Concessions field being eliminated from MLS!

[Karen Ryan]

Couldn't appraisers show up in support if not on the agenda? What could NNEREN do? Heck, we pay dues too.

 

[imjiminnh]

Karen,

I don't see why not either, but they did send me a form asking me to submit the names and companys of anyone appearing at the directors meeting on the 8th. If more appraisers show up and arent on the agenda, too bad for NNEREN. I'd like to see 20 or 30 ****ed off appraisers milling around before the meeting!

We may be dues paying members, but we are treated as second class citizens, how much do you want to bet that there isn't a single appraiser on the board?

Any word on the Nebraska decision reversal details, or if your AI associate might be able to appear?

Jim

 

[Pamela Crowley (Florida)]

If more appraisers show up and arent on the agenda, too bad for NNEREN. I'd like to see 20 or 30 ****ed off appraisers milling around before the meeting!

This is what you need to have there! The more appraisers there to at least glare at them, the better!

PLEASE do present yourselves professionally, though. No cussing or fighting.

 

[JennC]

I sent out emails to the NH presidents of AI and NAIFA.

This is due to privacy regulations being put in place, many agents would like this information to be available too.

 

[Karen Ryan]

Andy Werry of NNEREN called me back at 4:55 PM today; left a message that I can speak at the 4/8/09 meeting for 5 or 10 minutes but must submit a summary of my position so that the BOD understands my position (I would have thought that my email was enough of a summary but apparently not). Interestingly, Andy didn't tell me where the meeting was.....

FYI, there are no appraisers on NNEREN's BOD, per a local Realtor AND appraiser who's just as upset about this as the rest of us.

I'm not expecting much from NHAI; the Appraisal Institute has never been good about lobbying for residential appraisers. I did email two of the directors asking what the chapter planned on doing about it; we'll see what happens.

As for numbers of appraisers at the meeting, can either of you in Southern NH rally the Concord/Manchester appraisers to show up? They're closest to Concord (where I assume the meeting is). I'll try to get some Upper Valley appraisers to go but can't promise anything. Everybody's complaining about this but not many are willing to take action. Grrrr.....

And I'm sure we'll all be polite just like our moms taught us ;-))

 

[Karen Ryan]

Oh, and I haven't heard anything from Nebraska.

 

[imjiminnh]

Karen,

Yeah, everyones mad, but nobody is willing to go to the meeting (which is at the NNEREN headquarters of Rte 106 in Concord BTW). I'll be there with a list of things that may happen.

1.) appraisers hold all appraisals until the realtor calls them back with the info, IMHO getting the info from a buyer is getting it from a biased party and should be avoided. By doing this, lenders will be getting involved as well

2.) Charge higher fees for the many more phone calls each appraisal will require.

3.) make 3-5% across the board negative adjustments for the assumed concessions that we can't confirm, that'll kill a few deals, how do you think their commissions will fare?

4.) Burden all sales agents with numerous phone calls, noting that each sale may entail 40-50 calls from various appraisers.

5.) I know that they are afraid of possible legal actions from borrowers over a breach of confidentiality, but I can almost guarantee that because they wil be responsible for propogating bad values into the lending system, they will almost certainly be responsible for lenders/borrowers overpaying for propertys, and of course there will be misuse of the missing data by unscrupulous parties to take advantage of the system.

6.) If sales data can be viewed over VOWs, why would an appraiser continue to pay NNEREN dues unless they can get the sales concession data?

Any other points that you can think of?

Jim

 

[Karen Ryan]

Jim,

I think you've covered the bases. I hadn't thought of your #6. Must NNEREN now allow sale prices, listing history, commission splits, and listing/agents' names & contact info to be posted on VOWs? If so, appraisers will be able to get data from any real estate office's website and not pay for it. I doubt that's what NNEREN intends to happen.

I'll be working on my "summary" to NNEREN's BOD this week and will be at the meeting unless something unforseen happens (my elderly mother is in the hospital in NC). I'm also going to apply some pressure on NHAI to send an "official" representative to the 4/8meeting. I'm just a lowly associate member...

Karen

 

[Karen Ryan]

From a professional in Nebraska:

"The appraisers went collectively to the MLS/Board Meeting in that region and explained that without that information the appraisal results may not be credible. They also stated that in those cases where the sales price appeared to be above market they were going to go ahead and make adjustments "down" under the extraordinary assumption that there were concessions, if they could not get the information.

They explained the definition of market value and the requirement to report concessions.

A unified effort is what did it!"

Four appraisers have now told me they plan on being at the NNEREN meeting and several more have said "maybe", even one from VT. NHAI says they will send an official representative. Appraisers are finally getting mobilized and motivated to fight this. Finally!

 

[imjiminnh]

Karen,

That is absolutely great! I talked with Barry Shea today, he used to sit on the NHREAB board (president I believe) and is now on the USPAP standards board (still appraises in the lakes region and teaches continuing Ed). He will try and make it as well. Maybe there is some hope!

Jim