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Conflict of Interest?

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Dee Dee

Thread Starter
Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Just ran across this for the first time...could use some opinions.
Have an appraisal order here on a purchase where the loan officer is also the selling agent. Other than that this guy is making a tidy sum from both the selling and lending transactions (nice little sweep), do any of you see any conflict of interest that I should concern myself with?
The purchase price appears to be reasonable for the area with comps to support it, though I haven't seen the subject yet to make a more firm opinion. I might be a little bit overly cautious due to it being a new construction condo, where there seems to be a lot of realtors churning up the market prices in this area.
 

jtrotta

Senior Member
Joined
Jan 16, 2002
DD;
Check your state Realtor law, that's what allows or not that duell participation. It does get interesting when that happens, eh 8O

In our State it's ok, as long as all parties concerned are aware of the whole transaction & how it works; has to be spelled out to all parties and everyone signs a release and the ballgame begins. Sounds OK to me if everyone is aware; if a future problem comes up the person with the largest TARGET on their back isn't going to be YOU :lol:
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
Dee Dee --

I don't see any conflict of interest regarding YOU the Appraiser.

I would just mention that the Appraiser is aware that the LO and Selling Realtor have the same name.

QUIT right there: Don't make any hypothetical beyond that statement.

Hope the LO charges extra points to be paid by the Seller's Agent (unlikely!).
 

Pat Butler

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
RESPA allows for affiliated business arrangements that make it legal for real estate service providers to provide a package of real estate related services to their clients as long as they comply with the ever-changing RESPA laws. Many real estate brokers in our area also provide the financing, title, survey, warranties, etc.

There is no relevance whatsoever as to the relationship you are talking about and your appraisal. Why even mention it?
 
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