Sales comparison and listing price!

[PropertyEconomics]

Thank you so much for your post! I will see what action I will take, and will definitely be back to tell about the outcome!
Maybe I shouldn't have, but I have contacted the appraiser, who still claims that she used MLS sales prices, and that's it. I don't even know what that means, and can they be different than what I have found at the tax/assess office? Would you know?Because if she is correct, of course no action needed, and I am happy, I would also apologize
I am concerened about that because one of the comps is still out here for sale, never been sold since it was built, so how could she get a sale price? Not to mention other errors, like sales dates, and stuff.
Also, only 3 out of 18 townhomes were sold, and she wrote this:"a lot of sales,some listings..."
Anyway, thank you so much for such nice, detailed post!

I have no idea how sales are reported in your state nor if the assessors information is correct. If you have a friend who is a Realtor you can probably obtain the MLS sheets for those sales and then you will be able to confirm what was reported to MLS.
There are enough questions here that I would part with the review money and have a professional look at that report, if for nothing else, peace of mind.

 

[BRCJR]

I have no time for lawsuits, very rude of you to imply that that's where I am going, .....................................................QUOTE]

I agree poster Dane Anderson was less than polite and professional. Therefore, I apologize on be-half of the professional appraisers that do exist.

I also concur with PropertyEconomics and will state the advice he has given is the best course of action.

 

[Mr Rex]

I assume your appraisal was done on a Fannie form.

XI, 406.01: Sources of Comparable Market Data (06/30/02)
The appraiser’s opinion of market value is no better than the reliability of the comparable data that is used; therefore, the appraiser must exercise due diligence to ensure the reliability of the comparable sales data that he or she uses. The appraiser must report his or her data and/or verification source(s) for each comparable sale on the appraisal report form. An appraiser may use a single source for the data and verifications or multiple sources if they are needed to adequately verify the comparable sales. The quality of the data available varies from source to source and from one locality to another. In view of this, a single data source may be adequate if the appraiser uses a source that provides quality sales data that is confirmed or verified by closed or settled transactions. On the other hand, if the appraiser’s basic data source does not confirm or verify the sales data, the appraiser will need to use additional sources. When comparable sales data is provided by a party that has a financial interest in either the sale or financing of the subject property, the appraiser must reverify the data with a party that does not have a financial interest in the subject transaction.

 

[MrsBee]

Thank you all for all the useful info, and advice!!! I appretiate you time, and opinions!
I guess I will look for an appraiser to do the review, and go from there...

 

[redfish]

Thank you all for all the useful info, and advice!!! I appretiate you time, and opinions!
I guess I will look for an appraiser to do the review, and go from there...

Mrs Bee, what city are you located in. I may be able to help you find an appraiser.

 

[Hamlet]

Mrs. Bee,

First, welcome to the AF.

Second, I too apologize for the rude response you received.

Thirdly, you’ve received some excellent advice to consider having a competent local appraiser review this appraisal. Keep in mind that the original appraisal was for the intended use of the bank and not you, so your only real recourse is going to be possibly exposing a fraudulent report to your state board.

Finally, If I may offer another little piece of advice (as a Realtor). I noticed that you seem to have had no representation on your side of the deal. I’m concerned that the seller’s agent was able to convince you of anything and sincerely hope this person wasn’t representing you as well. You also have some serious Realtor ethics violations going on that should also be reported and investigated to your local Board of Realtors as well as your State Department of Commerce.

http://www.realtor.org/

This is the National Association of Realtors web site and I hope the next time you purchase a home you will find this site helpful in educating yourself. You can also find the code of ethics and laws governing Realtors here.

Professional ethics are the keystones in this business for appraisers as well as Realtors and any violations must be reported and punished by the authorities. A lack of enforcement enables these shenanigans to continue. I commend you as a member of the public for taking an interest and pursing the course to see that right is done. We have to police ourselves and it is helpful when the general public take an interest as well.

Thank you.

 

[MrsBee]

I don't like to disclose exactly where I am; but Macomb County area should be enough. Thank you so much! I need an unbiased review. I don't like to acuse people of wrongdoing unless there is solid proof.

 

[MrsBee]

Thnak you! Much appreciated!

No, I had no representation, and I have no idea how I was so vulnerable! I didn't speak the language as well as I do know, nor was I computer literate to look things up, I simply trusted people. Lesson learned! This will never happen to me again!

 

[Boonders]

I have no time for lawsuits, very rude of you to imply that that's where I am going, but when discovering errors like this, or possibly a deception(violation of many laws), you would want those people held accountable, if they don't want to fix their errors.

Also, even if my actual damage is lousy few thousands of dollars, I would like the appraiser to fix the report, so I can go to the bank, and have everything fixed. No need to sue, I am a very civil person, and as hard as it may be to believe, I think the bank will work with me, provided it was their appraiser, who works for bank owned appraisal company.

I have contacted the appraiser, who promissed to review it, and buzz me back. Which she did, and she gave me a whole lot of mumbo-jumbo of how she used the MLS listing, and that's how she found the sales prices. Guess what, one of the townhomes that was used as a comp has never been sold, since it was built.
From this forum, I just wanted to find out if she was liable to use actual sales. I have no idea what are you so bitter about.
Anyway, I don't see anything wrong with suing people, if I had to, that's why we have the justice system. Sometimes it works, sometimes it doesn't, but imagine the world with no laws at all...

Alright, I'm not trying to be rude...it was more a joke about where your going from here. I'm trying to impart some levity here. How is it rude to ask if you are going to sue somebody? And then you indicate at the end of the post that, you might??? okay, maybe i'm not that far off? chill out. Where else is the end game? Its been said that using listings as comps is atypical. Now what?

You indicate you are going to talk to the bank...you wanted money from them. They loaned it to you. What did they do wrong?

Just so i'm clear, I HAVE NO PROBLEM WITH YOU SUING ANYBODY. None. I sued a company over $600 once. But, it only cost me $50 to take it to court (and I won :new_smile-l. If you take this to civil court, its going to cost alot. And then the question is...who gets sued? Everybody is going to point the finger at everybody else.

If you or someone else uncovers fraud...that all these people are acting in collusion, get ahold of the attorney general. You'll likely get paid and get rid of some apparently unethical people.

I'm sorry i included my diatribe about people being accountable for their own actions and venting about what would have or wouldn't have happened if the appraiser would have been lower...I was just rambling...its a forum...for discussion. I'm sorry. Again. Sorry.:Emoticon_hug:

And I'm sorry for sullying the name of all appraisers on this board with my comments. Hopefully, with enough groveling, I will be forgiven by at least some.

 

[redfish]

I don't like to disclose exactly where I am; but Macomb County area should be enough. Thank you so much! I need an unbiased review. I don't like to acuse people of wrongdoing unless there is solid proof.

Please private message me if you would like some help in this matter. A majority of my work is review work, very seldom can I help out a private homeowner in a review capacity. I would be happy too, even if it is one person, attempt to reinstate public trust in a profession that has become an industry. If the city lies within my area of knowledge, I can help. At least you will have an idea as to how well supported the value opinion was as of the effective date of the appraisal.