Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

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How To Ensure Accurate Appraisals And A Successful Knoxville Short Sale

house-valueKnoxville TN –As we talk about in a previous posts the biggest threat to your short sale is a high appraisal. Which is why your agent needs to make sure the appraisal is accurate.

Here is the process we follow to ensure an accurate appraisal.

The person doing the appraisal doesn’t understand why the home is selling for a specific sales price. They don’t understand why buyers are only willing to pay X. That is why we must explain that to them. First, we always meet them at the property and bring a detailed Comparable Market Analysis (CMA) with us. The CMA should include at least 3-5 comparable sold homes, 2-3 comparable homes currently under contact, and 3-5 active competing homes currently on the open market. We put together a detailed CMA using the sold comparable sales. We will give that CMA along with the actives and pendings to the person doing the appraisal. The key with the CMA is to use the closest comps available. You can use 1-2 REO comps when a real estate agent is doing the appraisal. Appraisers want the closest geographic comps available. We also give them a copy of the purchase contract, the home inspection and a detailed list of the repairs that needs to be done. We also require our buyers to get a lenders appraisal from their lender and provide them with a copy of it. We have found that providing all this information helps our appraisals most of the time not to come in too high. This takes alot of work but our job is to get the home sold and close for the price we have sold the home for to the buyer. The way we market homes we get the highest and CDPE Logobest price for them that a willing buyer is willing to pay for it. We just want to make sure a high appraisal out of the water and kill our deal. If you are facing foreclosure or having trouble making your payments there are solutions out there for you. Contact me we have the most experienced foreclosure avoidance team in Knoxville,TN. If you need help with a loan modifications, short sale or just need some advice on what to do we can help. Call me at 865-696-9002 or email me [email protected]

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