In my role as a lender, I have to admit, waiting on an appraisal report gives me anxiety. Right now, a lot of buyers are willing to take the risk of making offers well above market value and that's cool IF they have the cash to back it up.
Working with an agent who is skilled at evaluating comps and determining a market value is vital for me. I depend on their expertise to give me the best info available, so I can advise our mutual client on the best strategy based on their financial position.
Ultimately though, a home's fair market value is determined by a licensed appraiser. Because I'm a lender, I'm legally not allowed to have direct contact with appraisers, but that doesn't stop me from sending them my positive energy each morning and hoping they all woke up in a good mood and are ready to write some big numbers on their reports
That's why today I'm talking with Ruth Payne. A seasoned Real Estate agent who runs her own firm in the Raleigh and Wake Forest areas. She also serves on the Wake County Board of Equalization and Review. (AKA, the appraisal review board)
We talk appraisals, crazy due diligence, and where this whole seller's market train could be headed in the near future. Stick around till the end, because this episode is packed with wisdom.
