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Appraisals in an Appreciating Market

Posted by Robert Casella on Thursday, February 28th, 2013 at 1:34pm.

Our team listed an adorable villa in Stoneybrook at Heritage Harbour that quickly went under contract. Our concern was that the sale was subject to an appraisal. In an appreciating market, appraisals have been known to stop sales. So Robert met the appraiser (as we always do) and the appraiser began his assessment of the villa.

At the end of the appraiser's assessment, Robert politely asked if the appraiser had pulled comparable properties to use in his assessment.  In researching these comps, Robert discovered that some villas were listed as condos and so the appraiser might not have seen those comparables.   These comps were the highest and best comparables for the villa.  We know comparable "Solds" do become the basis for current appraisals and without those comps, the villa probably would not have appraised.   The appraiser thanked Robert for his attention to detail and he used those comps.

The happy ending is that the home did appraise and both buyer and seller are happy. This story is an example of how our team tries to ensure that home transactions do get to the closing table.  As full service agents, we know each step of the transaction needs to be monitored.   If you are considering selling your home, please consider the Sarasota Bradenton Realty Team.  We would be glad to give you a free market analysis.

--Carol Marra

Robert Casella, CLHMS - Licensed Realtor
Certified Luxury Home Specialist

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