Letters to the Editor

Bernice,

In regards to getting an accurate appraisal, you stated, "Be sure to include both sets of data, even if the appraiser elects to use only closed sales."

An appraiser is subject to USPAP guidelines, set forth by the Appraisal Foundation and Congress, and MUST use closed sales.

However, as an FNMA appraiser whose work has dramatically increased this year due to foreclosures, we utilize comparable listings including pending sales. In most cases, the list price is much higher than the eventual sales price.

Also, as a recent seller, I can attest to this fact since our previous home appraised for $309,000 and eventually sold for $274,000. We hired a stager; recarpeted, redecorated and painted the home (inside and out); refinished the floors; had great curb appeal, etc., and had 70 people walk through over a three-month period. (The home inspector said this 67-year-old home was in perfect condition).

Bottom line, agents can no longer base their list price on active listings, and sellers MUST be realistic concerning the current economy. This is a changing market with fewer qualified buyers, not including supply-and-demand factors.

Lore DeAstra
Continental Appraisal Consultants
Richmond, Va.

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