“Meet appraisers when they arrive at the property for inspection. Show them unique features, but keep the presentation factual.”
Document any discrepancies with the assessor’s data. 6. Share hyper-local insight and resources regarding the neighborhood or market area that may contribute to overall value. Brokers and agents should always proceed from a respectful, educational standpoint. Be courteous and pleasant, and be sure to return calls and thoroughly answer any questions. Agents may offer information but should never tell appraisers “here are your comps” or tell them how to do their jobs.
Distribution of information Can brokers share information on pending sales (sale price) with appraisers? The general rule is that real estate licensees must maintain the terms and conditions of the offer to purchase as confidential. However, in the new Distribution of Information section of the updated offers to purchase, the parties grant brokers the authority to share what would otherwise be confidential information so that appraisers can obtain the information they need to comply with various regulatory and client-imposed standards and provide a more accurate valuation. The appraisers may be looking for information regarding listings,
pending offers, concessions and other pre-closing data. Upon inquiry, a broker may provide pending sale information to appraisers researching comparable sales, including sales prices for pending sales. This information helps appraisers make proper adjustments to comps and arrive at better, more accurate appraisals. The term “REALTOR®” has come to connote competency, fairness and high integrity resulting from adherence to a lofty ideal of moral conduct in business relations. Both brokers and appraisers should show respect for property, the public and their peers, and conduct business with the utmost respect and professionalism.
Wisconsin Real Estate Magazine: www. wra.org/WREM/Sept07/SalesConcessions. Appraisal Foundation information pamphlets: •
“A Guide to Understanding a Residential Appraisal” provides consumers an overview of the residential appraisal and how it relates to the homebuying process: appraisalfoundation. sharefile.com/download. aspx?id=scfe7be1162c4358b#.
•
“Appraisers, Appraisals & You: A Lender’s Guide to USPAP” provides
Resources USPAP online: www.uspap.org. “Can You Head Off Inaccurate Appraisals?” NAR blog, Robert Freedman, November 12, 2011: speakingofrealestate.blogs. realtor.org/2011/11/12/can-you-head-offinaccurate-appraisals. “How to Challenge that Low Appraisal” Michele Lerner of HSH.com: realestate.msn.com/how-to-challenge-thatlow-appraisal. “Are You Reporting Sales Concessions?” in the September 2007 edition of the
insight to lenders in working with appraisers as well as an overview of the entire appraisal process: appraisalfoundation. sharefile.com/download. aspx?id=s5d634c9fee34c6da#. NAR’s “A Pathway to Professionalism: Respect Starts Here”: www.realtor.org/professionalism.
Debbi Conrad is Senior Attorney and Director
WIREALESTATEMAG • MARCH 2013
5.
of Legal Affairs for the WRA.
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