Appraisal speaker ask the appraiser questions

[vargasteve]

I am doing an "ask the appraiser" ZOOM call with 150 realtors, I have done speaking before. Does anyone have a list of questions realtors and or loan agents might ask?

 

[Fernando]

I am doing an "ask the appraiser" ZOOM call with 150 realtors, I have done speaking before. Does anyone have a list of questions realtors and or loan agents might ask?

You can ask the Realtors how they can help you in your appraisal reports.
Tell them, the 1004 requires analysis of contracts and it's important they give you all the contracts, if arms length, and any unusual circumstances.
Listing agents have wealth of information to help appraisers do their job more thoroughly and faster which benefit everyone.
A Prelim would help. Anything you're looking for like double strapped water heater before going to subject would help.
By working together, we all benefit.

 

[Digger88]

Go on Facebook and search 'ask the appraiser' and ask there the admin John Copulous is a great guy there are 45k members there and it's full of agents too it's very active they will tell you what they'd ask

 

[George Hatch]

My guess is some of them will get testy about appraisers coming in who don't shop at the same grocery store as them or whose kids don't attend the same schools.
Or how they can appeal value conclusions they don't like
Or comment about how quickly some appraisers inspect
Or comment about how some appraisers are standoffish and won't talk to them or return their calls
Or ask why appraisers ignore price/sf and stick to using the sale price as the unit of comparison...

You'll get some war stories for sure.

If you can, you might try to squeeze in some discussion about how the different roles of broker vs appraiser are of effect on how they view value, the difference between probable price of the many vs 1 willing buyer + 1 willing seller. These two concepts don't mean the same thing, and that's okay because the broker's job is to sell, not value; and vice versa for the appraisers. Both parties *should* see value differently, and should not expect the other to see things the same way they do.

 

[Fernando]

And you can ask them what date of contract means to Realtors.
And you will find that it's not the date of signing but original date when contract was formed.

 

[vargasteve]

You can ask the Realtors how they can help you in your appraisal reports.
Tell them, the 1004 requires analysis of contracts and it's important they give you all the contracts, if arms length, and any unusual circumstances.
Listing agents have wealth of information to help appraisers do their job more thoroughly and faster which benefit everyone.
A Prelim would help. Anything you're looking for like double strapped water heater before going to subject would help.
By working together, we all benefit.

Right good suggestions.

If anyone has a list of questions that would likely come up - please provide them.

I have a few items I know will come up.
One which I won't bring up unless someone else does is
that there are many different ways to say

"the appraiser didn't come in value"

- Well we knew there were no comparables supportive of the sales price!
- We sold it for too much; due to overbidding / multiple offers!
- Well we did flat-out lie about the square footage!
- We should have taken the all-cash deal!

 

[Fernando]

You can tell agents that they giving us their comps are greatly appreciated,
but what they considered comps are not what appraisers considered as comps.
A sale in another city or over one year old sold are not that suitable for appraiser's need.

 

[Tiffany Gibbons]

Right good suggestions.

If anyone has a list of questions that would likely come up - please provide them.

I have a few items I know will come up.
One which I won't bring up unless someone else does is
that there are many different ways to say

"the appraiser didn't come in value"

- Well we knew there were no comparables supportive of the sales price!
- We sold it for too much; due to overbidding / multiple offers!
- Well we did flat-out lie about the square footage!
- We should have taken the all-cash deal!

Veterans United is one of my favorite mortgage companies, and not just because they pay in a timely manner. Their website has an extensive list of questions and answers about types of properties that are eligible for VA loans, including manufactured homes, condos, new construction, adu's, multi unit, Air B & Bs, Barndominiums, Tiny homes, and the Minimum Property Requirements (Repairs). There are pages of topics with questions and answers. Might be helpful.

 

[Surf Cat]

I'm not a speaker and I've never done one of these however, if I were to, I wouldn't do an "ask the appraiser" as I think you're going to get pelted with questions and be led in all kinds of directions.

I would do more of a "In the mind of the appraiser" or "How the appraiser really chooses comparables" maybe "Reconciling the appraiser". Whatever headline you come up with.....I'd want to lead the narrative as opposed to going down a bunch of rabbit holes.

I'd definitely advocate for the appraiser profession and let the Realtors know that they potentially could have a Property Data Collector come to their listings that's not licensed or insured and to demand a licensed appraiser inspect their listings.

Hopefully, they'll be professional and not get too bad. I'd imagine the whole idea for you doing this is for them to refer you business. Good luck!

Come back afterwards and let us know how it went!

 

[RCA]

... or whose kids don't attend the same schools.

Oh you can bet they know not to ask about schools.