Realtors Meeting Appraisers at Every House to Give Comps

[Mountain Man]

Thank you, those are great suggestions. Basically what I have been doing, just wanted to clarify and make sure I was doing the right thing.

Sure. Smile, say you'll consider all the data, and stick it in your files. To consider the data is not the same as including it in your analysis. :icon_mrgreen:

 

[CANative]

They don't trust appraisers. Probably for good reason.

 

[fractal7221]

I guess coercion was not the right word - although I do sometimes feel like the comps chosen are trying to lead me to a higher value than is the area is supporting.

Of course, but at least you have the information up front and can say you considered them, but did not feel they were the best comparables available and hopefully avoid the request to consider additional comparables later.

 

[Ken B]

I guess coercion was not the right word - although I do sometimes feel like the comps chosen are trying to lead me to a higher value than is the area is supporting.

The agent can provide sales and call them "comps", but you choose the comps. Your selection may or may not include the sales the agent provides.

If you ask them to select the "best" sales, you will simply get the ones with the highest prices, even if it ignores a model match arm's length transfer of a property next door to the subject that closed the morning of the effective date of your appraisal.

It's a game. We all have to play it within the confines of the rules which govern it.

Take the information, thank the agent for their help, and then do your job.

 

[Carl Taylor]

Thank you, those are great suggestions. Basically what I have been doing, just wanted to clarify and make sure I was doing the right thing.

Thank the Realtor with grace, then use them or not. You are under no obligation to the realtor. Just be professional in dealing with them.

 

[Bob Ipock]

The Realtor (or non-Realtor broker/agent) is an advocate for their client. They are also an advocate for receiving the highest possible commission. They are not a disinterested party and in some cases simply not a reliable source.

Please email or fax me anything you like....put it in writing, point out specific things I need to know........but don't insist that you meet me at the house. My schedule is tough enough without having to fit another person in. Email what you have....I promise I will look at it.


I know which hat I am wearing......and I only wear one at a time.

 

[George Hatch]

If I were an agent and I thought highly enough of my transactions to not want to risk the rejection I'd want to hold hands with the appraiser, too. There's a lot of money riding on the outcome and the agent's job is to advocate for their clients' interests.

As an appraiser I would not only accept the comps with a smile and a sincere 'thank you', I'd make it a point to address the fact that I looked them over during my process and explain the parameters I used to identify the sales I consider to be "locationally, physically, and functionally the most similar to the subject property".

After all, they have saved me the trouble of responding to a reconsideration of value later on after I've already completed my assignment. Even if they're wrong about everything, that simple gesture of kindness and thoughtfulness is worth a 'thank you'.

My guess is that after an agent winds up on the receiving end of a few such responses to their initiative they'll figure out that it's only productive primarily when they're dealing with an appraiser who isn't doing their job.

 

[Elliott]

The realtor doesn't know which appraisers are clueless, reporter bangers making
$175 or an appraiser who already knows the market and is getting paid $500,
so they develop a defensive policy of trying to do the appraisers job in the
hope the $175 appraiser is poor at getting comps too and easily influenced.

 

[Eric C]

Appraisers are killing deals!!!!!!!!!!!

Unfortunately thats the dilema going on right now although its not always the appraiser's fault.

I have a few listings and I plan on meeting the appraiser at the property to give them comparables.

I wish every realtor would give me comps when I do an appraisal like that I dont have to deal with it after its already submitted. If a realtor gives me comps OUTSIDE the market area when closer sales are available, then that's actually a justification of why my appraisal is below contract price. If the realtor itself couldnt find comps to support the contract in the market area, then I know Im not "low balling". it just is what it is.

 

[vicky1202]

"Please email or fax me anything you like....put it in writing, point out specific things I need to know........but don't insist that you meet me at the house. My schedule is tough enough without having to fit another person in. Email what you have....I promise I will look at it."

I really like this idea - thank you, this has been one of my biggest issues - scheduling. I really do have more than enough scheduling issues and fitting in times to meet realtors makes it even more difficult.

But I do understand the points about some appraisers not having a clue - I have seen a few reports that make me wonder. So, on the other habd, I do understand the realtors' plight, but I am going to start asking them to send me whatever they have and then I will address it in the report one way or another. Thanks, everyone. I love this forum. I have learned so much just by reading the various threads and I know I can always get great info from thoseof you who are true professionals and have been doing this for awhile.