26 Oct How to avoid revision requests for your property appraisals
Almost every real estate transaction involves a property appraisal at some point during the buying/selling process. No one likes delays — and there are ways you can make sure the appraisal process is not to blame for any delay. For starters, make sure the appraiser has all the necessary facts and documents upfront, including:
- Purchase agreement: Review the purchase agreement carefully and make sure all information is accurate, particularly any amendments, counter offers or other special stipulations.
- Seller Disclosures: The seller disclosure will show the appraiser any current or prior issues with the property and also will tell him if the property is on a private or public waste system.
- Homeowner’s association dues: A community disclosure agreement is typically signed showing homeowner’s association dues.
- Check the box appropriately: Many times it is easy to overlook this question: “Has the subject property been offered for sale in the prior 12 months?” The answer obviously should be “Yes” because even if the property is not listed, it has been offered for sale by the seller to the borrower.
In addition to reviewing that you have all the proper documentation to give to the appraiser, it also may help if you scan the purchase agreement with the most recent amendment showing as page 1 of the document. This makes the terms of purchase more dominant and ensures that the appraiser is aware of any changes that have been made to the original terms.
Double checking the information before submitting to the appraiser can help you avoid revision requests and unnecessary delays in completing the sale. Your clients will thank you!
Barsh & Cohen is a boutique law firm that can assist with your legal needs, including commercial and real estate buying and selling. We also handle any legal services required for conveyances and mortgages, title services and more. Contact us to set up a consultation.