Letter regarding vandalism?

[Betty H Church]

Received the following e-mail/request from realtor (buyer's agent) regarding a property that I appraised for lender/client for a purchase.

"The property on 123 xxxxx St has been broken into again! the property has been repaired twice already. The buyer wishes to back out but we are going to need your help. We need a letter stating that due to the continual vandelism on this property it is difficult to get appropiate property value. Any help you can give us would be deeply appreciated. I am trying to get my clients money back."

My questions are:
1) Would such a letter be a breach in client confidentiality?
2) How would you handle this?

:icon_question:

 

[Michael Tipton]

Neither the realtor or the purchaser are your client. I personally would not consider writing any letter as requested. The realtor is flirting with a potential Fair Housing issue.

 

[Mountain Man]

They want a letter stating that it's not worth what you appraised it for? Yeah... okay...:new_all_coholic:

 

[Lee Lansford]

...My questions are:
1) Would such a letter be a breach in client confidentiality?
2) How would you handle this?

:icon_question:

Betty, why would you even consider responding to someone other than your client regarding an appraisal that you completed for your client?

And...that is what I would tell the agent.

Lee

 

[PropertyEconomics]

Isnt the property insured against vandalism?
The value is what the value is .. it can certainly have a value .. even though vandalized.

Your client has not made the request .. keep thy lips and fingers idle.

 

[Caligirl]

Response: Get your own appraisal.

 

[incognito]

I have dealt with similar issues. Remind them that the scope of your appraisal was to provide an opinion of value as of a specific date (and time, if necessary). Considerations of value at any other time or date would entail a new assignment. Let them order it if they want, but do not speculate about such things. Like Michael T. stated, this could cross into a fair housing/redlining/neighborhood profiling issue that you do not want to get involved in.

If your comps were in the same neighborhood, presumably they are similarly influenced by such things.

 

[Betty H Church]

The appraisal was performed after the property was vandalized the first time. Since then it was repaired. I was contacted for a 1004D to show repairs were made, but prior to me scheduling the re-inspection, the client called and said to put it on hold, because the home had been vandalized again.

The original appraisal was never an issue. As I see it now, I cannot comment or write a letter as requested by the realtor about the property value. I could, however, perform another appraisal to determine market value for the realtor if they so desire as a new assignment, new fee, etc.

Right?

 

[Lee Lansford]

The appraisal was performed after the property was vandalized the first time. Since then it was repaired. I was contacted for a 1004D to show repairs were made, but prior to me scheduling the re-inspection, the client called and said to put it on hold, because the home had been vandalized again.

The original appraisal was never an issue. As I see it now, I cannot comment or write a letter as requested by the realtor about the property value. I could, however, perform another appraisal to determine market value for the realtor if they so desire as a new assignment, new fee, etc.

Right?

Yes, you COULD accept a new assignment to again appraise this property.

Before you do accept, consider what possibilities may come as a result of you doing so.

 

[Marcia Langley]

Don't talk to anyone but your client about your existing appraisal.

There are lots of not so good possibilities that could arise from a new assignment for the agent. I'd not accept an assignment from this agent. She clearly is trying to influence the outcome.


Like incognito said, your comps were presumably under the same neighborhood influences as your subject. Why would you accept an assignment when the entire focus of the agent is on a lower value?