Confidentiality

[ItDepends]

In my short career as a trainee, every report I've worked on has included a letter of engagement from the lender stipulating that no non-public information in the report may be disclosed to any other party. They often reference "Title V of the Gramm-Leach-Bailey Act and the Massachusetts data privacy law, 201 CMR 17 (Standards for the Protection of Personal Information of Residents of the Commonwealth)".

When you speak with brokers about the details of potential comps, do you find that they're willing to cooperate if you're not even willing to share the address of your subject property? Also, how can we use any properties we've worked on previously as rent comps in future reports, given that the rent roll is certainly not public info?

 

[sputnam]

The address of your subject property is public. The fact that you have been engaged to appraise that property isn't usually considered confidential. The name of your Client probably is.

 

[Elliott]

ID asked: When you speak with brokers about the details of potential comps, do you find that they're willing to cooperate if you're not even willing to share the address of your subject property?

Not a problem. They know who I am, what I do. I'm asking about a sale that they know about and it doesn't necessarily correlate to any particular subject property. I don't think any one has ever said, "So what property are you working on?"

 

[Joe Flacco]

I do residential but I was told by a contact at my main client that the fact that I am appraising a property is not confidential.

 

[Joe Flacco]

In certain situations I used to name the agents I spoke with and report what was discussed but I don't do that anymore. They don't want to be named or quoted in the appraisal report.

 

[Flakey]

In certain situations I used to name the agents I spoke with and report what was discussed but I don't do that anymore. They don't want to be named or quoted in the appraisal report.

I don't mention them in the report, but I do put it in my work file.

 

[Tom D]

the lender is more concerned about someone learning the value before they do. other things, if anyone is concerned will be more specific about them. not much isn't public record now a days. primarily the sale price is confidential.

 

[Terrel L. Shields]

the lender stipulating that no non-public information in the report may be disclosed to any other party.

Addresses are not "non-public". Ditto agents - they advertise very publicly. The roof and siding material of a house is very publicly visible, etc etc. If your state is not a non-disclosure state, then anything the assessor has or the courthouse has, including the mortgage, deed, etc. are all public documents.

 

[Joe Flacco]

I don't mention them in the report, but I do put it in my work file.

Denis sent me a sample report back in the day and it was like "in the course of this assignment I spoke with A, B, C, D, E". I was like oh nice, I'm going to start naming people and what they said. And then one day I called an agent for information and she was like you mother ****er I don't want to be quoted in your report you understand me? LOL She was a real ***** but I get it. Agents on social media, their pitch is integrity, discreet, confidential, etc., and I am probably ****ing up their ****. I don't do that anymore.

 

[HowAboutNo]

Addresses are not "non-public". Ditto agents - they advertise very publicly. The roof and siding material of a house is very publicly visible, etc etc. If your state is not a non-disclosure state, then anything the assessor has or the courthouse has, including the mortgage, deed, etc. are all public documents.

I understand that the address is public, but the fact that it's being appraised isn't necessarily. I didn't realize that wasn't considered confidential.

What about using a previous report as a rent comp?