Owner/Borrower/Listing Agent requesting desired valuation and AIR

[Zoe]

That is not an appraisal

 

[Tiffany Gibbons]

After I told the Owner/Borrower/Listing Agent that an appraisal is an independent valuation and that I will not be trying to hit their desired value and that they should not be asking me to hit a desired value, I will be hitting value as the market determines. The Owner/Borrower/Listing Agent went on to explain that they are refinancing because they had purchased the property with a hard money loan a year prior and had to pay that off, and if it appraised for under $430,000 they would have to put up a down payment. This is after the Owner/Borrower/Listing Agent told me that they are hanging onto the property because they bought it for $420,000 and could not sell it for $420,000 right now, but thought that they could sell it for $420,000 if they held onto the property for a year or two.

So, they know they can't sell it for $420,000 right now, but want you to appraise it for $430,000 so they can pay off their nonconforming loan since the Fed screwed up their flipping scheme. And not only that, they think it will still only be worth $420,000 in a year or two and thought it was a good idea to tell you? Oh well, not your problem.

 

[Surf Cat]

I don't see what the big deal here is. This happens quite often. Appraise the property....end of story.

I'm curious. OP, did the listing agent provide you with any sales to support their listing?

The polished, veteran agents mostly always do and you don't hear a peep out of them what they think the value should be.

 

[J Grant]

So, they know they can't sell it for $420,000 right now, but want you to appraise it for $430,000 so they can pay off their nonconforming loan since the Fed screwed up their flipping scheme. And not only that, they think it will still only be worth $420,000 in a year or two and thought it was a good idea to tell you? Oh well, not your problem.

Maybe their post was a joke or made to waste people's time.

 

[Tiffany Gibbons]

Maybe their post was a joke or made to waste people's time.

Yeah, supposedly they are "general public". All their postings are troll-like.

 

[itmustbeme77]

Thank you to many of you who attempted to answer my questions and offer guidance on this issue. I am a CRA. To anybody who does not contribute to my specific questions and throws around unsubstantiated accusations. Please leave my threads alone in the future, thank you.

 

[Tiffany Gibbons]

Thank you to many of you who attempted to answer my questions and offer guidance on this issue. I am a CRA. To anybody who does not contribute to my specific questions and throws around unsubstantiated accusations. Please leave my threads alone in the future, thank you.

Why do you post as a member of the general public, not as a CR? Just curious.

 

[Zoe]

I can tell you right now that family member was not happy with my offering price consultation and yet agent representing them agreed with me. It was way below asking price for many good reasons.

Like $100K + less. Like $120K less than asking price. That deal won't work. Me and the agent are like forget about it. Let's look at something else.

Let somebody else bite that bullet.

 

[itmustbeme77]

Why do you post as a member of the general public, not as a CR? Just curious.

I post on this site very seldom, I just have not taken the time to figure out how to change that.

 

[Zoe]

I post on this site very seldom, I just have not taken the time to figure out how to change that.

Wayne will change it for you. He is good guy and appraiser. He is aka head surfer.