Did I Disclose Confidential Information?

[Pat Butler]

Remember GLB? It's still effective, and the lender is supposed to be providing the borrower with a copy of their GLB disclosure. That disclosure should include some sort of statement to the effect that certain non public information will have to be shared in order to facilitate the transaction. So there's a good chance that the buyers were notified that someone (appraiser) will have to be sharing some information in order to complete their work.

This comes back to the sloppy way that appraisers handle GLB. Remember the obligation to make sure that the lender is doing this on your behalf?

 

[Amy Perkins]

I don't think that the agent can back out of the deal for the intended use by the new owner. You are asking about rentals, it does not necessarily mean it is going to be a rental. There is an accepted offer in place, if someone wants to back out of the deal they better have a better reason than that.

 

[Amy Perkins]

Do your appraisal and don't talk to them anymore. It is not your issue you are there to gather information and find out everything they know about the market. It can be challenging to find rental data so it is only natural to ask the agent, for all you know they may have used it to sell the property. This is standard practice to ask for sales or rentals from an agent. They know the property the best and are a great resource. It's not a valid reason to change buyers so not sure how there would be any damages. Relax and remember that some would have to prove harm. You are not responsible for petty agents who want to change buyers at the last minute. Maybe they offered more money and are looking for any reason. Hopefully their broker will set them straight. Anyway don't get involved, get your info and get out. I would bet money that the contract would not have a contingent clause that the subject should never be rented after the sale. If they don't have one, forget it!

 

[gregb]

I was just on the phone with a listing agent scheduling an inspection of a SFR. The form ordered is SFR investment, so 1004, 216 and 1007. I asked if she knew of any rentals in the area similar to the subject. Unfortunately, she had no idea the buyer was using the subject as an investment property and she is now concerned about the strength of this buyer. Due to my extended TAT of 5/22 (appraisal objection deadline was originally 5/12) she is thinking about advising her client to move forward with another offer (back-up). After she said that I got off the phone as quickly as possible and disclosed my conversation to the lender.

Did I violate USPAP by disclosing the appraisal form the lender ordered to the listing agent?

You did not violate USPAP any more than me. Appraisal ordered, instructions to call the listing agent for inspection. Listing agent says wtf, this is an all cash deal with the buyer not needing a loan or appraisal. I say, call your client and the buyer's agent, then get back to me. Listing agent usually calls back in the hour, "when can you inspect the house for the buyers appraisal?" Booked up, will let you know, btw lock box has the key? Yeah, I am not going to ask the listing agent for rental comps, she has a vested interest.

 

[Elliott]

"she is thinking about advising her client to move forward with another offer (back-up)"

So she advised her seller to accept buyer #1's offer and didn't inquire about the intent of the buyer? But now she's going to tell the seller to void a contract and the consequences and accept offer #2 because she didn't do her job with the first offer?

Your not the source of the "problem." You were asking questions and you can gather all the information you need to complete the assignment. She violate confidentiality by telling you what she planned to do that would affect your client.

 

[Tom D]

i agree, swear with the semantics. you didn't disclose anything, just asked if there were rentals in the areas. a fine appraiser considers the grm. where is that on the form, antway?