'House Whisperer' Helps Turn Low Appraisal Into a Win-Win

Clare Grana is so tuned into her market that she can literally drive through a neighborhood, look at a property, and know what it's worth. Moreover, she's sold so many houses in the area over the past 30 years, that nearly every home has become a story for her to tell. She's that good.

So good, in fact, that her sphere of influence has expanded exponentially in recent times. And in this instance she gives a big nod to Realtors Property Resource® (RPR) for making that happen.

Clare, a REALTOR® with RE/MAX Allegiance in Reston, VA, connected with a couple from Richmond, about two hours away, through a mutual friend. They were each selling their respective homes and purchasing a new home together, with an FHA mortgage. Their offer on the new house was contingent upon selling his house first but they were certain they had listed at a reasonable price. Indeed, they had, yet the appraiser didn't agree.

"He quickly received a full price offer for his property," said Clare, "and the couple believed they were on their way to a new, beautiful home. But in certain parts of the country, appraisers are worried about over inflating values, which was the case here."

The couple shared that the appraisal came in at $20,000 less than list price, which put them at risk for losing their new home. It was a real bind. FHA was asked to revisit the issue but still wouldn't budge.

"They asked for my advice and I immediately thought of RPR," said Clare. "All I had to do was enter the address into RPR and pull up exactly what his home was worth using the Realtors Valuation Model® (RVM®). I emailed them an RPR Seller's Report and suggested they submit it to the appraiser, knowing he would be familiar with RPR's reliability in determining value. I also advised them to share the report with the buyer to give them reassurance that what they were paying for was fair market value."

Then, the RPR report made it into the hands of the appraiser. "Thankfully, RPR's data included information on schools in the seller's neighborhood, which are considered superior in terms of scores, attendance, etc.," she said. "The school data tipped the scales in the seller's favor. Everyone closed on time and at the original listing price.

"Of course, they were very thankful," said Clare. "I'll take credit for knowing where to go to get the data I need to help clients or faraway friends make good decisions."

In the meantime, Clare continues to pave the way for buyers and sellers in her own area, keeping a close eye on the market at all times.

"I play a little game with the RPR app to see who gets closest to a home's value," she said. "I drive past a property, guess the value, and then go into RPR Mobile™ to instantly pull up everything there is to know about the home, including the value." It feels great when I see I'm right on the mark with what RPR says. It makes me feel like a 'house whisperer'."

To view the original article, visit the RPR blog.