When it comes to buying or selling San Diego property, a successful outcome often hinges upon an accurate appraisal. Unfortunately, due to unrest in the appraisal industry sparked by government guidelines imposed by the Home Valuation Code of Conduct (HVCC), securing an accurate appraisal on Carmel Valley real estate can be hard to come by these days. Several colleagues of ours have shared horror stories about an appraisal gone wrong and a client that’s left to pay the price.
As a member of the Top 5 in Real Estate Network®, however, our team has learned that there are steps you can take to help ensure an appraisal accurately reflects the home’s value. Consider the following advice:
1. Keep it local. Inaccurate Carmel Valley home appraisals are often the result of the current practice of using an appraiser who is unfamiliar with your community…sometimes, they’re even coming from another state! Talk to your agent and/or lender and insist that the appraiser involved is local to the Carmel Valley/Del Mar area and, therefore, understands home values in your neighborhood.
2. Utilize comps and your agent! A skilled and experienced Carmel Valley real estate agent will insist on meeting the appraiser and will make sure your lender and appraiser are accurately leveraging comps (comparable market sales) of local properties sold within the last six months to help appraise your home.
3. Put your best foot forward. If you have a Carmel Valley home for sale, make sure it’s in the best possible shape before the appraiser visit. Invest in any necessary repairs and effective cosmetic changes. Consider how your home stacks up against other Carmel Valley homes for sale in your neighborhood and let that be your guide.
4. Review carefully. Review the appraisal thoroughly to make sure all the basic facts are correct: square footage, features of the home, number of rooms, etc. If you find mistakes, call the appraiser and ask to have them corrected. If the appraiser refuses to make the corrections, file a complaint with your state’s real estate appraisal board. Call the Dalzell Group, Carmel Valley real estate agents, for help in this process.
5. Don’t settle. You are not bound to accept the appraisal results. Both San Diego home buyers and sellers can request a new appraisal. There is no guarantee that the bank will accept the new appraisal, but it can be used to challenge the first appraisal.
An honest, accurate appraisal can make all the difference in your San Diego real estate transaction. Follow the above steps and please contact the Dalzell Group for more details. We encourage you to forward this important information to your social network, as well
