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How to Handle the Pandering Realtor - What Do You Do ?

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Joe Birrell (NY)

Thread Starter
Member
Joined
Jan 16, 2002
Assignment comes in on a property that is obviously not even worth the
mortgage amount (value is $18,000 short of mortgage amount). Public records show present owner purchased 1 year ago with the existing improvements. Listing agent ignores 3 identical sales in project, and 5 other units that are far superior (contract price on subject is same or within range of 5 superior units).

When doing the inspection it is discovered that listing agent is sister-in-law
of seller. Upon checking public records the previous owner who sold 1 year ago has same last name as current selling agent (coincidence?).

Selling agent calls 3 times a day and wants to use comps outside the project (that if adjusted still dosn't make the deal). She also rambles on about all the improvements (none of which were made by present owner). The problem is that my client is a softy who dosn't want to make waves and tells everybody with a complaint to call the appraiser. At this point I'm just ignoring the old battle axe agent.. She has also stated if value can be raised $8,000 (still $10,000 short of mortgage), she can keep her deal together (not my job to play "Let's Make a Deal").

I'm about a centimeter from going ballistic on all of them, totally out of patience at this point.
 

Judy Whitehead (Florida)

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Joe, just remember that you are not permitted to discuss the appraisal with anyone but the client. I always try to soft pedal it by, gee, golly whiz, I hate to tell you this, but......I could lose my license.

We have all had similar situations, I'm sure. Just try to keep your composure and complete the appraisal. If they then call you up and scream, you can state, "Find me a sale in the subject's neighborhood for that value and I will consider using that sale as a comparable sale." I usually tell them that the guidelines prohibit using other subdivisions if there are sales in the subject's subdivision. Good luck!
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Joe, I have that problem all the time. When I explain I am not Monty Hall I get blank looks and I realize I must be getting old. We are not in the barter business. We are not perfect, but we do know much more about valuation than most RE agents. Sometimes I believe they ask what the owner needs and add 6-7% to get their list price. All we can do is do out jobs to the best of out ability and let the loan officer sort it out whether they want to or not. Try the old "confidentially" stance and see if that works. Not a chance!
 
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Bemis Pownall

Guest
Stick to yur GUNS Joe!

our state just revoked 3-4 licenses for "hitting" numbers. these guys were marked for the last 10 years. follow guidelines and everything will be jus fine...

Inspected a split apart duplex this weekend,
HO is Realtor.
She wants one loan but wants valuation as seperate units.(higher values)
Told her she cant have it both ways, One loan subject is duplex, Valued as 2 single family homes...two seperate loans.."but my loan officer said I could do it".....blind leading the blind...

:drinking:
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
One time in a fit of pique, I told a Realtor that they did not need me for their appraiser. Perhaps she would better be served by David Copperfield. It took her a second to realize I was referring to the magician.
 

George W Dodd

Senior Member
Joined
Jul 9, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
All real estate agents are required to conform to your state's Real Estate Board's rules and regulations. If you give them a quick glance you are likely to find provisions about:

Omissions, Misrepresentations, and "knowingly making any false statement or report, or willfully misstating the value of any land, property, or security for the purpose of influencing in any way the action of any lender" (or lender's agent .. the appraiser).
Plus, the RE agent may be interfering with the relationship between you and your client.

Frequently find that knowing and reminding agents of these factors results in very little additional comment on their part.
 

Travis McGee

Senior Member
Joined
Sep 18, 2004
Simply state you are not allowed to discuss the appraisal with her. And remind your lender of that, the one who does not want to "make waves." I see that as a group, we appraisers are so afraid of losing business, and are so accomodating of this kind of nonsese, that we make our own lives difficult and damage the profession.

I don't put up with it any more. We have to "train " our clients that we can't be bothered with this stuff.

If a doctor/lawyer dentist etc was treating someone, and that peron's relative didn't agree. would they take endless phone calls from the idiot relative?
 

Joe Birrell (NY)

Thread Starter
Member
Joined
Jan 16, 2002
Thank you one and all - good answers. I'm printing out postings to give to my secretary (she's the glue that keeps this place together), besides she's
much more polite than I am.
 
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Bemis Pownall

Guest
Inspected a split apart duplex this weekend,
HO is Realtor.
She wants one loan but wants valuation as seperate units.(higher values)
Told her she cant have it both ways, One loan subject is duplex, Valued as 2 single family homes...two seperate loans.."but my loan officer said I could do it".....blind leading the blind...

it got cancealed....imagine that..

:drinking:
 

Ron Schwartz

Junior Member
Joined
Dec 11, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Try appraising here in South Florida. This happens everyday.

The Realtors here will write any contract for any amount and have no clue whats selling in the subject bulding or the next. Most of them are elderly ladies working part time after their bridge game is over for the day. Last week I was told by one realtor lady that she did not care about the appraisal she just wants the loan to close so she can make a payment on her Cadillac. Real Professional!!!!
 
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