Mar
15

Lawyer’s Tips for Preparing for Appraisal

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The appraisal is an important piece to the financing puzzle.  The price on the appraisal is the figure upon which the financial intuition bases their funding decision.  A failed appraisal could kill the deal.

  • Make sure your broker attends the appraisal.  This gives him the chance to present a neat package of all the comparables for the transaction price and show off the property.
  • Show off features of the apartment that may not be so obvious like deeded storage or a second dishwasher.  This is even more important if the appraiser is not familiar with New York City.
  • Explain negative comparables.  For example the apartment in the same line that sold for a great deal less that needed to be renovated needs to be pointed out.

 

From article by Jerry Feeney  http://jerryfeeney.com/real-estate-101/preparing-for-the-appraisal/

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