations to the BATHS and KITCHENS were completed. In addition to the comments you already place in FMLS/MLS about renovations, we need the renovation year for the kitchens and baths. If the exact year is unknown then we need a specific range, ie: less than 1year ago, in the past 5 years, in the past 10 years or in the past 15 years. 

If we cannot get this information in FMLS/MLS for the SUBJECT we must contact the owner if available or the Realtor and get this information and this takes time and mayt also delay closings! For all the comparable sales and listings that we use in our reports, we of course cannot contact the owner, so we will be contacting you the Realtor unless you have this information in your comments and photos.  While we do NOT have to indicate year of renovations for the comparables, we really need this information in order to properly compare them to the SUBJECT. So any listing you have, please include as much detail about renovations as possible!

What else do we need from you? We need photos! Lots of them, more the better. Photos of the renovations and if you can add descriptions under your photos, please include the YEAR the renovations to kitchen and baths were completed or use the range noted above. Also needed is extent of renovation! Was it a REMODEL  or just an UPDATE. For appraisal purposes a Remodel means a significant change, Gutting of the bath or kitchen, all new fixtures, flooring, cabinetry, appliances, etc. VS. Updating which brings it to current market appeal and standards without a total REDO! New Paint, Some new fixtures, refacing of cabinets, etc.

We must have this information included in every appraisal report. So if all Realtors add this information in the comments or under your photos, life will be easier for all as the appraisal will be completed SOONER and the deals will closed faster. Win/Win for everyone! Not to mention, the homeowner needs to get full credit for renovations and when they were performed!

** FOR THOSE OF YOU WHO PROVIDE GREAT DETAIL AND PHOTOS IN YOUR REPORTS, APPRAISER'S AND OF COURSE THE SELLERS THANK YOU!

I hope this POST is featured as we have to get all Realtors on board with this ASAP! So please pass this along to your Brokers too and let me know if you have any questions.

In Future Posts I will define in more detail the codes (which will look foreign to everyone for awhile) and what they mean and how they are defined in our reports

 

Thanks guys! 

 

Mary Thompson

Certified Appraiser

http://www.lakelanierappraiser.com

 

 

Your house hasn't sold?  Its been 3, 6, 12 months?  You're shaking your head and wondering why?  Well here are the straight goods........Look at the list and check it twice! :-)

First of all lets see why other similar properties sold and yours didn't:

1.) They made sure their property was priced correctly right from the very beginning.

2.) They made showings easy - and left the home during showings so the Buyers could explore comfortably.

3.) They invested in professional home staging - realizing that the way they saw there home was not necessarily the way others would see it.  We see our homes with different eyes and may not accentuate the positive and minimize the negative.  Time and time again data shows that staged houses sell for more and sell quicker.

4.) They were more aware of market trends and so knew that being more flexible when negotiating was necessary. They also did not reject offers outright.

                             

That doesn't mean that some houses still don't sell, but your odds are greatly improved.  

Somethings to consider...

1. )  How motivated were you to sell? Were you holding out for a sale price similar to the one your neighbor received a couple of years ago?  Are you prepared to wait another two years to get your house sold?

2.) Are all parties involved equally motivated?  Sometimes holding back on appropriate pricing is a strategy for delaying decision making when both parties are not equally ready to sell!

3.)Are you thinking your house hasn't sold because of your Realtor?  Although that may be a possibility chances are that probably isn't the reason your home hasn't sold.  However sometimes people think that changing up the Realtors might make a difference - and that is unfortunate.  Although the temptation might be to find a new Realtor and THEN reduce your price - the odds are that after investing both time and money there is no one more motivated in selling your home than the Realtor you already have!

4.) However if you think your house is worth more than anyone else?  Bonus:  You might just  get to keep it! :)

 

 

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  If you or someone you know is thinking of Buying or Selling property in Chilliwack's Garrison Crossing, Cultus Lake, Hope, Abbotsford, Langley or anywhere in the Fraser Valley Area of B.C. - or if you would like more information please give Chilliwack Realtor Liz  Moras of Landmark Realty  a call at- 604-799-0459  or e-mail at lizmoras@gmail.com.   

Copyright © 2011 By Liz Moras, All Rights Reserved. Please do not use without permission.   Information provided by this author is only an opinion, it is not guaranteed, may be based on information collected from several sources, and may be time sensitive.  It is not necessarily representative of the opinions of Landmark Realty Chwk. Ltd.