Blacklisting

[TxArmadillo]

I'm an real estate agent and an appraiser. One of the local Brokers is having me excluded from doing appraisals for her company's listings.

How or why is the broker influencing the lender?

EDIT: Never mind. Someone else already talked AIR and Dodd/Frank.

 

[The Warrior Monk]

An interesting comment that is, perhaps, the heart of the issue -- Can a real estate agent also act as an appraiser within the same market area?

Yes.

FWIW, I've refused certain assignments over this issue, as well as my principle broker.

 

[TxArmadillo]

Yes.

FWIW, I've refused certain assignments over this issue, as well as my principle broker.

Dave, as a professional, we would expect nothing less.

Have you personally encountered a similar bias articulated by the OP in your professional RE/appraiser career? You may have some unique perspective and advice that you can offer him.

 

[TEL2002]

Why not limit your appraisal work to NON purchase appraisals?

NO possible conflict of interest.

NO problems with other agents (in fact let them know you are limiting your appraisal practice).

NO lenders thinking you may have a conflict of interest.

 

[gregb]

Why not limit your appraisal work to NON purchase appraisals?

NO possible conflict of interest.

NO problems with other agents (in fact let them know you are limiting your appraisal practice).

NO lenders thinking you may have a conflict of interest.

Not so ideal situation limiting work to non-sale appraisals. Recent letter from realtor to bank complaining about my appraisal for a sale, included additional ammo about realtor's refi-clients that also suffered due to the appraisal results. Remember, agents are consulted on refinances, especially when an owner is seeking to rebut or counter an appraisal that does not work in the refi.

 

[J Grant]

Not so ideal situation limiting work to non-sale appraisals. Recent letter from realtor to bank complaining about my appraisal for a sale, included additional ammo about realtor's refi-clients that also suffered due to the appraisal results. Remember, agents are consulted on refinances, especially when an owner is seeking to rebut or counter an appraisal that does not work in the refi.

This whole trend is disgusting, and encouraged by appraisers who pander to realtors cause they might get a referrel...

Maybe appraisers have to write a letter to banking regulators cautioning against Realtor inteference in the appraisal process. Now realtors are claiming their clients" suffered" because a refi did not work out? How about all the people who suffered from realtors steering them toward over priced homes and shoddy new construction and who gave poor listing advice?

If realtors are going to act like bullies and try to control who does appraisals, then appraisers have the right to do the same, such as writing a letter to a homeowner that their agent is inexperienced, priced their home wrong, and the homeowner should drop them.

I doubt any appraiser would have the gall to do that, but some realtors feel entitled to intefere with appraiser selection and blacklist.. What's worse, other appraisers have no problem with it and think it's just fine (till it happens to them)

 

[Atlanta CG]

Where is the conflict? A Realtor gets into lots of houses showing to clients, not only gets to know the houses but also the reactions by potential buyers as to why they like or do not like it. We are measuring market reactions by buyers and what better way to get their reactions? I would rather have an appraiser valuing my home who has been in a bunch of others in the neighborhood and knows why some models are far more acceptable than others and can understand and perhaps better determine the adjustment for that with support from buyers' reactions.

 

[J Grant]

Where is the conflict? A Realtor gets into lots of houses showing to clients, not only gets to know the houses but also the reactions by potential buyers as to why they like or do not like it. We are measuring market reactions by buyers and what better way to get their reactions? I would rather have an appraiser valuing my home who has been in a bunch of others in the neighborhood and knows why some models are far more acceptable than others and can understand and perhaps better determine the adjustment for that with support from buyers' reactions.

There is no conflict. The realtor is lashing out because the OP "came in low" on a purchase appraisal.

I hope the OP files a complaint against this realtor and follows up with the bank compliance officer if the lender decides not to use them as an appraiser due to realtor inteference.

It's it not up to Realtors to determine who is excluded or included on a lender's list of approved appraisers, any more than it is an appraiser's entitlement to determine which agents who can list properties in a certain area. A number of agents are incompetent to set list prices or negotiate, should appraisers send warning letters to all area homeowners not to use those agents?

That is what agents feel entitled to do to an appraiser...ruin their career, livliehood and reputation, all because they came in "low" on a SC price (that price most likely was over market, but why should the realtor admit that? Better to throw a tantrum against the appraiser)

 

[The Warrior Monk]

Dave, as a professional, we would expect nothing less.

Have you personally encountered a similar bias articulated by the OP in your professional RE/appraiser career? You may have some unique perspective and advice that you can offer him.

With regard to appraising other brokers properties/listings, I'm very selective about what I take, so as to avoid any potential conflicts or other problems down the road.

 

[Kim Whiting]

Had an Old time Female Realtor (they're the worst!!!!) try and pull attitude with me and I didn't let her. Result: she called the bank, made up some BS and the order was cancelled.
Have you all read about the "spread" and what banks are making right now on the mortgages they do? They want Skippy. Skippy will do anything the bank or AMC tells Skippy. Skippy will get the deal done....no questions....and, well no freaking idea either. Realtors/AMCs/banks are blacklisting everyday. And report to the local RE Board?....you're kidding right?