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MB blowing smoke

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Doug Trites

Thread Starter
Junior Member
Joined
Oct 17, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
After going out for data on a report the other day, I get back to the office and call the Realtor who had it listed a few months back and ask how she had come up with the listing price of high 700K range. She tells me that that was the amount the owner needed to break even.

I then ask her what she thought it really should be listed for. She states she would probable recommend the high 500K range.

Comps show a final value of low 400K range.

Send in report and get an E-Mail forwarded to me from the lender which was sent by the MB. This appraisal is all wrong" The appraiser has no idea of the quality of the home. One light alone cost more than 45K. Listen to messages and MB has asked for me to call him. I get ok to call and here we go.

This appraisal is all wrong. The square footage is wrong Etc Etc. I do thousands of appraisal and....So I say " so you are an appraiser? he states well no but I have 29 appraisers that work for me. I explain that the sales do not justify the value they think and the report is strong. He tells me that the owner is a friend and I just do not understand the quality of the interior. That he has seen most of the homes I used as comps and they did not compare. So I asked were he was located. Then the truth comes out that he lives in the Boston area and works there. Now understand I am in Michigan.

Now he states that he can call most appraisers and say you know the property is really worth more and the appraisers will say well maybe and will start changing final value. I explained to him that I had done my home work and that the bad part was he had an appraiser who knows what he is doing and can not be rolled over by MB's.

The moral of this is to stand by your knowledge and professional opinion. The MB will try every angle to get what they want. We are the ones that follow the market. Remember, We do not determine the value. The market determines the value and we report what the market is doning.:flowers:
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
After going out for data on a report the other day, I get back to the office and call the Realtor who had it listed a few months back and ask how she had come up with the listing price of high 700K range. She tells me that that was the amount the owner needed to break even.

I then ask her what she thought it really should be listed for. She states she would probable recommend the high 500K range.

Comps show a final value of low 400K range.

Send in report and get an E-Mail forwarded to me from the lender which was sent by the MB. This appraisal is all wrong" The appraiser has no idea of the quality of the home. One light alone cost more than 45K. Listen to messages and MB has asked for me to call him. I get ok to call and here we go.

This appraisal is all wrong. The square footage is wrong Etc Etc. I do thousands of appraisal and....So I say " so you are an appraiser? he states well no but I have 29 appraisers that work for me. I explain that the sales do not justify the value they think and the report is strong. He tells me that the owner is a friend and I just do not understand the quality of the interior. That he has seen most of the homes I used as comps and they did not compare. So I asked were he was located. Then the truth comes out that he lives in the Boston area and works there. Now understand I am in Michigan.

Now he states that he can call most appraisers and say you know the property is really worth more and the appraisers will say well maybe and will start changing final value. I explained to him that I had done my home work and that the bad part was he had an appraiser who knows what he is doing and can not be rolled over by MB's.

The moral of this is to stand by your knowledge and professional opinion. The MB will try every angle to get what they want. We are the ones that follow the market. Remember, We do not determine the value. The market determines the value and we report what the market is doning.:flowers:



Nature of the business, If you push to get paid or refuse to refund. They report you to the state. After all they have nothing to loose. No one gives a green monkey what the MB, LO and bnakers do. There is to much money. An appraiser can be brushed to the side as far as any one give a hoot.

Standing by your guns will get you put on do not use list.
 
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