109: Bryan Seifert Decoding Appraisal and Their Impact on Real Estate Sales
Are you ready to unlock the mysteries of real estate appraisals? Fasten your seatbelts as we navigate this complex landscape in an enlightening chat with Bryan Seifert, our guest expert from BS Appraisals. In this episode, Bryan demystifies the process and purpose of appraisals, highlighting their role in providing an unbiased, independent valuation of properties for various stakeholders including banks, buyers, sellers and attorneys. He also outlines why, ideally, all appraisers should land within a 10% range of each other when reviewing the same data.
Hold onto your hats as we venture into the challenges of appraising in a fluctuating market, and the effects of the bell curve on appraisals. Bryan shares valuable insights on how to maneuver through time adjustments in data used from prior sales. Particularly intriguing is the discussion on how to prove 'time' when market shifts are swift, and what options are available if an appraisal doesn't match the agreed purchase price.
Finally, we draw our focus to the importance of obtaining an independent appraisal when selling a house. Bryan educates us on the various factors that can influence an appraisal such as market fluctuations, time adjustments, and the availability of recent sales. We also delve into how to obtain a Comparative Market Analysis (CMA), and the consequences of letting a listing linger for too long on the MLS. If you're thinking about selling, you'll want to tune in to hear Bryan's take on whether getting an independent appraisal is always a win for sellers.
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