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Communicating with a RE agent about 'hitting the mark'

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Ask them for the CMA that they performed to establish the list price. Since they likely didn't and lack their own due diligence they usually sulk away like a kid denied ice cream because they didn't eat their broccoli.
 

Renee Healion

Elite Member
Gold Supporting Member
Joined
Feb 21, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
I'm newly licensed, working in a small town market. Did an appraisal, came in under contract price, and so, of course, both agents are after me to change my mind. I did tell them I'd look at some sales they thought relevant: figured I'm not perfect, I might have missed something.

Anyway, my issue is one of the agents is telling me he was 'blindsided' when the appraisal came in low. According to him, local appraisers will call him up if it looks like the opinion of market value isn't going to be as high as the contract price. Is this a thing? Seems like a violation of USPAP confidentiality to me...
That is some old school agent-whining. I heard that decades ago but not recently.
Tell them you owe your client confidentiality and they are not your client. Wait for it--they will just tell you ALL the other appraisers do it or ALL the GOOD appraisers do it. Then just do this: :leeann:
Don't fall for their BS. Don't let people who do not even know how to do their job tell you how to do yours.

Good luck and have a nice career! :)
 

djd09

Elite Member
Joined
May 20, 2009
Professional Status
Licensed Appraiser
State
Ohio
you will learn the pecking order. brave appraisers starve. room 101 will adjust your attitude.
 

Salty

Junior Member
Joined
Mar 12, 2010
Professional Status
Certified Residential Appraiser
State
Pennsylvania
I don't mind talking with the angry agents. Sometimes I'm like bring it on. When they find that out I'm an agent as well the angry ones typically cool off quickly. I like to educate them on highest price vs most probable price. I also like to see any sales they think support value. Show me at least one comparable property I say. Often times its a home that requires a location adjustment that does not help them anyway. Sometimes the data just has not caught up to current conditions even with a market adjustment, it is what it is, and I can't make value. I think I have also said something like "my entire livelihood depends on this report so why on earth would I ever push the envelope for this?" and something like "I'm the one who holds the liability for this and will get called into court, not you". Or one of my favorites "So I am supposed to ignore all the sales in this development and look in that other development".
 
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