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Real Estate Agents

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hal380

Senior Member
Joined
Apr 26, 2003
Professional Status
Certified General Appraiser
State
Connecticut
A while ago, I went to a house and was let in by the listing agent. This house was not in her normal "Up Scale, Gold Coast" area of activity. I think she took the listing as a favor to someone and she felt it was beneath her. Anyway I arrived and I started my tour. Within 5 mins she said, "Is this going to take very long, I have another showing in Greenwich", (Laa dee dah land). I told her I needed to take the right amount of time to do my job. Well this prodding kept up and kept up until finally I had had enough and told her, "LADY THE FASTER I GO THE LOWER THE VALUE COMES OUT!!!" I could have sworn I heard her mouth snap shut and I had no further problem from her.

:lol:

Take care all and have a great day.
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
:rofl: GOOD ANSWER!!

Got to remember that one.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
:eek: Well the gall! A nickle holding up a dime. :rolleyes:
Besides, it only took her 5 minutes to look at the house and tell that it was 3200SF. <_<

Welcome to the club. :D
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Some Non-Market driven adjustments (TIC) that we apply up here in the north country:


No heat turned on for winter date visit: Automatic -$5000

No heat with temp in house under 20 degrees: Additional -$3000

Tied barking, mean dogs: -$1000 per dog

Loose, mean, barking dogs: Additional -$4000

Unruly kids: -$3000 per kid up to a max of -$10000

Forced to hike in through snow to house on unplowed drive: -$3000

Snow over 12 inches deep on drive: Additional -$1500

Pushy owner who only wants to talk about what he is going to do to the house: -$4000

Sick kids home from school with the flu that we were not told about: -$5000

House with river frontage where owner does not invite me back to fish: -$5000

House with river frontage where the owner gives me an open invitation to come back and fish: Adjustable up to +$25000
(depending on quality of the river and number of fish therein)



Anybody else have any from your area?
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
Nice comeback!!!

Ever since I obtained an MLS key, I've noticed a phenomenon regarding real estate agents: If they want to be there during the inspection--SOMETHINGS WRONG!!!

Agents hear I have a key and their thrilled as I won't be taking up their valuable time. I don't want them there because, I've found I can move faster and concentrate better while measuring the house.

HOWEVER, as I've said, if the agent wants to be there--somethings wrong (everytime). Had another one last week...the agent wanted to be there during the inspection, and I talked them out of it (even asked my client--what's wrong?). I arrive to perform the inspection and find furniture and a significant amount of debris is strewn throughout the yard, and we're not talking end tables here...there were couches, beds, old outdated Satellite Dishes ('Da Kine' atop Mount Haleakala) and the like. There's a makeshift room in the garage which is to be removed per the P & S Agreement.

Anyway, I get back to the office...give my client a courtesy call, and inform them the debris & room will have to be removed as a condition. Further, this condition is agreed to in the P & S Agreement. I dive into the report and within a half hour the client calls back...the agent says all that stuff will be taken care of, and since the borrower is "kind of a tightwad," they won't want to pay a $150 reinspect fee!!! THERE IT IS...that's what's wrong...I knew it had to be something.

First of all, I don't charge that much for a reinspection fee (although I just raised my reinspect rate based on my conversation with the client--they padding the bill?). Secondly, I tell the client, "the borrower's getting into the home on one of those nothing down programs, and they can't even come up with a reinspection fee???" Boy, that'll set an appraiser's mind at ease.

In short--the conditions in the P & S for everyone to read. My report was made 'subject to', and if the borrower can't come up with the reinspection fee, maybe the client should reconsider the loan! I told my client, "See--I told you so."

-Mike
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Pushy owner who only wants to talk about what he is going to do to the house: -$4000
If they insist on helping measure the house: additional $-4000. ;)
 

David S. Roberson

Senior Member
Gold Supporting Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Mike,

This may be a little off-topic, but I couldn't help noticing something here. The fact that the borrower's credit worthiness even entered your mind is indicative of the damage programs like HUD's "Appraiser Watch" are inflicting on our profession. When an appraiser has a potential mortgage default in the back of his or her mind, it can have an effect on their ability to be completely objective about the value conclusion. The threat of being held accountable for defaults is obvously beginning to impact our behavior. This is not meant as criticism towards you, because I think we are all a little gun-shy these days, myself included. Just a thought.
 

Tater Salad

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Missouri
I had a Realtor meet me at a house (even though I have a Supra key) and it turned out to be a rainy day. Nice home, new off-white carpet so I took my muddy shoes off. As I headed down to the basement, the agent says, "I haven't been down in the basement before, so I can't tell you what's down there." If it wasn't 8:00 in the morning, I would have questioned him on that, but off I went.

All was fine until I hit the bottom step. Splursh! An inch of water. And I'm in my socks. He hears me saying #@%$#@#!$ and says, "is there water down there?" like he didn't know. There were 3 box fans blowing. It was a big help.

He even asked me if I had to mention it in the report. <_<
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
Calotz-

Basement pool--adds value

David-

You hit the nail on the head. In an earlier thread, the fact that anyone can be sued for breathing came up.

Appraiser's can be sued for a low estimate by the borrower, and they can lose their license and face jail time if they come in too high. Unlike the 'Goldylocks' fable there is no 'just right' here. If the appraiser is provided with an esimate from their client, borrower or agent and 'hits' that number everytime--then they could lose their license too. Too low, too high, just right...all it takes is a complaint!

I'd be lying if I said that thought wasn't in the back of my mind everytime I complete an assignment for mortgage loan purposes.

-Mike
 
Joined
Jan 16, 2002
Whenever possible always avoid meeting re agents at the property, since they serve no useful purpose to begin with.


Show up 20 minutes ahead of re agent, and leave 5 minutes before they arrive, this works great when direct access is provided by seller (this really makes them crazy).

The more they rush me, the slower I go.

There's always more than one way to skin a cat. :rolleyes:
 
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