Realtor Luncheon

[Ben Hill]

I've been asked to speak at a realtor luncheon regarding the recent changes to the single family appraisal process. Can someone give me a few points that you might cover if you were in my shoes.

Thanks for your help...

 

[Bama Bayou]

I would cover concessions and why it is important for them to be reported accurately in MLS.

 

[AJL118]

Being asked to speak before such an elite group is an honor. It is apparent that they feel you know the subject matter. Good luck.

 

[Thomas N. Morgan]

My question to you is, have the PROCESSES changed? My view is that there have been changes in the real estate market. There are new difficulties, new things to consider, but few, if any, significant changes in the precesses employed in real estate appraising.

 

[Thomas N. Morgan]

You could tell them about the changing demands of underwriters. There are lots of stories here on the Forum about that.

What the Realtors really want to know is how to get their deals to go through. Telling them about the demands of underwriters could help them understand why some their deals did not fly.

 

[Michigan CG]

Discuss the use of current listings in appraisals now. Explain to them that this is now considered and they should be aware that listings could hurt the value of the property.

 

[Mark K]

I've been asked to speak at a realtor luncheon regarding the recent changes to the single family appraisal process. Can someone give me a few points that you might cover if you were in my shoes.

Thanks for your help...

I've done this for the local group on a few occasions.

Start with your qualifications, spend about a minute telling them who you are and how long you've done it.

The points to cover are those that are affecting your area/neighborhood.

Make a list of 3-4 points you want to get across, have notes, don't get into appraisal jargon, speak on a level like you're talking to high school kids. Don't assume they know Fannie or Freddie or what USPAP is and don't bother trying to explain it in a few minutes. Don't throw out a bunch of statistics; you'll lose them immediately.

Don't get into war stories about this or that assignment or a particular property.

If you have 30 minutes to talk, leave the last 10-15 for questions from the audience. They're realtors, they love to hear themselves talk. Don't let one or two take up the whole time with their war stories.

Keep moving and better to cut it short than run too long.

When they ask how much a pool adds to the value or a pole barn is worth or how much to add per s.f., don't get specific. "It depends..."

Have some cards available if asked. Don't pass them out to the whole audience.

Don't get too specific about anything unless you are 100% absolutely certain you are exactly correct.
Remember, anything you say will be held against you.

 

[Kevin A. Spellman]

I would state to the buyer’s agents to have a statement about the appraisal must be or exceed the sales price in the offer and be stated in the sales contract. Recommend if the buyer/agent has questions about the report or its creditability offer a review for a well defined fee and to a define territory. I would have your best client with you that day to help you with the discussion of the changing lending environment.

 

[rbrienza]

I would also cover why it is important to return phone calls to appraisers. So that we can verify the crappy information that they or their assistants put into MLS system.

 

[ZZGAMAZZ]

warm things up by asking the audience if they saw the version of COPS on TV when various crooks were notified by phone that they won a TV and needed to visit a specific address to collect their prize.

After you get the group laughing and texting via their blackberry devices, change your tone of voice and let them know that your presentation is actually a front for the FBI and the whole lot of them are about to be busted for appraiser coercion, mortgage fraud, collusion to the extent that the RICO Act might be imposed on the whole lazy, dumb lot . . .