Real Estate Appraisal FAQ Podcast w/ Jim & Denise Scott of Team Scott at Summit Properties NW

Real Estate Appraisal FAQ session with Sean Reynolds, owner of Reynolds and Kline Appraisal, Inc with frequently asked questions from Jim and Denise Scott of Team Scott/Summit Properties NW.

If you are a real estate agent these are some questions that come up all the time and are covered in this podcast:

If I am a buyer do I need to spend $800, why do I even need an appraisal, I have a (market) buyer willing to pay the price… ??

How much does the age of a home play into being a viable comp?

Does an older home with stick framed trusses pose an issue to valuation?

How far out in radius can an appraiser go, especially w/ property?

Can a 2 story/ tri-level/ split be used to comp a rambler?

Can a stick-built be used to comp a manufactured home on the same land?

How close would you say the accuracy of Zillow/Redfin for valuation is?

Do varying neighborhoods within 1 mile make a difference in value?

How much would you minus/add for a bathroom
How much would you minus/add for a kitchen
How much would you minus/add for a 2 car garage

Do items like a fence, deck, pool, or solar panels play into valuation?
Does septic vs. sewer make a difference?
Does granite vs. laminate countertops make a difference

® Is there a point where improvements outdo the neighborhood or won’t return the $$ invested back in the value/sale? How do you know when that is?

How much do multiple offers play into valuing a home when comps are low?

What’s required today to become an appraiser?

What is the most commonly overlooked flaw in a home you are appraising?

Are there some good ‘rules of thumb’ to keep in mind when valuing a property?

Have you ever appraised a home when it was so far off of purchase price, how far off?

#appraisals #appraiser #faq

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