I have found, since appraisers in my neck of the woods come from far and wide (due to the banks budgetary reasons and pay so little), it is imperative to write a report be you the listing agent or buyer’s agent for the property. We have been seeing appraisers traveling from Long Island, upstate – who know NOTHING of lower Westchester, and equate one area with another to the detriment of the property, seller and buyers…. I was the buyer’s agent for one property in our Historic area in New Rochelle, and the property had received 5 multiple bids, my clients obtaining the accepted offer… the appraiser confided to me that he had just came from Larchmont (the adjoining town), and couldn’t understand why this property had sold for multiple bids at half the price/twice the size of the Larchmont property. As it turned out, his area of expertise had been Manhattan… and it was his first foray into lower Westchester I spent an hour on the phone educating him as to why one street traditionally costs more than another……because of through streets, estate areas, etc., etc… and I then found him calling me for numerous times thereafter, to ask my opinion on other homes as I have lived here for over 32 years. I certainly do not know everything nor would I profess to, but I am somewhat knowlegable on the area- and that is half the battle!
I am seeing agents list homes from outside their comfort zone – which is fine… (we have all had clients who only want us… – I have a situation like that now and I am co-broking the property so my client is happy as she knows I will follow though on many levels, but I also know that I am representing her well with having a local agent too) but how do those agents from different towns service the client when the appraisal time comes due? I received several bids on a property several weeks ago, and we had the appraisal last week… I had my 2 page appraisal report ready, detailing every home that had sold with the pros and cons – as I had seen each home before they had sold…… the appraiser thanked me – although he claimed to know New Rochelle quite well, it made his job that much easier… and either reminded him about those homes that had sold or educated him on same… I have heard of many homes not appraising, and I wonder whether it was because the agent, in some circumstances, simply did not know how to handle the appraisal issue in writing a thorough report for the appraiser or didn’t know the area well enough to present same?
New Rochelle is GREAT!