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Do Realtors still develop a CMA?

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larryhaskell

Thread Starter
Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
I routinely request a copy of the CMA from the listing Realtor when I set the appointment. If no CMA is available I ask for a copy of the MLS profile sheets of the sales the Realtor utilized in establishing the list price. I do this because I believe it to be a USPAP violation to call the Realtor in the middle of preparing the report to say I can't support the sale price. Less than 1% of the Realtors I call have a CMA. Many act like they don't even know what one is. Maybe 3% have profile sheets readily available and are glad to provide them. These usually provide copies at the inspection. Most just quickly run off some one liners based on a search by the sale price and then do the quick math of $$$ per Sq Ft. So that leaves about 96% of the realtors that have nothing in their file as a basis for the list price and act annoyed when requested to provide anything.

Here are my questions:

1. Do most of you request similar information?

2. Do most of the Realtors you deal with complete a CMA?

3. If the Realtor does not have a CMA, do they at least have profile sheets or a list of the sales they utilized?

4. Do most Realtors willingly provided some information or do most just believe they are doing your job?
 

George W Dodd

Senior Member
Joined
Jul 9, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Larry,

1. Yes
2. No
3. No
4. They aren't doing their jobs!

I get this comment a lot when I request information:

"Just let me know if you have a problem and I'll pull some comps for you"

Multiple times I have had sales of the properties on either side of the subject (or darn near it) that indicate a value significantly lower, and the agent/realtor never knew about it 8O

Most agents, around here, appear to have gone to a square foot rate:

"Everybody knows homes in this market sell for $zzz per square foot" 8O
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
From a sales end:
Before I would go on a listing presentation, to sell myself to the sellers, many HO's would flat out say, so and so said they could get me $X. Can you sell my house for that? I'd say, don't know, let me come see your house. Then I'd pull tax card info off the computer, pull up all sales in the area, and go see the house. If I thought they were unreasonable, I would say so. Many didn't like the idea of an honest opinion. All they wanted to here is "yes, I can sell your house for that". Most sales agents I deal with are NOT real estate professionals. They are just going for the most number of listings in their name. It is a marketing game.
 

Robert Dunkle

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Oklahoma
Came up short on an appraisal for a house that a Realtor was selling. When my client told the Realtor what my report indicated value was, the Realtor called and informed me that I knew nothing of how to do an appraisal (only been appraising for 27 years, kind of a "trainee"). I asked how she set the price and she said with a CMA. I asked about her technique and she said "everyone knows you pull the similar sales and cut off the low $ half". So, according to her, you are always working with the top $$$ half of the market. Not a good place to be in our current market. Houses over $200K are going south fast.
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
In over 10 years in this area I have seen only 1 CMA which was left by accident by a Realtor at a vacant home. I have requested CMAs but never recieved any. Apparently they are super secret documents that can only be divulged on threat of death!! :twisted: (If I show you I gotta kill ya!) :lol: Seriously, most Realtors in my area don't even measure the property they're listing....much less do a CMA! :roll:
 

jtrotta

Senior Member
Joined
Jan 16, 2002
Bout 10 yers ago began the fall of the Real Estate bnez in our area; some realtors do an excellent job and most don't, heck they don't even pull field cards in some instances. It would be my opinion they've gotten lazier over the years. CMA's, the ones I've seen are fit to order -so why git it :?:

8)
 

Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
I gave up on asking Realtors years ago what they used for comps when listing a property. Most of the answers were: " Well, the home is unique and the owners want X amount, so I told them we'd try it".....
 

Verne Hebert

Senior Member
Joined
Feb 25, 2002
Professional Status
Certified General Appraiser
State
Montana
I don't ask. Here when cma's are run, a program is used, using listings, sales, and expired sales to yield a value.

The properties here is so complicated that it is difficult to run a cma. They are most often listed for what the seller wants to list for; and it goes from there.

A lot of these folks have been buried from previous refi appraisal and cannot net out with a list price other than what they have determined by necessity.

Realtors here, are unwilling to provide much. Disclosure is a big problem in this state.

We have property here, often, that will for example list for $ 700,000 and sell for $ 350,000. Not unusal. Listing prices mean very little, in terms of data.
 

Dale Smalley

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
I started in the biz as a Realtor and did fantastic CMA presentations with pics of comps and listings that would accurately support a listing price and eventuall sales price. I lost every bid for a listing. CMA's don't work for dreamers and sales pros.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Dave, the exact same thing happend to me. I didn't do too well chasing after listings telling the truth. That is why I said: All they wanted to here is "yes, I can sell your house for that".
 
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