So, the appraiser is asking if there were seller paid concessions on my listing? Yes…No…wait—what is that!?

If you have asked this question, or if there are other questions you might like to ask an appraiser, the Appraiser Committee will host a forum on Thursday, Oct. 11, 2018, 10a-12p. Several timely topics will be discussed, and there will be plenty of time for REALTORS® to engage with the panelists about appraisal-related issues or questions. The forum will qualify for two hours of continuing education for both REALTORS® and appraisers. Click here to register.

The Appraiser Committee exists for the purposes of providing various educational information to REALTOR® members and appraisers, including articles, panel discussions, and courses for REALTORS® and appraisers. The goals are to improve communication between REALTORS® and appraisers, and to better educate REALTORS® about the appraisal process. All of this to ensure a smoother and more trouble-free transaction process.

To say the current working environment is challenging would be an understatement. With undersupply conditions putting continued upward pressure on prices in the market, it is more important than ever to communicate with the appraiser, before the report is finished and transmitted to the lender. Most appraisers are receptive to communication from the REALTOR® about showing activity, multiple offers, updates to the property, and any data the REALTOR® used to determine list price for the property. The appraiser is doing his/her best to reflect current market conditions, and REALTORS® are vital to this process.

The forum in October will provide updated information about economic conditions in the Columbus area market, as well as local real estate markets. The forum will also cover some perennially thorny topics that can create issues between the appraiser, buyers/sellers, and REALTORS®. Here are just a few of these: how to measure gross living area, inconsistencies in auditor office records, the pitfalls of using price per square foot to determine value, lender guidelines, FHA/VA guidelines, making time adjustments, and of course the issue of seller paid concessions.

In the meantime, the Appraiser Information link in flexmls (MLS links, under the message board) contains useful information for REALTORS® and appraisers. Here you will also find a contact for any of your residential appraisal-related questions. Tom Francis is currently serving as the contact for the Appraiser Committee.

And, a special thank you to our staff liaison Lucy Buzzee for her assistance and wisdom, and for keeping us focused on the task at hand!

We look forward to seeing you in October. If there is a topic we don’t discuss, bring your questions!