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Realtor pressure

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Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
I'm getting sick and tired of getting pressure from realtors. Working on two purchases coming in under purchase price. The realtors are telling my clients what I should do in order to make the value. Funny, I can do hundreds of appraisals but let me come in low JUST ONCE and all of the sudden everyone thinks I don't know what I'm doing and think they can do a better job. Whoever said appraisers come in at the sale price is probably correct, it they didn't they'd lose their livlihood because realtors put so much pressure on them. BTW who's protecting the buyers? In both my cases neither the listing agent nor the buyer's agent cares. They're BOTH on my case. And, they're BOTH pressuring my client. In one case the realtor said that they have an appraiser that would come in at the purchase price. Let's see.......I have TWO real estate agents and a lending institution questioning my credibility.....none of which would happen if I'd have just "rolled over" and "come in" at their value! Rant, Rant, Rant............
 
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
How important is your client. If you have a good relationship, :D the client should trust your opinion. I do not let the realtors bother me. I believe I do not have any obligation to them. Do a good job and stick to your guns.
 

larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
Blue1:

Ranting acknowledged. Unfortunately, the majority of Realtors I come in contact with worry about one thing, their commission check.
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Corkster,

Both clients are good and are important to me. However, they are getting undue pressure from the Realtors too. The Realtors always threaten to take their business elsewhere. (i.e. they can "do the loan" with ABC company) The whole thing stinks!!!
 

Randy Beigh

Senior Member
Joined
Jan 16, 2002
Blie1

Been there, done that. I do, indeed, feel for you.

What I try to do is cooperate with all the cogs in the wheel, including agents. If I am coming in low and the realtor gets involved, I ask them to provide sales to prove their position. There is a chance you missed a sale and you don't want to do that. Usually, they have the same or worse sales.

I even take it a step further and try to use at least one of the agent's sales. If it still comes in low, I detail the steps I went through, then submit the report. This way, everybody has their say. If the lender wants to go a different appraiser that comes in with the sales price, so be it. I still want my money.
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Randy,

I do the same....In both cases I have requested better comparables. One agent sent me comps from 2 miles away (mine were blocks away). The other agent had no better comps but said I should be making "time" adjustments to all comps. (They are all 1 to 2 months old, I have a pending sale and an active listing also.....ALL BELOW the sale price of the subject)

Bottom line.....there are no better comparables.....the properties are over-priced....NONE of the realtors care, all they want to do is shove their price down the throats of the lender, buyer and me. BTW, I have requested the realtors CMAs and haven't recieved those either.....

When are realtors going to take responsibility for thier end of the business?
 

larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
Blue1:

I kind of agree with Randy. I differ from relative to when I ask for info from a realtor. Prior to the inspection, I request a copy of the CMA from both realtors involved. If no CMA (often this is the case) I request all sales they considered to establish a listing price or to represent the buyer. This generally gets me some one liners from MLS, some sales from anywhere that support the price/Sq Ft that realtors love to use or current listings. Generally, when I request this info, the first question they ask is, are you having trouble supporting the sale price? I just tell them I want to know what they know about the property. It still drives them crazy at times. I also make sure my clients know that I always request this info then they're prepared for the realtors if they call. While this process doesn't solve the problem every time it does help. There will always be realtors and lenders with an appraiser in their back pocket. That's the nature of the beast.
 

Travis McGee

Senior Member
Joined
Sep 18, 2004
We are not supposed to be discussing value with anyone execpt the direct underwriter. I tell my clients I will not talk to the realtors. If they want to fax me a comp, fine. When it's not there, I bring in a purchase under selling price- and the world didn't end. Some of the lenders order another appraisal. Some let the owner and realtor negotiate a new price. I don't care what they do after I finish my report.

We have to appraise things for what they're worth. I've lost a couple of clients from this The ones who stick around are the better clients. Once in a while a realtor sends a comp that actually support value. That's a different story and I will reconsider value then. Most of the time their comps are garbage.
 

Tony Lehn

Junior Member
Joined
Oct 28, 2002
Professional Status
Certified Residential Appraiser
State
Indiana
Let me guess Blue1, is it an ameridream, hart, nehemiah, or own program? Or are there just a lot of other concessions. Afterall, every american has the right to a home without shelling out one dollar.
 

Lee SW IL

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I just love it when the REALTOR gives you a comp and it supports a lower value. :lol:

Had one a month or so, I appraised @ $132,000, listed and contract @ $139,000. I already used five comps on this rural property, which ranged in adjusted value from $130,000 to $136,000 I was given three comps, two of which I used (I guess they didn't read the damm report :twisted: ) The third comp given I made equal adjustments it adjusted out at $128,000. :lol: :lol:

This property had a previous listing history,(not sale history) which I documented in the report. Also, this listing agent also had incorrect GLA. He had that the home was 2500 Sq Ft. The county, two previous listing agents and I had the GLA of 1800 Sq Ft +-. Guess he thought the garage was livable. 8O :roll:
 
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