All About Home Appraisals With Appraiser Jamie Owen | Ep 29
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Glen sits down with veteran appraiser Jamie Owen to demystify the home appraisal process. With over 26 years of experience, Jamie shares insights on factors influencing a home’s value, the role of appraisals, and common myths.
The podcast delves into everything from the nuances of market value determination and the appeal process for low appraisals to the impact of modern software on the industry. Real estate professionals and home sellers alike will find valuable advice on navigating appraisals, understanding square footage intricacies, and maximizing home value.
Key timestamps include discussions on the appraisal process, software tools, renovations, seller expectations, and common misconceptions about appraised values.
Key Moments:
- 00:00 Introduction to Home Appraisals
- 01:26 Meet Jamie Owen: Veteran Appraiser
- 02:24 Jamie Owen’s Journey into Appraisals
- 03:50 Understanding the Appraisal Process
- 06:15 Appraisal Certifications and Standards
- 10:46 Defining a Bedroom and Square Footage
- 14:10 Role of an Appraiser and Market Value
- 22:20 Appraisal Walkthrough and Seller Tips
- 31:11 Timing and Purpose of Appraisals
- 36:30 Market Data and Pandemic Trends
- 37:01 Tactics in Competitive Markets
- 37:42 Appraisal Process in Different Scenarios
- 38:25 Market Truths and Value Agreement
- 41:39 Factors Influencing Property Value
- 45:09 Basements and Gross Living Area
- 52:14 Unique Properties and Comparable Sales
- 01:01:28 Seller Concessions and Appraisal Impact
- 01:11:03 Understanding Market Area Guidelines
- 01:12:13 Common Sense in Appraisal Practices
- 01:12:41 Non-Negotiables in Property Appraisal
- 01:14:03 Challenges with Unique Properties
- 01:16:27 Maximizing Home Appraised Value
- 01:17:32 The Role of Documentation in Appraisals
- 01:23:37 Handling Low Appraisals
- 01:28:04 Navigating the Appraisal Process
- 01:40:35 Final Thoughts and Advice for Home Sellers
Key Resources Mentioned:
- “Living To Listing” Video Home Prep Course
- ANSI
- CubiCasa
- Fannie Mae Form 1004
- FHA Property Requirements
- Escher Drawing
- Commissions vs Concessions
- Dodd-Frank Act
- 2008 Market Crash