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An appraisal attached to a listing

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444nutman

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Senior Member
Joined
Jun 20, 2007
Professional Status
Certified Residential Appraiser
State
Florida
I saw a listing today that had an appraisal as an attachment. How would you feel if your appraisal was attached to a listing? The property is complex due to a lack of any similar sales but the gross adjustments for all the comps are 33%, 88%, 71.5%, 80% and 137.4%. I think if I put out that kind of report the less that saw it the better I would feel. The appraisal is made out to the owner so I guess the owner can do what he wants with it. Too bad I can't use anything on it.:)
 

George W Dodd

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Joined
Jul 9, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
The appraisal is made out to the owner so I guess the owner can do what he wants with it. Too bad I can't use anything on it.:)

Depends, but in my reports the client does not have the right to use it in advertisement, or drag me into court without permission. You might want to give the appraiser a "heads up"
 

JRS at OBX

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Joined
Jun 13, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
I've seen that a few times. I searched for more listings with appraisals but our MLS doesn't make that type of search very easy.

If I found one of my appraisals posted on the MLS I would have some words with the agent. Now if I was doing it for listing purposes and I knew they were planning on posting it, that might be a different situation.
 

444nutman

Thread Starter
Senior Member
Joined
Jun 20, 2007
Professional Status
Certified Residential Appraiser
State
Florida
Depends, but in my reports the client does not have the right to use it in advertisement, or drag me into court without permission. You might want to give the appraiser a "heads up"
I think I will give him a heads up. Like I said the property is complex so it has adjustments all over the place due to no fault of the appraiser. That is the kind of report you get and have a couple beers when your finished.
 

Kevin A. Spellman

Senior Member
Joined
Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
The listing agent has open liability to the listing agency. If there are defects or decencies in the appraisal report, the listing agent can be held liable. An appraisal report is not the authority on price, the buyer is.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I saw a listing today that had an appraisal as an attachment. How would you feel if your appraisal was attached to a listing? The property is complex due to a lack of any similar sales but the gross adjustments for all the comps are 33%, 88%, 71.5%, 80% and 137.4%. I think if I put out that kind of report the less that saw it the better I would feel. The appraisal is made out to the owner so I guess the owner can do what he wants with it. Too bad I can't use anything on it.:)

Depending upon what is contained in the "statement of limiting conditions & appraiser's certification" (many of which include: "The appraiser's written consent and approval must be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media")...and assuming that the appraiser did not otherwise grant permission for this use of the appraisal...the appraiser may want to contact the homeowner and listing agent and request that the appraisal be removed from the listing information.
 

Tim Schneider

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Joined
Feb 8, 2007
Professional Status
Certified Residential Appraiser
State
Wisconsin
I am seeing more listings with the comment "priced below appraised value", but have never seen one attached to a listing.
 

Lax1

Junior Member
Joined
Jan 4, 2007
Professional Status
Certified Residential Appraiser
State
Florida
I wish they would attach a sketch with pictures when they say the heated living area is so n so and the tax rolls show much less. Especially when the MLS sheet says source of SF-Appraisal!!!!!!!!!!!!!!!!
 

fritzvogel

Senior Member
Joined
Dec 16, 2004
Professional Status
Certified Residential Appraiser
State
New York
Good old Realtors, Appraised WHEN 2005?, Purpose of Report ? SOW ? I think this might be/could be misrepresentation. If I had the time, I'd look at the NAR "USPAP" , I'm sure I'll be turning in my share of REALTORS this year for gross violations. (I now have the time) How would you like it if you were buying a home and seeking to "upgrade" from out of town and sought a 2,600 + sf superior condition home on a superior condition lot in a great area and your REALTOR brought you to 3-4 houses that were just like yours........Due to lack of accurate lot size, GLA, condition etc. What a waste of a buyers time, not to mention they only have 2 weekends to pick a new home. I see this lack or REAL info all to often.
 

NC Appraising

Senior Member
Joined
Apr 28, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
I was researching comparables in Charlotte, NC and I ran across a sold comp with an appraisal attached to it. Nothing was redacted, and the appraisal was for a re-fi only six months prior to being sold.

The listing agent used the appraised value to list the property at $600,000. Sold four months later for $450,000.

Gotta love those re-fi's. :new_all_coholic:
 
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