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A Bit Of A Rant

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hal380

Senior Member
Joined
Apr 26, 2003
Professional Status
Certified General Appraiser
State
Connecticut
I have made a couple of posts here about two recent jobs which did not appraise to the hoped for value. Same LO and Same RE agent.

Yes LO did ask if I could look for any better comps, but really didnt bi**ch me out. Ultimately she said "Hal thats your value and I respect it and I have confidence in it and you.

I know she has been haveing a tough week cus she broke down a couple times during telecoms.

She called me today and inquired about a job I am working on. Told her that I had not finished yet but looked like it was going to come in strong.
She was relieved.

Point of my post here is that she told me that the RE Agent has called her and told her that the RE will no longer bring her any work. And yet she still supports me in my work for her.

I sure do appreciate the LO, and wish I could scortch the agent. The agent is stretching the rubber band to the max without regart to ethics or the well being of the sellers and buyers. The transactions are down and no one is happy.

OK rant mode is off

Every thing works out in the end, if it has not worked out yet it's not the end yet.

;)

Hal
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
Originally posted by Hal Pollock@Jun 25 2003, 03:27 PM
Point of my post here is that she told me that the RE Agent has called her and told her that the RE will no longer bring her any work. And yet she still supports me in my work for her.

Ain't it grand to work for someone like that? I had one like that and lost them because of the wife and the web page I did for them. Next time we put it all in a written contract. Don't care how good a friend they are! But thats another story.

I sure do appreciate the LO, and wish I could scortch the agent. The agent is stretching the rubber band to the max without regart to ethics or the well being of the sellers and buyers.

Some of the Realtors here can answer this but maybe you can file a complaints with local Realtors Board? Maybe you can't prove it but you can show them your not going to take it laying down if nothing else.
 

Travis McGee

Senior Member
Joined
Sep 18, 2004
That realtor sounds disgusting. Maybe you could speak to her broker. Perhaps if the broker is aware of her unprofessional behavoiur they will talk to her. Or your loan officer could threaten to sue her for libel, if she is bad mouthing their firm. Also look into the local realtor board.

If things "don't work out", you still did your job and it is not your fault that the LO lost business. They must have been aware at some point they were doing business with a creep. Like all of us, they have to find new clients at times.
 

hal380

Senior Member
Joined
Apr 26, 2003
Professional Status
Certified General Appraiser
State
Connecticut
Hi All;

Thanks for the input and reassurance. I am not a number hitter, but feel that I have to make sure I have done the proper research before I do my report especially if I am coming up light, I want to make sure I have not missed anything in my rush to get the work out.

Well I got another phone call from the realtor. BTW she is THE broker. She told me that I had ruined her week and that she will never allow me to appraise any of her sales. If she sees my name as the assigned appraiser she will pull the loan app and seek another lender.

She went on to tell me that I was incompentant and that if I dont make the values that I would soon be out of work. She went on to say that even though she is a broker,
I took an appraisal course once
I just laughed and told her that it sounds like you need a bit of a refresher course.

I asked her where were her ethics, go no answer.

Finally told her
My self esteem is inversely proportional to the intellect of those who criticize me, and I thank you for your endorcement of my work
. She had to think about that one and when she did she hung up.

Oh well, at least I'm not married to her. :beer:
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
:rofl:

:twisted:

:(

There is much I could say..... guess I'd better not.

Love your comment and I'm going to copy it, print it, and put it on my phone so I can use it at the appropriate times too.
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
The subject of filing a complaint against the agent has come up. As an agent myself I've done exactly that, however, you want to give this issue a great deal of thought before proceeding.

I had a situation in which an agent was attempting to get me to pay for unneeded repairs. The agent had recommended a home inspector (franchise company) to their buyers. The inspector performed a pest inspection while conducting a home inspection. The franchise home inspector wasn't licensed to perform pest inspections and their home inspection skills were subject as well--they'd simply purchased a franchise and had little training--they weren't even aware they were required to be licensed. I filed a complaint with the WSDA against both the home inspector & the agent (who quickly disappeared).

In my example I took action as the smug real estate agent was attempting to extort money in the form of repairs as an enticement to their buyers to purchase. However, in the example presented by Hal--I'd probably let the situation slide as the LO's behind the appraiser. I'd offer to reconsider if (and only if) the agent could provide better comparables WITHOUT ignoring (or jumping over) the numerous other comparables available.

My current lender clientele stands behind me in these situations. In fact I've had one tell me 'the agent is nothing but a pain, and I don't care if they walk!' Real estate agents are in a dire need of self examination--if they don't clean up their act appraisers will refuse to work for them, and the only ones that do will be at increased risk of losing their licenses.

Wanna have some fun? Tell your clients that you'll reconsider if the agent presents better comparables. Tell your clients that Ms. Cleo has told you the real estate agent will either;

A. Jump over a multitude of data to supply comparables favorable to their sales price, or...

B. Tell them the agents going to say--'I'm not going to do the Appraiser's job for them' (this one's a classic example of how agents respond in this situation--they learn this cliche' in Obnoxious Behavior 101)

-Mike
 

Ghost Rider

Senior Member
Joined
Apr 27, 2003
Professional Status
Banking/Mortgage Industry
State
Connecticut
I love how agents say "they will pull the loan, and go to a different lender"......sounds like a total scam broker, who is doing inner city work......I know TONS of these people in Bridgeport, New Haven, and Waterbury who can "put anyone in a house - why rent when you can buy!!!!".......The people buying these shacks have NO IDEA what they are getting into, and when they get foreclosed on.....and they will......the appraisers will be holding the bag for it.......Not the realtors who made their $2,000 commision......Some days, I just hate this business
 

hal380

Senior Member
Joined
Apr 26, 2003
Professional Status
Certified General Appraiser
State
Connecticut
Hello to both Mikes

--I'd probably let the situation slide as the LO's behind the appraiser. I'd offer to reconsider if (and only if) the agent could provide better comparables WITHOUT ignoring (or jumping over) the numerous other comparables available.

I had 2 inside sales for the condo I was doing. Contract price for the subject was 98K, sale 1 = 70K, and sale 2 =82K, out side sale was 95K

Subject is 970 SF, 2 bed, 2 bath. Sls 1 & 2 IDENTICAL
So obviously I came in less than 98K and had to rely upon the two recent inside sales, both less than 8 months.

Broker offered additional comps and I accepted them for review, (all through the LO) 3 comps came from a gated complex, close by subject, 2 bed, 2 bath, BUT each were in the 1350-1400 sf range and each had a fire place. Were old school house conversions with high cielings brick construction vs wood siding. These sold in the 95-98K range.

And she attacks me?????? :rofl:

Regards

Hal
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
Hal-

In these situations the real estate agent's wrong (regarding value), and the lenders typically know they're wrong. The agent's, however, don't give a rats whisker cause it's not their license @ risk...it's yours (& they're willing to risk it to make a buck). NOTHING BUSINESS...STRICTLY PERSONAL.

I've become more adept at handling pandering real estate agents over the years;

I don't lose my temper anymore (@ least not with my client). In the past agents have sent my wife on unplanned vacations (a cooling off period for me if you will). While she enjoys a tropical vacation as much as the next person she doesn't enjoy me losing my temper with some slimy real estate agent.

Now I address the issues with confidence, and frankness.

I don't speak to the agent--past experience has proven this to be counterproductive--especially with that occasional 'SPECIAL' agent who feels your job is to 'make it work.'

I address each one of the agents objections or comparables in writing, and cite specific (appropriate) guidelines by number. This takes time, however, my client comes to realize via this method that you know what you're talking about, and the agent just wants what they want & want it right now!

Finally, my clients have confided that they dislike working with this kind of agent as much as I do. It's the agents who're burning their bridges...not us, and I'm only too happy to spread the word about an unreasonable agents caustic behavior, and I've a long memory.

-Mike
 
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