If you have not heard the news, Colorado Springs Real Estate appraisals have become more conservative with values being scrutinized more often. Ultimately this is a good thing because appraisals, along with loose lending standards of the past, played major roles in unsustainable rise in real estate prices. In days past appraisal were never an issue and homes always mysteriously came in at value.
Fast forward...today, in Colorado Springs appraisers are now being held into account. This means that their reports must be substantiated with solid documented facts on how their opinion of value was determined. Furthermore, underwriters now have the ability to adjust the value downward simply because they disagree with supporting evidence or the property being located within a declining market. This can happen without warning and has the ability to kill the sale. Obviously, during the appraisal process, sellers tend to be nervous because of the uncertainty of obtaining value.
My point of view is this. If you are a seller and looking to maximize your homes value you WANT to be nervous during this process. This is a sure sign that you are getting "TOP DOLLAR" for your home. Your agent should be doing everything ethically possible to squeeze every penny out during the sale.
I might also suggest that (Unless you just want to get your home sold and are not primarily concerned with value) you address this while interviewing an agent to list your home. Be sure that your listing price is based on facts. A good agent should have an understanding of value adjustments that can be substantiated with data and know how to present a reasonable case to obtain this value.
Although communication between appraisers, lenders and Realtors is now more restricted, and it is more inconvenient for everybody involved, these restrictions do help prevent colusion between them. Knowing how to navigate within the boundaries while achieving the highest sales price is now more difficult than ever: and rightfully so. The upside of this inconvenience is consumer confidence and industry professionalism.
Courtesy of William Szilagyi Williams HomeSellers LLC www.ZColorado.com www.WilliamsHomeSellers.com 719-646-2634
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