Realtor handed me 14 comps.

[J Grant]

That's the method my peers do and I accepted that.
RCA is a maverick. Good luck with that.
He should have been in academia.
I'd seen those types in universities.

The main reason Appraisers accept sales from a RE agent or owner is as a client service - that way, the upset RE agent or owner can't complain to the lender that the appraiser ignored the amazing information they gave us ( sarcasm intended)

Appraisers realize most of the sales they hand us are useless- howver the sales can provide a clue as to why a buyer overpaid or why an owner has a crazy idea about what their house is worth.

 

[George Hatch]

Somebody has to get out in front on R&D. There's no reason why that someone shouldn't include RCA.

The main reason I extend to offer to consider anything from anyone is as a professional courtesy and as inoculation from the dreaded allegation "appraiser spent 5 minutes at my property and totally ignored me".

If there's going to be a dispute later on then I want to win.

 

[Fernando]

The main reason Appraisers accept sales from a RE agent or owner is as a client service - that way, the upset RE agent or owner can't complain to the lender that the appraiser ignored the amazing information they gave us ( sarcasm intended)

Appraisers realize most of the sales they hand us are useless- howver they can provide a clue as to why a buyer overpaid or why an owner has a crazy idea of what their house is worth.

It's a business decision in dealing with agents.
Agent hands me list of sales sometimes with the details on one page.
I thank them (takes effort from them and ink printer cost and paper) for letting me know.
I review them and see which is relevant to my subject and go about my business. That's it.

 

[Fernando]

Somebody has to get out in front on R&D. There's no reason why that someone shouldn't include RCA.

The main reason I extend to offer to consider anything from anyone is as a courtesy and as inoculation from the dreaded allegation "appraiser spent 5 minutes at my property and totally ignored me". I want to win.

His method is not practical for every day appraisers.
Like I said, he should be in academia.
When I was in colleges, no major or department in appraising.
Berkely had a good real estate specialty and they were my favorite classes.

 

[RCA]

Unfortunately for you, the above methods are what is taught and is the methodology that has worked internationally and domestically extremely well for decades.

Extremely well? Are you an idiot?

 

[Zoe]

The main reason Appraisers accept sales from a RE agent or owner is as a client service - that way, the upset RE agent or owner can't complain to the lender that the appraiser ignored the amazing information they gave us ( sarcasm intended)

Appraisers realize most of the sales they hand us are useless- howver the sales can provide a clue as to why a buyer overpaid or why an owner has a crazy idea about what their house is worth.

It has been notorious for agents to tell a owner they can get more than the property is worth. They get a contract for 3 months, 6 months, 1 year. Owner gets anxious and agent says we need to lower the price. Standard protocol.

You are an agent. I am preaching to the choir.

 

[sputnam]

You can accept the agents comps and later not look at them, throw them away, take the comps, say thanks, why explain yourself to the agent? What I find more annoying then agents handing me always the wrong comps is when the owner sends me an an very overvalued appraisal. Am i supposed to disclose that the owner sent me a prior appraisal? i dont think so. The report is so bad, its written in all caps!

Yes... but don't throw them away. Leave them in your work file for when someone wants to know... 'why didn't you use that one?' You then can honestly say that you considered it and kept it in your work file.

It seems like many appraiser have gone completely insane. There is absolutely NO prohibition against a Realtor handing you a stack of sales. They will call them 'comps' but, they aren't comps until the appraiser says they are comps. You take them and say "Thank you!". You are not required to use them in your valuation.

 

[Zoe]

Trust me. I come in way over contract price sometimes and I come in substantially under contract price many times. I very rarely hit contract price exactly.

 

[Zoe]

On a refinance, I always ask owner about improvements and what they would ask for their property if they were going to put on market. I like to use open end questions with owners on refinances.

Owners know more than you think about their property. Many owners know what is going on near them.

 

[Zoe]

I like to know if homeowner might be upset before I complete. I am sure many are way more than happy and many don't love me.


They get a copy of my appraisal. I remind them of that.

If a homeowner called me and said I have a problem. I would say let's do an ROV with the lender.

Tell me what you got.

I always tell them if you don't get a copy of my appraisal, you need to ask for it .

Your lender is required to give you a copy.

It would surprise you how many times I come in way over what owner thinks and how many times I come in under what owner thinks.