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What Do You Consider To Be Data Sources And Verification Sources?
- Thread starter Michigan CG
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NachoPerito
Senior Member
- Joined
- Jul 25, 2012
- Professional Status
- Certified General Appraiser
- State
- Washington
I agree that for many residential appraisals talking to the agent doesn't increase the accuracy or give you anything meaningful. I also agree that the fee paid doesn't justify that level of research, but to say that talking to agents isn't a helpful activity is ludicrous. I have been saved on many occasions by talking to a broker that knew something that I didn't know.
residentialguy
Elite Member
- Joined
- Mar 24, 2009
- Professional Status
- Certified Residential Appraiser
- State
- Minnesota
Both...and not just odd ball ones.
ucbruin
Elite Member
- Joined
- Mar 11, 2014
- Professional Status
- Certified Residential Appraiser
- State
- Massachusetts
My god....
If you folks did half as much as you profess to do....
You wouldn't complete more than 2 reports per week....
HAHAHA
I know, I know, I know...
You put in the effort and make the attempt....
We've gone thru this 2-3 years ago....
HAHAHA
reviewbe
Sophomore Member
- Joined
- Oct 4, 2016
- Professional Status
- Certified General Appraiser
- State
- California
Ah, you know my realtor!!
No, the intent is not to catch someone in a lie, although that could happen. It is to get a better understanding of the transaction.
When I bought my house last year, it was advertised in MLS as having a fireplace. In fact it did have a fireplace, but had no flue or chimney, which had been capped for some reason by a prior owner and all chimney stuff removed when it was re-roof a few years ago. It was basically a housefire waiting for someone to ignite some kindling. Realtor didn't even realize it until I brought up the fact that there was nothing on the roof that resembled a flue or chimney. So, I negotiated the price down by about $5k. And the home inspection found some other issues that resulted in additional credits. None of that was in the MLS sheet, only a call would reveal what actually happened. Relying on my sale without verification would result in over-appraisal of a similar home.
Don't mean to cast a stone here, as I've sinned plenty myself. But I get the impression that some appraisers NEVER personally verify a sale, and further, see no need to. IMO, they should at least be aware when they are taking a short-cut from good appraisal practice.
Elliott
Elite Member
- Joined
- Apr 23, 2002
- Professional Status
- Certified General Appraiser
- State
- Oregon
"Hello, is this Sally Realtor? "I'm calling to find out if 123 Elm Street sold for $155,000?" "I don't know, whatever it says in MLS." "Well Sally, I need you to verify the amount." "Like I said, the amount in MLS is what it sold for." "Ok, thanks, and when did it sell?" "Sh it, I don't know, two months ago." "Well, did it sell on 7/4/17 as it indicates in the MLS?" "I guess. Hey I got an appointment and I have...." "Okay Sally, just one more question, about the terms and the motivation of the buyer and seller, and concessions." "Hey, I've got to go, goodbye."
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