Another irate Realtor

Discussion in 'General Appraisal Discussion' started by normando, Jun 20, 2011.

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  1. normando

    normando Senior Member

    0
    May 2, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Again, I had another Realtor who said "I never had an appraiser not appraising my purchase price in all these years".
    It makes you wonder what have all the other appraisers been doing all these years.
    I usually appraiser at purchase price but when I feel the price is over or under, I tell it as it is whether they like it or not. I know there will be calls and consequences to be paid but fortunately I tell them to ### off.... no, I meant to tell them to contact the AMC or lender because I have no control in changing the report until the lender request it.
     
  2. PropertyEconomics

    PropertyEconomics Elite Member

    0
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico


    So from this statement I take when the lender requests you change the report you do??
     
  3. normando

    normando Senior Member

    0
    May 2, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Before I would talk with the Realtor but now I realize I don't need to waste my time.
    That's what the AMC is for. I tell the Realtor to talk to the AMC and the AMC will contact me.
    The funny thing is that the AMCs haven't contacted me.
    I was willing and waiting to see the comps the Realtor wanted me to review. I was ready to rip them up.
    May be the AMC had a reviewer and see it unnecessary for me to look at the comps.
    In either case, at least the AMC does provide me a line of defense so I don't need to deal with the Realtors.
     
  4. Lobo Fan

    Lobo Fan Elite Member

    0
    Nov 28, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    There are a couple of ways to head this off. If it looks like a purchase price is gassed, I will ask the Realtor for comps. Maybe 1 in 5 will actually come with anything. There is still a lot of confusion out there about what kind of contact a Realtor can have with an appraiser. Blowing them off is rarely a good idea. It is better to use the opportunity to educate someone.
     
  5. J Grant

    J Grant Elite Member

    55
    Dec 9, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Realtors don't want to be educated, they want their deals to come in. The less professional ones will have a tantrum every time their deal does not come in. One of the few benefits of AMC ordering is that is their role, to take pressure off appraiser. If an irate realtor calls, refer them to lender and proper channels for them to submit their comps.

    A realtor is not our client and the contact should be limited...asking them for comps if it looks like an appraisal will not make purchase price is not a good idea. If you want their comps, ask when the appraisal hasn't been started yet. Otherwise, let them submit comps through lender/AMC proper chanels after appraisal is completed the way they are supposed to.
     
  6. Denis DeSaix

    Denis DeSaix Elite Member

    43
    May 16, 2005
    Professional Status:
    Certified General Appraiser
    State:
    California
    (my bold)

    You are correct; that is one of the functions of the AMC.
    I can say with high confidence that some AMCs do exactly what you stated (and I bolded): they will review- directly from the agent/broker or indirectly via the lender- the request and make a determination if it is sufficiently reasonable enough to forward to the origination appraiser to address.
    In some cases, the back-and-forth gets exhaustive between the broker/agent, the AMC, and the lender. If the lender (who is the AMC's client as well) demands that the reconsideration get forwarded to the appraiser, the AMC will usually do it despite that they've argued it is not a reasonable request.


    (and before this accusation starts again, I do not own an AMC or work for one. :new_smile-l:)
     
  7. Kim Whiting

    Kim Whiting Senior Member

    5
    Feb 17, 2003
    Professional Status:
    Licensed Appraiser
    State:
    Michigan
    I just point out in my report that the 3 listings I used were available to the Realtor's buyers at 20,000 less....so why didn't they buy them? Perhaps the good realtor was only showing them his/her listings or only showed the listings with the highest selling agent commissions?
     
  8. SutnNC

    SutnNC Senior Member

    3
    Nov 5, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
     
    Last edited: Jun 21, 2011
  9. Mountain Man

    Mountain Man Elite Member

    5
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Georgia
    I can't figure out if this is an AMC love fest string...
    or another "dogs hate cats" gripe about other real estate professionals who provide a service for THEIR client.
     
  10. J Grant

    J Grant Elite Member

    55
    Dec 9, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Not quite sure the point of this...re agents can perfrom all the services they want for THEIR client. But the real estate agent is not OUR client, and their cleint (Seller usually) is not our client either. Our client is the bank, or whoever ordered the appraisal. We are hired to appaise a value as a disinterested third party, so OUR client can make lending or other decisions about the subject property. By extension, the buyer is a user of the appraisal and also relies on it to make decisions. End of story, we owe realtors nothing except politness at an inspection we don't owe them an explanation why value did not come in, we do not owe them a look over of their comps either. The fact that they are allowed to send comps for consideration on a lender apprasial (via an AMC) speaks to their lobbying power.
     
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