Realtor handed me 14 comps.

[Zoe]

If you have a bias in appraisal, you have to disclose the bias in the appraisal. Most of the time it is better not to accept the assignment if you have any type of bias.

It depends on your client. You can be biased in consulting assignments. Market value definition for gses is totally different.

When you put market value on a subject, you have performed appraisal subject to USPAP.

If you do consulting assignment, you are still subject to USPAP if you are acting as an appraiser.

 

[Zoe]

I have to ask this. Have you taken NAR ethics course?

If you haven't taken the course, I would highly recommend it.

 

[djd09]

How to Be A Partner During the Appraisal Process​

Did you know, in 2023, 42% of REALTORS® had a transaction fall through due to an appraisal? According to the National Association of REALTORS® (NAR’s) Appraisal Survey, this was most influenced by the ultimate appraised value or use of incorrect comps.

Appraisals can be one of the most nerve-wracking parts of the transaction for REALTORS®, homebuyers and sellers; you want to ensure the value of the home holds up, but you are also putting your trust in another, entirely new party’s hands.

However, as a REALTOR®, you can mitigate some of this stress and be a partner in the appraisal process. As the listing broker, you likely know this property and the neighborhood better than anyone—you can use this knowledge! While attempting to influence the appraisal process is illegal, it may not be widely known that there are acceptable, actionable steps you can take to partner with an appraiser and help inform the outcome of an appraisal.

According to NAR’s Appraisal Survey, about 90% of REALTORS® interact with an appraiser in some capacity, but only about 47% of those REALTORS® say they interact with appraisers by providing additional property information. In fact, “Many of the other comments indicate that the member has not interacted with an appraiser yet, that they only interact with an appraiser when the appraiser requests it, or that they interact only to schedule appointments,” the Appraisal Report states.

So, what can you do as a partner during the appraisal process?

Reporting Discrimination​

If I have evidence of negligence or discrimination, who should I contact?

A: According to Illinois REALTORS®, you should report it to the lender in writing. In addition, the Appraisal Subcommittee, which is a Unites States Federal Government Agency, operates the Appraisal Complaint National Hotline (refermyappraisalcomplaint.ASC.gov) which can refer the matter to appropriate federal or state authorities to complete an investigation. In Illinois, the Illinois Department of
Financial and Professional Regulation (idfpr.illinois.gov) is the regulatory agency for appraisers. Fair Housing violations can be reported to the United States Department of Housing and Urban Development (HUD.gov). In Illinois, suspected discrimination can be reported to the Illinois Human Rights Commission (312-814-6269).

How to Be A Partner During the Appraisal Process | Chicago Association of REALTORS®

How to Be A Partner During the Appraisal Process Did you know, in 2023, 42% of REALTORS® had a transaction fall through due to an appraisal? According to

chicagorealtor.com

...partners

 

[Mark K]

IMO, agents/brokers that don't try to convince an appraiser that the property is worth the agreed upon price are not doing their job.

 

[chad hampton]

Depends how much you are being paid as to how much work you do.

No, I wouldn't address 14 comps. I may look them over and use them in my report as one of my 3 sales. But that's it. Its beyond the scope of work to just start explaining why you didn't use sales.

 

[chad hampton]

How to Be A Partner During the Appraisal Process​

Did you know, in 2023, 42% of REALTORS® had a transaction fall through due to an appraisal? According to the National Association of REALTORS® (NAR’s) Appraisal Survey, this was most influenced by the ultimate appraised value or use of incorrect comps.

Appraisals can be one of the most nerve-wracking parts of the transaction for REALTORS®, homebuyers and sellers; you want to ensure the value of the home holds up, but you are also putting your trust in another, entirely new party’s hands.

However, as a REALTOR®, you can mitigate some of this stress and be a partner in the appraisal process. As the listing broker, you likely know this property and the neighborhood better than anyone—you can use this knowledge! While attempting to influence the appraisal process is illegal, it may not be widely known that there are acceptable, actionable steps you can take to partner with an appraiser and help inform the outcome of an appraisal.

According to NAR’s Appraisal Survey, about 90% of REALTORS® interact with an appraiser in some capacity, but only about 47% of those REALTORS® say they interact with appraisers by providing additional property information. In fact, “Many of the other comments indicate that the member has not interacted with an appraiser yet, that they only interact with an appraiser when the appraiser requests it, or that they interact only to schedule appointments,” the Appraisal Report states.

So, what can you do as a partner during the appraisal process?

Reporting Discrimination​

If I have evidence of negligence or discrimination, who should I contact?

A: According to Illinois REALTORS®, you should report it to the lender in writing. In addition, the Appraisal Subcommittee, which is a Unites States Federal Government Agency, operates the Appraisal Complaint National Hotline (refermyappraisalcomplaint.ASC.gov) which can refer the matter to appropriate federal or state authorities to complete an investigation. In Illinois, the Illinois Department of
Financial and Professional Regulation (idfpr.illinois.gov) is the regulatory agency for appraisers. Fair Housing violations can be reported to the United States Department of Housing and Urban Development (HUD.gov). In Illinois, suspected discrimination can be reported to the Illinois Human Rights Commission (312-814-6269).

How to Be A Partner During the Appraisal Process | Chicago Association of REALTORS®

How to Be A Partner During the Appraisal Process Did you know, in 2023, 42% of REALTORS® had a transaction fall through due to an appraisal? According to

chicagorealtor.com

...partners

You and mej are racists!!!!

 

[Zoe]

IMO, agents/brokers that don't try to convince an appraiser that the property is worth the agreed upon price are not doing their job.

From an ethics standpoint for their client, they can't do it without breaking NAR code of ethics.

Let me put it this way. The agent is glued to their client for their client's best interest.

Market value definition is not in their target. Their client's best interest is their target.

 

[Sandra Koutsopoulos]

From an ethics standpoint for their client, they can't do it without breaking NAR code of ethics.

Let me put it this way. The agent is glued to their client for their client's best interest.

Market value definition is not in their target. Their client's best interest is their target.

...and their pocketbook is their primary client, IMHO.

 

[djd09]

You and mej are racists!!!!

Undercover investigation reveals evidence of unequal treatment by real estate agents

We sent white, black, Hispanic and Asian testers undercover to see if they would be treated equally by LI real estate agents. Many were not.

projects.newsday.com

 

[Andy Taylor]

Me: " Are any of these sales not in the ____ MLS(s)? "No? Then thanks anyway." "Yes? I'll take a look at those then. Not promising they'll be considered applicable for this assignment but thanks for the info."

That way they can't comet back at you and say you totally ignored them.