Disclosing Info To Fellow Appraisers

[Michael Martin]

I received an email from a fellow appraiser looking to verify information for a recent sale(Our MLS provides the appraiser info in the listing). It is new construction and he wants to verify data including any seller's concessions. The property ended up selling for its original contract price despite my appraisal coming in lower than the sales price(my guess is the buyers ended up putting down additional cash to close). Am I allowed to share any of the info regarding my value(I would appreciate it if I was the other guy).

 

[Michigan CG]

It is common business practice in the commercial world to share comps.

 

[Noreen]

Mike,. I had this conversation with Mark C ( NHAB Chairman) when he called me for info on a report he was doing. It's part of our due diligence and it is what our peers are doing. When the contract is "in process" it's confidential, when it has gone on record, it is then okay to confirm information to another appraiser professional, not to be discussed with anyone just asking outside the industry.

 

[Michael Martin]

thanks for the responses - just to clarify - I'm not questioning whether to share the information about the comp or the contract as we do this all the time but more specifically, the fact that my value came in below the selling price.

 

[Noreen]

Ah, now I understand, I don't I only disclose the concessions, features & characteristics, GLA.....

 

[Meandering]

I received an email from a fellow appraiser looking to verify information for a recent sale.

I like this other appraiser already.

professional courtesy, we help each other out.

.

 

[Terrel L. Shields]

I would not share what my value came in at unless I have a signed letter of non-disclosure from them...and Capt. Obvious, they might disclose it if they made an adjustment for conditions of sale. And post closing, that info is "old news" anyway and "the market" has spoken and basically told you it did not agree with your value...which is fine.

 

[Meandering]

I'm curious how the other appraiser knew you appraised the property. That's top secret stuff here.

 

[Proactive]

I'm curious how the other appraiser knew you appraised the property. That's top secret stuff here.

His MLS discloses the appraiser name (it's in the OP ). I'm actually envious--might want to run that by our board.

 

[Noreen]

I would not share what my value came in at unless I have a signed letter of non-disclosure from them...and Capt. Obvious, they might disclose it if they made an adjustment for conditions of sale. And post closing, that info is "old news" anyway and "the market" has spoken and basically told you it did not agree with your value...which is fine.

Exactly and no one tells you what they "came in at".. we might discuss say carpet & lino versus hardwood, crown molding & solid surfaces, quality that sort of thing, not just an opinion, just state the facts.