Problems verifying concessions with Realtors!

[RSW]

Just wanted to know if any of you Tennessee appraisers are finding it hard to verify if seller concessions have been made. I have been running in to road blocks from a lot of agents as they are saying they are not allowed to disclose this information. They also tell me I can call the buyer or the seller and verify it. I haven't had much luck trying to get phone numbers of the buyers or sellers in the White Pages online. This is going to be a problem for us as it could possibly inflate property values in our appraisals.

What say you?

 

[govols]

right on brother, the agents have been half the problem anyway. why can't they list the property like they should instead of guessing the square footage, changing the age because of updating, always including below-grade rooms and GLA into square footage, most of them don't have a clue what they are selling.....

 

[Willie]

RSW, the agents are required to disclose it in my area or are subject to a fine. I normally go with what they say, because of this. However, when I catch an agent who is not doing what they are supposed to be doing, they do not get any benefit of the doubt, and I scrutinize the sale very closely. I've called closing agents a few times over the years, but haven't got very far. I think what I would do, in this very difficult situation is one of two things. Well, maybe just one thing, but what I would like to do is find an average concession rate and use it. That ain't likely going to fly, so that leaves one other option. Just use what the real estate agent says. If they are not going to disclose it, it would just be considered a cost of sale probably being experienced by everyone who sells a property. Disclose this info, and tell the lender if they are not satisfied with the accuracy of the appraisal, as well they shouldn't be, then they are welcome to petition the local MLS board to start requiring the concessions to be shown. Like that will work though. They're all crooked. LOL

 

[TN Pro]

Then, if they verbally tell you the information, how do you know they are been truthfull. Im also an agent and have never been told i cant disclos that info.
I asked our Local Board of Realtors if they would disclose this info in the MLS, they told me to go take a hike. Its my opinion that the KAARMLS are not appraiser friendly.
Scott, as for not being able to get the numbers, if you ever need one, let me know. I have some good phone number databases.

Dean

 

[RSW]

Thanks for your help, Dean. I called Donna at the board last week and she verified that agents are not allowed to disclose this information and basicly told me to eat dirt. You are very correct in the assumption that KAAR Realtors are not appraiser friendly. I made a suggestion that the agents put a clause in the contracts when the sellers sign them that says the agents have permission to release the purchase agreement information. That went over really well.

 

[Stephen Wood]

This could turn into a fun thread. I've also had no luck getting that information, or much other come to think of it. I volunteered to serve on the MLS committee last fall. Needless to say, I wasn't contacted. I did ask why there were no appraisers on the committee and just received a blank stare.

 

[Willie]

Edit................ Knoxville MLS seems like a royal pain.

 

[govols]

Yes, they are about as helpful as is our Commission in Nashville, TN. DUH, I DON'T KNOW........

 

[TN Pro]

I see the person whom i clashed with the most at the MLS is leaving after 27 years.

 

[RSW]

I see the person whom i clashed with the most at the MLS is leaving after 27 years.

Now you are making me curious. Name, Please?