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Listed Property

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Michael Doerr

Thread Starter
Freshman Member
Joined
Oct 27, 2003
Professional Status
Licensed Appraiser
State
Ohio
I completed an appraisal on a property in a rural county that does not have a MLS, PACE, or other organized system. I verified listing information with homeowner, walked property(no signage) and check MLS in neighboring counties for the occasional listing. Nothing. It went thru a mandatory review and sure enough there was a sale sign in the front yard. Turns out property was listed and the homeowner removed the sign for my inspection. What is the best course of action?
 

Shane Trotta

Sophomore Member
Joined
Feb 18, 2005
Professional Status
Certified Residential Appraiser
State
Connecticut
Your job is to check and verify information in the normal course of business...there's only so much you can do to check. As long as you checked all of your available resources you did your job.
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
I completed an appraisal on a property in a rural county that does not have a MLS, PACE, or other organized system. I verified listing information with homeowner, walked property(no signage) and check MLS in neighboring counties for the occasional listing. Nothing. It went thru a mandatory review and sure enough there was a sale sign in the front yard. Turns out property was listed and the homeowner removed the sign for my inspection. What is the best course of action?
I assume you have a photo of the street view and the front view of the subject that shows no sign.

I would think that would demonstrate your claim of no sign at the time you looked. So when did the sign get put up on the property?
 

Michael Doerr

Thread Starter
Freshman Member
Joined
Oct 27, 2003
Professional Status
Licensed Appraiser
State
Ohio
I inspected on the 4th and the review was completed sometime this week. I have clear shots of all angles of the house with no signage. The listing broker did call today and say that it was no longer listed so that I can now complete my assignment!
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
I'd call may client and ask them if they knew what was going on.
To complete the report you'll have to reinspect. And, now that you know it was listed, that will have to be reported too.

I hope you are getting paid up-front for this job.

Good luck!
 

Michael Doerr

Thread Starter
Freshman Member
Joined
Oct 27, 2003
Professional Status
Licensed Appraiser
State
Ohio
The client is aware of the situation and has requested a rebuttal. They are trying to remove me from their list. Unfortunately they are one of my best clients. I feel like I did my job but have no recourse. Thanks for your advice.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
The client is aware of the situation and has requested a rebuttal.

You mean they were aware of the review issue.
I meant to ask if they were aware that the house was listed? (I assume this is for a refi?).

They are trying to remove me from their list.

"They" being the lender who completed the review?

Unfortunately they are one of my best clients. I feel like I did my job but have no recourse. Thanks for your advice.

It sounds like you did do your job. However, I doubt that the homeowner knew to take down the sign all by their lonesome... who do you suppose might have told them to do it?

Now, here's my advice. "Rebuttal" isn't the term I would use because there is nothing to rebut. The house was listed- the mitigating circumstance appears to be that the homeowner (I suspect acting at the advice of someone involved in the loan transaction) tried to fool you. I would write a detailed explanation of that to the lender. This is complicated if you need to get it to the lender by going through your client- especially if there is something fishy going on.

(BTW, I'm not one that suspects all mortgage brokers are crooks- I think most of them are honest but misinformed. However, no one tells a homeowner to hide the fact that the house is for sale from the appraiser as an innocent mistake).

I really wish you good luck. Please tell me if I've misread the situation with your client- that would be reassuring!
 

Michael Doerr

Thread Starter
Freshman Member
Joined
Oct 27, 2003
Professional Status
Licensed Appraiser
State
Ohio
The homeowner lied to me. We even talked about the "future" marketing of his property and how certain improvements might help his property. I am unsure whether the real estate agent or LO advised him of the fact that he couldn't have his property listed at the time of a refi. I agree that he wouldn't have this knowledge himself.
 

larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
If I understand your comments, you're saying that there is a listing broker involved but the property didn't show up in the MLS. This should be reasonably easy to explain. As someone else stated, have them check the photos in the report. You also need to explain your conversation with the homeowner. Unless I'm missing something, I'm not sure what else you could have done. If your client doesn't choose to accept your explanation described here, maybe they aren't the good client you thought they were.
 
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Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
The homeowner lied to me. We even talked about the "future" marketing of his property and how certain improvements might help his property. I am unsure whether the real estate agent or LO advised him of the fact that he couldn't have his property listed at the time of a refi. I agree that he wouldn't have this knowledge himself.

In the contract section of the form, you could indicate that you researched the local MLS data and interviewed the owner and no listings were revealed. Nuff said.:shrug:
 
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