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  #1  
Old 06-20-2011, 08:24 PM
normando normando is offline
 
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Default Another irate Realtor

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.
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Old 06-20-2011, 08:28 PM
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PropertyEconomics PropertyEconomics is offline
 
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Default

Quote:
Originally Posted by normando View Post
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.


So from this statement I take when the lender requests you change the report you do??
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  #3  
Old 06-21-2011, 01:57 AM
normando normando is offline
 
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Default

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  
Old 06-21-2011, 08:19 AM
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Lobo Fan Lobo Fan is offline
 
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Default

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  
Old 06-21-2011, 08:51 AM
J Grant's Avatar
J Grant J Grant is offline
 
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Default

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  
Old 06-21-2011, 08:58 AM
Denis DeSaix Denis DeSaix is offline
 
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Quote:
Originally Posted by normando View Post
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.
(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. )
  #7  
Old 06-21-2011, 09:07 AM
Kim Whiting Kim Whiting is offline
 
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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  
Old 06-21-2011, 09:24 AM
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SutnNC SutnNC is online now
 
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[quote]
Quote:
Originally Posted by normando View Post
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 understand what you are saying but there is no secret as to what some think they are doing either well or otherwise.

Quote:
When the market indicates that the price is over or under, I tell it as it is whether they like it or not.
My edit, sorry....couldn't help it .

Quote:

I know there will be calls and consequences to be paid
Imagine the alternative consequences

Quote:
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.
The lender/AMC can hold "it's" breath until it turns blue in the face, you're job is done, over, kaputski........unless you have committed an error or omission acknowledged by you, it's over Johnny.

"Hand holding" has just about exited my tool box (lender, realtor, etc.).......the constant inadequacies in reacting (not you) and handling this kind of bs has resulted in your current experience.

The current state of affairs is quite a cesspool that needs servicing. Stick a note in your file.

gl-
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Last edited by SutnNC : 06-21-2011 at 09:35 AM.
  #9  
Old 06-21-2011, 09:27 AM
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Mountain Man Mountain Man is offline
 
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Default

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  
Old 06-21-2011, 09:46 AM
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J Grant J Grant is offline
 
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Quote:
Originally Posted by Mountain Man View Post
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.
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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