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Realtor handed me 14 comps.

That is like tidewater with VA loans. When the appraiser invokes Tidewater initiative to the lender, the lender almost always goes back to agent and or seller/buyer. The Tidewater initiative almost eliminates ROVs.

The appraiser already has some ammo if they accept comps from an agent, or seller or buyer.

Assume I get an ROV, I am not addressing 14 comparables without a summary of reasoning and analysis on each comparable from the lender.

Their summary and reasoning and analysis will be included in my appraisal report.
 
timindp said:
Why did you take them? I never accept comps. Realtors like to price fish and will only give you comps that help them, they will always ignore the low ones. I politely always say, No Thanks!. It's not like I am giving them a bunch of addendums for their purchase contract. Imagine what they would say if I handed them some contract disclosures or addendums to the contract. What do you think they would say?
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Imo , it is a mistake to refuse their "comps' when offered. They can use that against you, and it invites more ROV.

I assume the sales a RE agent gives are cherry-picked to hit a number and that most will be lousy, but once in a while, they provide a usable one. The point is that the appraiser accepting their offered sales is part of the expectation, so I accept them with a polite smile, then say, "I always do my own research; however, additional data is always welcome, thanks," and walk away to prevent further discussion. The same applies when a homeowner gives me sales in a refinance situation.

I do not argue with agents or owners or offer false hope that I am going to use their sales. When I was a newbie, I used to try to educate them about what sales were good and which ones were not - now I don't bother. Most agents present laughingly terrible sales, which can indicate why buyers overpay. Agents can provide useful market-area info or whether they have been inside a comp.

It is good practice to include a comment in every appraisal that "additional sales and listings were reviewed and considered." No need to specifically mention the agent's sales imo unless an appraiser feels a need for it.
 
J Grant said:
Imo , it is a mistake to refuse their "comps' when offered. They can use that against you, and it invites more ROV.

I assume the sales a RE agent gives are cherry-picked to hit a number and that most will be lousy, but once in a while, they provide a usable one. The point is that the appraiser accepting their offered sales is part of the expectation, so I accept them with a polite smile, then say, "I always do my own research; however, additional data is always welcome, thanks," and walk away to prevent further discussion. The same applies when a homeowner gives me sales in a refinance situation.

I do not argue with agents or owners or offer false hope that I am going to use their sales. When I was a newbie, I used to try to educate them about what sales were good and which ones were not - now I don't bother. Most agents present laughingly terrible sales, which can indicate why buyers overpay. Agents can provide useful market-area info or whether they have been inside a comp.

It is good practice to include a comment in every appraisal that "additional sales and listings were reviewed and considered." No need to specifically mention the agent's sales imo unless an appraiser feels a need for it.
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If smell trouble ahead, I will ask the agent before inspection if they have any good comps that helped them list the property. They have a responsibility to their client that I don't have on listing a property. Same with buyer's agent and their client.
 
cant be independent when you never say no to anything...but ok lets go...if the realtor is allowed to try to influence the appraiser...then why not the borrower and the mortgage broker :unsure: :rof:
 
djd09 said:
cant be independent when you never say no to anything...but ok lets go...if the realtor is allowed to try to influence the appraiser...then why not the borrower and the mortgage broker :unsure: :rof:
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I don't worry about that much. If I missed a really good comp, I want it before I complete the appraisal. But now in AMC land, yeah your concerns are probably well founded.

I can go meet with local NAR board if an agent gets too pushy with me.
 
I have been in the business a long time. Years ago, it was notorious and maybe still is for an agent to get a listing and say I think you should ask $zzz. A short time later the agent would say we are asking too much, we need to lower the price.

Are you catching my drift? The agent wanted the listing. Once they got the listing for whatever term, they just wanted to make sure they sold it.

By the same token, they could get in trouble with NAR along that line.
 
notice how that freddie guy does not offer ace's top 20... :unsure: :rof:
 
djd09 said:
cant be independent when you never say no to anything...but ok lets go...if the realtor is allowed to try to influence the appraiser...then why not the borrower and the mortgage broker :unsure: :rof:
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The borrower and the realtor or the builder are allowed to try to influence the appraiser. The appraiser is not supposed to allow themselves to be influenced.

The mortgage broker is now removed from the loop...but.... now a mortgage lender can estimate the property value in a waiver/value acceptance. Funny, right ?
 
WRT "influencing", this is what it is
1771963028443.png

And insofar as the regs are written, this is what "influencing" isn't
1771963109194.png
 
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