NAR settlement 8/17/2024

[George Hatch]

All an appraiser can say they know is what is reported to them. Not what actually happened.

 

[TJSum]

All an appraiser can say they know is what is reported to them. Not what actually happened.

That is why I always verify via email instead of a phone call, that way I have an email response for the work file. If no response, that goes into the file too.

 

[TJSum]

Can you verify them?

Contact both agents to see if they are both singing the same tune.

 

[Tiffany Gibbons]

Did anyone read the article in the latest "Working RE"? Lyle Radke and Danny Wiley said that appraisers will need to "get on the phone" and work much harder than they are used to to verify these concessions through both agents and make adjustments. They said the GSEs would be scrutinizing these adjustments and there would be resulting state board complaints. More frivolous board complaints without a signature. How are the GSE's going to verify concessions for their AVM? He said the GSE's have the settlement sheets so they know. Why aren't the agents at fault for not putting the concessions paid in the MLS listing. Radke compared it to a guy with a sign saying "give me $10,000 standing on the side of the road and said "Nobody is going to do that!". Never mind that some buyers don't take the $10,000, choosing a lower sales price or a premium lot, or an extra amenity that is adjusted in the sales grid. And this is only for new homes. Typically, existing home sellers have to compete via lowering prices, etc. They don't offer "concessions" in the listings. These two are so out to get appraisers, it is getting ridiculous.

 

[George Hatch]

If enough appraisers make phone calls it might prompt some of the agents to add those clarifications in their listing comments. More convenient than responding to emails or texts from a dozen different appraisers over the next 6-9 months.

You never know, it could happen.

 

[Tiffany Gibbons]

If enough appraisers make phone calls it might prompt some of the agents to add those clarifications in their listing comments. More convenient than responding to emails or texts from a dozen different appraisers over the next 6-9 months.

You never know, it could happen.

Newsflash. They don't have to disclose that information to appraisers if they don't want to.

 

[Mejappz]

Did anyone read the article in the latest "Working RE"? Lyle Radke and Danny Wiley said that appraisers will need to "get on the phone" and work much harder than they are used to to verify these concessions through both agents and make adjustments. They said the GSEs would be scrutinizing these adjustments and there would be resulting state board complaints. More frivolous board complaints without a signature. How are the GSE's going to verify concessions for their AVM? He said the GSE's have the settlement sheets so they know. Why aren't the agents at fault for not putting the concessions paid in the MLS listing. Radke compared it to a guy with a sign saying "give me $10,000 standing on the side of the road and said "Nobody is going to do that!". Never mind that some buyers don't take the $10,000, choosing a lower sales price or a premium lot, or an extra amenity that is adjusted in the sales grid. And this is only for new homes. Typically, existing home sellers have to compete via lowering prices, etc. They don't offer "concessions" in the listings. These two are so out to get appraisers, it is getting ridiculous.

I'm sure the fee and turn times will go up then. Have the GSEs discussed this with their AMC/lender partners?

 

[Tiffany Gibbons]

I'm sure the fee and turn times will go up then. Have the GSEs discussed this with their AMC/lender partners?

I guess the staff appraisers for the AMCs will have access to the settlement papers, so they'll come off as being more thorough and faster than the independent fee appraisers since they don't have to phone or email the agents. And believe me, those builders are not "giving away" $10,000 as Mr Radke claimed. Builders charge $250 to $300 per change order o move an electrical outlet 1 foot away. I'm guessing neither one of them would ever deign to buy a new home from a spec national builder like the masses. I'm sure they'd get a waiver anyway, lol

 

[Tom D]

yes they did, the AMC will get more for themselves to enjoy.
i read that article, still cofusing as to how agents commisions affect anything, since they didn't before. our MLS lists the concession amount. but now we do what if a buyers agent fee is in there. do we take it out, and then what. maybe they will split out the buyer's agent concession on the agreement as a seperate item. that would solve that. buyer's agent is going to want something in writting somewhere. lender will want to know that to, then we will know. maybe the lenders will resove this matter, so that we can see it.
look for an addendum on the agreent about who paying and how. this is my guess.

 

[Mejappz]

yes they did, the AMC will get more for themselves to enjoy.
i read that article, still cofusing as to how agents commisions affect anything, since they didn't before. our MLS lists the concession amount. but now we do what if a buyers agent fee is in there. do we take it out, and then what. maybe they will split out the buyer's agent concession on the agreement as a seperate item. that would solve that. buyer's agent is going to want something in writting somewhere. lender will want to know that to, then we will know. maybe the lenders will resove this matter, so that we can see it.
look for an addendum on the agreent about who paying and how. this is my guess.

I doubt the staff Appraisers would know what to do with that data anyway . Lol