I love when I have the opportunity to meet the listing agent at the property, but as you know, that’s not always possible. This fillable/interactive form allows you to make sure the appraiser has all of the information they need to complete a thorough appraisal of your listing. I’ve broken this form up into two sections with the first covering the recent updates to the property and the second related more to the market area and ways in which your listing shines. Each section/question is designed to help you communicate pertinent information to the appraiser that will be helpful is the appraiser determining the most accurate opinion of value.
Section 1 (Improvement/Updates)
By completing this section, you can make sure the appraiser knows about updates and improvements made to the property as well as their approximate cost. Obtaining the approximate cost of the improvements can be helpful in supporting a significant increase in value if the home had recently sold prior to these updates. While cost does not always equal value, knowing the cost of improvements assists the appraiser when analyzing the contributory value of each improvement. These updates are broken up into 5 year increments as this is how appraisers are now required to report the updates to the kitchen and baths in the appraisal report.
Section 2 (Market Information)
Here is your opportunity to provide the sales/listings you used to determine the list price -- essentially potential comps for the appraiser to consider. You can also address in the 2nd question major selling points. A good appraiser should already know certain benefits of a property’s location but you, as Realtors, often have more detailed or nuanced information about what prospective buyers are looking for. Think of what is most discussed or brought up by potential buyers when you are showing the house. Was it the large master bedroom suite, walking distance to the Metra or Blue line, proximity to downtown’s shops and restaurants, the best school district in the area? All of this is great information for an appraiser to have.
Multiple Offers and Additional Info
More specific questions, such as the one about multiple offers, may ultimately help the appraiser support an opinion of value that takes into account current market demand that may not be reflected yet in recent sales prices (possibly an indicator that values are increasing). Lastly, there is an area for anything else you want the appraiser to know.
for Real Estate Agents
Questionnaire for Homeowners
We also do a ton of “non-lender” work, so I also created a modified version of this form to give to homeowners who call me directly for appraisals for divorce, pre-listings, estates, etc. Click below for a copy of this modified version to help you ascertain the recent improvements when putting the MLS listing together and pricing the property.