Verifying Sales With a Realtor

[hastalavista]

also per new rules realtors cannot be used as a verification source because they are/were an interested party. so whats the point to call them.

When I'm calling an realtor who was a party to the transaction of a potential comp I'm considering, what rule is violated?:new_smile-l:

 

[hastalavista]

This is how I layout my verification sources (from a report I just finished two-days ago):

The following market participants were interviewed and the terms/condition of the sale and condition of the property for each comparable was verified: Mr. David XXXX, XXXX Land Company (comp#1); Mr. zzz XXXX, Coldwell Banker (comp#2); Ms. zzz XXXX, Coldwell Banker (comp#2); Mr. XXXX XXXX, First XXXX Realty (comp#3)*; Ms. XXXX XXXXX, XXXX XXXXX Sothebys International Realty (comp#4); Mr. XXXX XXXXX, zzz Property XXXXX (comp#5); Ms. zzz XXXXX, XXXXXX Real Estate (comp#6); Mr. XXXX XXXXX, Coldwell Banker (comp#7).
* Note: Comp#3 was also listed by the same listing agent team as the subject of the assignment. While I did interview those two agents (Ms. zzz XXXX and Ms. zzz XXXX) about comp#3, I also interviewed the buyer's agent, Mr. zzz XXXX; I consider this independent verification from a party that is not participating in the transaction which is the subject of this appraisal.

Most of the agents I spoke with had previewed the subject and were able to give a really good comparison between their properties and the subject. Although I would rank the MLS system for this area to be "very good-excellent", the additional information I gained from speaking with these market participants significantly improved the quality of my report and the confidence-level of the value opinion's credibility.

I'm not always able to speak with every agent. I certainly try to call all agents. I typically am able to speak with a majority of the agents for the comps I use.
Email, BTW, seems to be the easiest communication method, and almost all the agents add "if you have any other questions, please don't hesitate to call me."

BTW, I've also received referrals from agents I've interviewed for assignments. So even if the reader/intended user doesn't think the personal verification is significant, apparently some of the market participants do.

 

[Calvin the Airedale]

When I'm calling an realtor who was a party to the transaction of a potential comp I'm considering, what rule is violated?:new_smile-l:

I think Elguido is confused. There are no rules excluding agents, buyers or sellers as verfication sources for the comps.

He is probably thinking of Certification #10 on the URAR, wherein the appraiser certifies that any information obtained about the subject from a source with an interest in the subject must be verified from a disinterested source. BTW, Elguido, this is not a new rule.

 

[Dale Smalley]

I only use the trustworthy Realtors.

 

[Mr Rex]

Calvin do you have a template of questions that you use for all comps?

 

[Calvin the Airedale]

Calvin do you have a template of questions that you use for all comps?

On the subject line of my email, I will put the following:
MLS #; address; seller to buyer; date sold @ $sale price; lender, type of loan.

The following is my template (I keep it on a blank email in my Outlook drafts folder) and I tailor it to the specific transaction (adding to or changing the questions as seem appropriate):

Dear Ms. zzz,

Could you please help me out? I’m appraising a similar home to the one above which you sold in the past few months. If you could verify a few details of the home and its sale, it might make a good basis of comparison for my subject.

The sale was financed by zzz with a XXXX mortgage. Did the seller pay any points, closing costs or other concessions for the buyer?

Was this an arm’s length transfer?

What condition was the home in?

How would you rate its decorating and buyer appeal?

How would you rate the condition and appeal of the kitchen and baths?

Do you recall the seller’s motivation? I want to avoid the use of any short sales as comps.

Were there any special features of the home or the transaction that were not stated in the MLS printout?

Thank you so much for your help. Please call or write if I can ever return the favor.

Sincerely,



PS. I hot key open the new email on the agents address in the MLS, then cut and paste the above into it. After the list agent is done and the questions are set for that particular comp, I copy the subject heading to the sale agent's email, and then copy and past the questions from the list agents email. Then on to the next comp. etc.

 

[hastalavista]

On the subject line of my email, I will put the following:
MLS #; address; seller to buyer; date sold @ $sale price; lender, type of loan.

The following is my template (I keep it on a blank email in my Outlook drafts folder) and I tailor it to the specific transaction (adding to or changing the questions as seem appropriate):

Dear Ms. zzz,

Could you please help me out? I’m appraising a similar home to the one above which you sold in the past few months. If you could verify a few details of the home and its sale, it might make a good basis of comparison for my subject.

The sale was financed by zzz with a XXXX mortgage. Did the seller pay any points, closing costs or other concessions for the buyer?

Was this an arm’s length transfer?

What condition was the home in?

How would you rate its decorating and buyer appeal?

How would you rate the condition and appeal of the kitchen and baths?

Do you recall the seller’s motivation? I want to avoid the use of any short sales as comps.

Were there any special features of the home or the transaction that were not stated in the MLS printout?

Thank you so much for your help. Please call or write if I can ever return the favor.

Sincerely,

I use something similar (I try to keep it between 3-5 questions) and then put plenty of space between the questions in my email. When I get the return, the answers are usually written in the space under each question.
I staple it to my MLS/tax record sheets and, voilà! Work-file ready!

 

[Smokey Bear]

If the MLS is complete, has motivations, condition, seller credits etc., then you HAVE verified with the agent. You just didn't talk to them.

I staple it to my MLS/tax record sheets and, voilà! Work-file ready!

Denis, Denis - you know I love you, but what the heck are you STAPLING? How do you 'staple' electronic files? Please tell me with all your geek computer sense, you're not keeping <shudder> PAPER </shudder> files? I'm so disappointed in you!

 

[residentialguy]

Calvin & Dennis.

Good stuff!

Thx

 

[Mr Rex]

Thanks Calvin, I needed a template for the Fugly Realtors, the hot ones get a call just so I can hear their voices.woohoo