Has anyone attempted to bring Ethics Violations against a Realtor for continually making negative remarks against you?

[AlliedBusServices]

I am one of the first appraisers they call when they get a difficult house to value, they know I know how to approach it, however I believe they throw any appraiser under the bus that they don't get their way with. I have spent countless hours on the phone with many Realtors explaining the process and answering questions for them. I have been asked to be on just about every panel they have that involves asking questions of appraisers at the local Board of Realtors office. They get plenty free information from me, and yet they find it necessary to talk badly about us behind our backs, and in some cases in front of it. Maybe I should just send appraisals in and not ask any Realtor for their CMA and let it fall where it may. Most of them have "Sh**" for comparable sales anyway.

My personal advice to you is to keep up the fantastic appraisal work that you already apparently do and just think of it as "a compliment" (or an honor) when any market participant reaches out to you in need of your trusted opinions. Remember as appraiser's we are held to one of the highest and the most moral and ethical standards in the public eye to constantly maintain the public trust towards our profession. We have the most expensive professional state license renewal dues to maintain and the most continuing education requirements of any other respected professional profession when compared to a dentist, doctor, surgeon, lawyer, airline pilot, or certified public accountant.
So sorry to hear that anyone would be so unappreciative of your time and "priceless knowledge" with such a narcissistic attitude. Recently, I had a similar situation happen to me behind my back. I am a very warm-hearted person who avoids confrontation with these types of people and to make matters worse, she was so sugar-sweet to my face that I stopped volunteering in town for fear that I would run into her "out of her sight ... out of her mind" or so I had prayed, instead I just went home and cried like a child every time I had to be near her at any social function. This offender had not realized every single false statement was considered defamatory. Statements of opinion are not considered defamatory since they are subjective, just as long as the opinion does not contain false statements. Her false statements about me were the beginning of ruining her own self-image in this wonderful little community. Our mutual friends had commented, "Wow I wonder what she says about me behind my back if she does this to you!!" This all started when she got promoted last year to a Prestigious Board Position. Apparently, she did not realize just how unethical and unlawful it actually was to publicly criticize, condemn or verbally assault another person inappropriately with false statements that eventually harmed my personal reputation. Many of these disgraceful statements were overhead by others which resulted in considerable financial harm to my new start-up business office by implying inappropriate statements with a public audience and among our friends.
Finally, one of my dearest friends was a "wonderful" business litigation attorney. He defended my honor by sending a Cease-and-Desist letter to the offending party to avoid any unintended consequences. A false statement that harmed my reputation is known as defamation, which had included both slander (spoken) and libel (written) statements. He was able to quickly resolve my distress so the offender knew I was serious and was putting her on notice that I can sue and will sue unless retractions were made and the problem was promptly corrected to restore my reputation that had been hurt by her defamatory false statements.

Have a Blessed Day!

 

[J Grant]

Oh yeah. Had one ask for an ROV last week - conttract price $25k above all 90 day match model sales within the subdivision. Which he suggested I ignore. He provided 3 alternatives outside of subdivision because - even though the were 3 miles away - they were still “as the crow flies” in distance..

needless to say, the crow did not leave the Subjects subdivision and fly off to the other. I am waiting now to see what price the property closes at

The superior comps RE agent provided you, were likely the same superior sales they gave the buyer to show what a " great investment" they were making - When people decide to pay highest price ever in a subdivision, they often do it thinking it is worth more than it is, thanks to RE agent picked cherry sales - whenever I get "comps" from a RE agent they are usually superior and it is rare for an agent to include a lower price sale, even if it that sale is the model match next door sold last week.

I also can get handed a thick tome of info from a RE agent, a folder filled with charts and graphs and pages of cherry pick "Comps" -overwhelming -for clarity I end up putting it aside.

In the past, a problem was not enough data - appraisers had to hunt it down . Now we have the reverse problem - too much data, buyers flooded with info from Zillow and online sties and their RE agent giving them reams of information -a flood of information-, some of it irrelevant or misleading yet some of it relevant or reliable -how can the average buyer tell which is which? They usually can't .

 

[Jayjay25]

I am seeing more contracts than ever before with appraisal contingencies stating buyers will come up with the cash difference if the Appraised Value falls short Of the contract price

Which is exactly how market values should increase.

 

[Evincere]

Which is exactly how market values should increase.

I agree. IF and when the property closes at contract price regardless of the appraised value based on most recent sales. . What I am seeing is out of town buyers coming from other states who imo, may not be informed buyers. Many are coming with big chunks of cash which begs the question- , do they fit the definition of “Typical” buyer not Subject to undue stimulus . .

DEFiNITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.

 

[J Grant]

I agree. IF and when the property closes at contract price regardless of the appraised value based on most recent sales. . What I am seeing is out of town buyers coming from other states who imo, may not be informed buyers. Many are coming with big chunks of cash which begs the question- , do they fit the definition of “Typical” buyer. Or Are they atypical buyers

A typical buyer , or more accurate , a typically motivated buyer, is that pool of buyers who are purchasing similar properties in an area - so if a number of buyers are relocating and bringing cash, they are typically motivated. Which is why see them have the ability to put down cash in those cases where the OMV is lower than the SC price- if they choose to.

How well informed a typically motivated buyer is . that is for the market analysis.

The appraisal always assumes actions of a well informed or well advised buyer for the opinion of MV, regardless of level of well informed or well advised (or not ) an actual named buyer is.

 

[J Grant]

When the typically motivated buyer changes, that is when we can see property values change - rise or decline.

If a stream of cash rich buyers comes into an area, we see prices go up. In adverse market, we may see investor buyers become dominant, looking to buy cheap. The typically motivated buyer is whomever the profile of dominant buyer pool is for a property. The typically motivated buyer for a $400,000 price, 1 bedroom urban condo is not the same as the typically motivated buyer for a $400,000 price suburb 3 berm house -even if they each paid 400k to get what they want.

 

[Evincere]

A typical buyer , or more accurate , a typically motivated buyer, is that pool of buyers who are purchasing similar properties in an area - so if a number of buyers are relocating and bringing cash, they are typically motivated. Which is why see them have the ability to put down cash in those cases where the OMV is lower than the SC price- if they choose to.

How well informed a typically motivated buyer is . that is for the market analysis.

The appraisal always assumes actions of a well informed or well advised buyer for the opinion of MV, regardless of level of well informed or well advised (or not ) an actual named buyer is.

If only it was that simple.

 

[J Grant]

If only it was that simple.

>
It is that simple. Simple in that an appraisal is is a model of what a property should bring IF it were sold with the set of motivations and actions of the typically motivated buyer and seller in the MV definition. But of course typical has to relate to what is actually happening in the market - so if last year the typically motivated buyer was a local working person with low cash down, and now the typically motivated buyer is from another area coming in with cash, that accounts for the price increase (simple )
Simple does not mean easy of course -

In reality there is usually a mix of buyers in the market but the typically motivated would be the dominant pool of buyers for a property, and other buyers have to compete with them. Thus, if typically motivated buyers change to out of area cash rich, a local, low cash buyer trying to compete with them may lose out on deals.

 

[Jayjay25]

>
It is that simple. Simple in that an appraisal is is a model of what a property should bring IF it were sold with the set of motivations and actions of the typically motivated buyer and seller in the MV definition. But of course typical has to relate to what is actually happening in the market - so if last year the typically motivated buyer was a local working person with low cash down, and now the typically motivated buyer is from another area coming in with cash, that accounts for the price increase (simple )
Simple does not mean easy of course -

In reality there is usually a mix of buyers in the market but the typically motivated would be the dominant pool of buyers for a property, and other buyers have to compete with them. Thus, if typically motivated buyers change to out of area cash rich, a local, low cash buyer trying to compete with them may lose out on deals.

And they should lose out on deals in an increasing market if they don’t have the extra cash (above market value) to bring to the closing table. Definitely simple.

 

[JeffSH]

Over the past six months, what percentage of your purchase appraisals have come in low? I would estimate 10%-20% here. Just curious given the sentiment I'm reading.