Coconut Grove Is Hit Hard By Appraisals
July 8th, 2009 categories: Coconut Grove Real Estate
Appraisals are the name of the of the game these days and especially here in Coconut Grove. We have such an eclectic mix of properties here and so few sales that it can be hard for an appraiser to know exactly what to use as comparables. As I talk with the other Realtors in town we all have a shared frustration. With guidelines getting stricter and stricter every day, many homes that finally receive a contract are failing to appraise.
Many people might not know this, but it is allowable for the Realtors involved in the transaction to provide the appraiser with what he/she thinks the proper comparables should be. At this moment in the real estate transaction, it is crucial to have a realtor who is knowledgeable about the appraiser’s guidelines, has a strong handle on what the correct comparables should be and the finesse to deliver the information to the appraiser in the proper way. There is a fine line that Realtors must walk between being helpful and not pushy with the appraiser It is very easy to completely turn them off from the information you want to provide.
I had a great experience with an appraiser the other day in the North Grove. She was open to discussing what I believed to be the correct comps and was appreciative of the information I presented her. Sometimes I feel like a lawyer arguing my case, but in this circumstance it was more of a joint effort in getting the home to appraise correctly. For a property that had a 50% chance of appraising in this market, we got the job done together.
Whether you use myself or another realtor when buying real estate in the Grove, it is more important than ever for buyers and sellers to use an agent that is LOCAL, experienced and informed.
How true this is. Without a skilled realtor to get the deal complete, may deals are falling apart.
I am sorry but this is the biggest BS article because this is the exact reason why we are in a real estate crisis right now. I have looked at a bunch of houses in the Coconut Grove and Coral Gables area and to be honest most are dumps and need a lot of work and should be selling for half the price. Going back to 2004 prices is not sufficient that was at the height of the fraud that most of you Realtor perpetrated and encouraged. The prices I see are currently 50% overvalued and scamming the appraisal process to artificially inflate the price of a home is just that “FRAUD”
I am sorry but this is the biggest BS article because this is the exact reason why we are in a real estate crisis right now. I have looked at a bunch of houses in the Coconut Grove and Coral Gables area, and to be honest most are dumps and need a lot of work and should be selling for half the price. Going back to 2004 prices is not sufficient. That was at the height of the fraud that most of you Realtors perpetrated and encouraged. The prices I see are currently 50% overvalued and scamming the appraisal process to artificially inflate the price of a home is just that “FRAUD”
So well said! A number of our recent Miami home sales were outsourced by the lenders, to ‘professionals’ from WELL outside Miami-Dade, for appraisal. (Then, those appraisals were FURTHER outsourced, for review.) When appraisers are not local, it’s almost essential that the realtor provide comps and work closely with the appraiser so the property can be assessed correctly. Vicki
I couldn’t agree more with “Buyer”. I’ve been living in the Grove for the past three years and while the rest of the real estate world has collapsed the Grove (mainly its houses) thinks it’s invulnerable to the market. Prices haven’t come down anywhere near to where they should be. A house that is worth $350K is still selling for $650,000!!! This is precisely why the real estate market is taking so long to recover, because of scumbags like you that want to meet to try & “work” with an appraisal. Hopefully these appraisers won’t fall for the same tricks that got us into this mess to begin with and will you real estate agents/scumbags the importance you deserve, which is none!!!