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Greedy realtors

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Blue1

Thread Starter
Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Just did an assignment for a purchase......had good comparables......the only problem.....they did not support the sale price. (old story) Except this time there's a new twist.....both the seller's and the buyer's agents got together and tried to coerce me into upping my appraised value! I respectfully asked them if they had any better comps. They FAXED me sales from 8 miles away! (All mine were within 1 mile of the subject). In addition, they called my client and told them they shouldn't be using my services anymore! Thankfully, this is a good client who is sticking by me and told me everything. This is truly disgusting. Most realtors in my area are professional and ethical. What can I do to these nitwits? I am fuming! :evil:
 

Liz South

Junior Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Virginia
Blue -

Stick by your guns - remember that the Realtors don't have any knowledge of what really goes into determining value.

I'm waiting for my storm to occur, (and its not Lili).
Just killed a sale. Property was a log home on a dirt road with 840sf, one bedroom, and best yet the bathroom was in the unfinished basement.
Plenty of sales of new 1000+ sf vinyl dwellings with 2 bathrooms on the first floor. :eek: 8O :roll:
Realtor has demanded appraisal - I told him I couldn't give him any info, but he was welcome to provide comparables, am waiting from him to try to tell me how this property is worth so much.

Liz S.
Still praying for rain on the east coast.
 

xmrdfghap

Senior Member
Joined
Jan 15, 2002
Professional Status
General Public
State
Florida
Bruce, get your loan officer to ask the Realtors to recommend an appraiser or two from your area. When they do, ask your LO to mention to their peers that it appears these guys are numbers hitters......it won't hurt the Realtors, but at least it will expose the guys who put the LO's jobs on the lines.........I still think that when these overvalued homes hit the repo market, some LO's are going to take a fall along with some appraisers......and most ethical LO's are as aware of the problems as we are.
 

Steve Owen

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Missouri
I still think that when these overvalued homes hit the repo market, some LO's are going to take a fall along with some appraisers

And you are usually so right on, Greg!*!?!

Just kidding, of course. Most of those LO's will have closed up shop and be reopened under new names. Try turning one of them into the state agency sometime and see what happens.

IDEA, Blue. Put the comps they sent you in (if there is any way at all), adjust appropriately for location, etc. Write lots of comments about your adjustment. Then, turn in the same value as before. That should explain it to them.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
IDEA, Blue. Put the comps they sent you in (if there is any way at all), adjust appropriately for location, etc. Write lots of comments about your adjustment. Then, turn in the same value as before. That should explain it to them.

Steve,

That's a great idea and something I have done a number of times. The problem with that right now is the time it takes to do it with files piled up waiting to be started. I'm already doing additional comps and explanations on these in the first place. What it really boils down to is that the Realtors absolutely believe that if they can get it on a contract then that is the real value. They believe the appraisers that don't justify their unjustifiable price are the ones that are wrong.

I'm so disgusted by what I'm seeing too many Realtors doing right now.
 

Roger

Junior Member
Joined
Jan 24, 2002
Professional Status
Certified General Appraiser
State
Missouri
When one of these high pressure Realtors start giving me this kind of crap, I often pull up a couple of listings that will support my value. Usually I already have them in the file.

Realtors seem to be able to relate to listings more than to actual sales.

They also seem to be able to understand the principle of substution.

When I can show them a superior property, listed at or near the price on their contract, they generally come around.
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Certainly is interesting how the geographic limits defining a "neighborhood" can and will expand greatly in the mind, and aggressive practice, of someone hell-bent by greed when trying to get-what-they-want ! When the age-old saying in the real estate profession has always been Location, Location, Location.....many will violate this fundamental premise and expand a proper "location", and attempt to get us to do the same, to satisfy their collaborative scheme. Whatever it takes. So, what does that make us ?......simply, on occasion, we are the greed detectors, who call it like we see it. Sorry, our data may not see the neighborhood to be 15 miles by 20 miles ! !
Greed is human nature and often gets entangled within the web of desire, need, ethics, honesty, fact and truth. We see it, we recognize it, and then we get to decide if we will play into it or remain unbiased and stay-the-course of our better judgement. Remember, while they might love you now, and speak your high praises at that moment of submission and stepping outside the bounds, and sway us with great promises of lots of new work in the future, they will totally deny later that they ever made any effort to sway you (before) when and if the crap hits the fan. People will never stop attempting to be greedy.....but in it all lies their problem of not being able to accept the outcome when someone "catches" them in the act. Rather than saying to themselves that they got tripped-up, we always here the reply that they will "get another appraiser". Blacklists, slander and bad-mouthing.....I guess they are the demons we appraisers have to be willing to live with. Hold your position....until relieved ! ( The cavalry is coming, right, they're just over the next hill, right ?)
 
Joined
Jan 16, 2002
Day in day out, 24/7 with these people !

The latest one here is now shopping around for a different lender (who uses number hitter). He has already gone through 3 appraisers here (he thinks we don't talk to one another). There are 34 sales in ZIP code of similar homes in past 6 months, NONE come close to number this Realtor wants it to be.

THEY JUST DONT GET IT ! The sad part is that this will close and when it does, I'm waiting to find out who the lender and appraiser was that made this deal.
 

DeseretJohn

Sophomore Member
Joined
Jul 3, 2002
Professional Status
Appraiser Trainee
State
Utah
"GREEDY REALTORS"

Careful, you're being redundant by repeating yourself. LOL
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Most realtors in my area are professional and ethical. What can I do to these nitwits? I am fuming!

File an ethics complaint with their local board. They might not remember, but there IS a code of ethics that ALL Realtors are to abide by.
 
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