Realtor reviewed report before it was finalized

[Joyce Potts]

I turned in a report for an order last weekend. Approximately 4 hours later I received a phone call from one of the realtors involved in the purchase of the property. She had viewed the report and had had some specific questions about it. This was unusual for three reasons: 1. To my knowledge, the report had not yet been reviewed by an underwriter and had not been finalized, 2. The realtor had not been named as an “intended user” of the report, and 3. It was Saturday. Has anyone else experienced this? Any recommendations for how to prevent this from happening in the future? I have messaged the AMC but haven't heard back.

This should be a lesson to you that despite the lack of including the Realtor as an intended user, doesn't mean a whole lot, even as a defense in a legal action based on a couple of lawsuits where a federal judge indicated '.....the appraiser should have known the borrower was going to rely on the report....' it's a losing battle.

Simply tell the Realtor that without written permission by your client, you're not a liberty to discuss the appraisal and to address all of the concerns to the lender and deal with it from there.

 

[Fernando]

I tell the Realtor I can't change anything once report sent to lender.
Any concerns, talk to lender and lender will talk to me.
But thanks for the heads up.

 

[Tom4value]

Calm, cool and collected. Don't lose your frame. Just the facts.

"I am not at liberty to discuss the particulars of this appraisal report with you. It's a licensing thing over which I have no discretion. Were I to violate these restrictions it would subject my license to discipline from the State Appraisal Board. Sorry. "​

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If they are talking about your report containing factual errors then you can encourage them to send info over to correct such errors (if the AMC permits it to go straight to you), After all, it's not in your interests to just blow off allegations of factual errors or to have a bad appraisal out there with your name on it. But as far as discussing or debating opinions and conclusions with them there is no future in that. All a discussion does is provide them with an opportunity to mischaracterize your tone or your comments in an effort to put pressure on you to submit to their will.

What? George, I know your posts and respect your opinions but come on! You know that ANY contact goes through the client. By “encourage them” on anything means that you bypassed the client. You know that the person will say, “the appraiser told me to tell you about the mistake.” There is proof that you engaged someone besides them and your first paragraph, even tough 100% correct, is moot. The only option is to ignore them.

If they are right, you made an actual, factual mistake, even if some realtor points it out, you contact your client to rectify it.

 

[Terrel L. Shields]

Any recommendations for how to prevent this from happening in the future?

Quickly inform them they are NOT the intended user and you cannot answer any questions because of the privacy restrictions of USPAP and the Gramm-Leach-Bliley Act. Say, I'm sorry I cannot answer any questions.

 

[Cob]

I turned in a report for an order last weekend. Approximately 4 hours later I received a phone call from one of the realtors involved in the purchase of the property. She had viewed the report and had had some specific questions about it. This was unusual for three reasons: 1. To my knowledge, the report had not yet been reviewed by an underwriter and had not been finalized, 2. The realtor had not been named as an “intended user” of the report, and 3. It was Saturday. Has anyone else experienced this? Any recommendations for how to prevent this from happening in the future? I have messaged the AMC but haven't heard back.

I would have just said, ALL questions and concerns that you or the borrower may have about appraisal report should be directed to the borrower's lender, thank and have a good day.

 

[J Grant]

I would have just said, ALL questions and concerns that you or the borrower may have about appraisal report should be directed to the borrower's lender, thank and have a good day.

Me too. Keep it neutral and polite and not antagonistic.

Though RE agents are pushy, even after I tell them I can not discuss the report, they say Wait ! I just have one question!

To which I now say, sorry, I have an appointment, have to go, bye , and then hang up -

 

[jay trotta]

I turned in a report for an order last weekend. Approximately 4 hours later I received a phone call from one of the realtors involved in the purchase of the property. She had viewed the report and had had some specific questions about it. This was unusual for three reasons: 1. To my knowledge, the report had not yet been reviewed by an underwriter and had not been finalized, 2. The realtor had not been named as an “intended user” of the report, and 3. It was Saturday. Has anyone else experienced this? Any recommendations for how to prevent this from happening in the future? I have messaged the AMC but haven't heard back.

So, are we to assume you have determined the report Not Finalized, because it had not been reviewed by an UW? How would you know?

Saturday / Sunday have been considered "workdays" since 1980 for RE Agents, they work 7 days a week, as do most appraisers.

 

[RustyTapeMeasure]

Uh.. if you signed the report and sent it, it is finalized.

And this is what you say when an underwriter has questions, conditions, revisions???? "it is finalized since I signed it so no Q and A, no additional comments, comps, etc etc" to the OP.....you do not have to deal with or communicate with any realtor about your finished product, they need to route that through your client and or AMC. And yes, quite interesting they are checking in before the actual client has had a chance to view. What did the agent say? lol....might be funny if they caught a bad error on your part and you got to correct it ?

 

[RustyTapeMeasure]

Realtors are not the enemy. Maybe the uneducated, but overall likeable.

They absolutely can be the enemy if you are in the way of their commission.

 

[Joe Flacco]

And this is what you say when an underwriter has questions, conditions, revisions???? "it is finalized since I signed it so no Q and A, no additional comments, comps, etc etc" to the OP.....you do not have to deal with or communicate with any realtor about your finished product, they need to route that through your client and or AMC. And yes, quite interesting they are checking in before the actual client has had a chance to view. What did the agent say? lol....might be funny if they caught a bad error on your part and you got to correct it ?

If the client has questions then I address it. When I sign a report and send it, I don't expect to hear anything about it again. It is finalized.