Miami real estate news and information

HARD for Appraisers to Appraise Property These Days!

I can see WHY IT’S  SO HARD for appraisers to appraise property these days.   One of the homes I showed buyers recently was described in the MLS as being a  “Great home in a wonderful area near Baptist Hospital. New roof! New bathrooms! Handicap accessible! Showings by appointment only. 24 hour notice. Turn key.”   And … the photos looked promising.

Reality though is sometimes a whole other picture. 

Those remodeled baths … well, they weren’t.  The pool was more of a pond.  The interior was a disaster …  more like squatters resided there … in complete dis-array … and to say it was filthy would have been just way too polite.

The biggest problem is  once a property like this one actually sells, because anyone looking at the photos and reading the description  will assume it really is in fine shape.  Any appraiser pulling it as a comparable  (to determine value on another potential sale in the neighborhood) will tend to  mis-value the subject property that the lender is asking to be appraised, based on the photos and description that is so incredibly  inaccurate.   

A lesser problem is that photos  (taken pre-disaster-state), coupled with a property with a description that couldn’t be farther from the truth,  attracts the wrong buyers too, and wastes everyone’s time.    Pictures taken when there actually was a doting owner taking care of the property … at a time when there  was a bathroom (with more to it than a sink and a bucket)  … at  a time when there was a functional utilizable kitchen that hadn’t been mauled like a tiger was let loose inside … at time when the carpet wasn’t destroyed by feral cats … and prior to the indigent staking claim .   (I do have buyers for homes that are tear-downs or  need major TLC … just not THESE buyers!) 

Unfortunately pre-disaster photos and that ‘highly’ embellished description are what an appraiser will see  too, eventually.  That house will sell  FOR A FRACTION OF THE COST OF THE OTHERS LISTED FOR SALE  THAT ARE  WHAT THEY SAY THEY ARE.  And  that house will potentially play havoc with neighborhood values because buyers and appraisers who don’t have the opportunity to see it first hand will misinterpret it’s real value … or lack there0f.   No wonder it’s hard for appraisers these days!

Looking to buy or sell, and needing an experienced Real Estate Agent?  We would be pleased to work with you.  Call anytime 305 793-1365   Alexandra and Vicki … The Restivo Team at EWM Realtors, International



To receive my blog posts directly to your inbox, click here to subscribe.