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Realtor Says I Should Have Called Her

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Travis McGee

Senior Member
Joined
Sep 18, 2004
Came in $4,000 lower than the contract price on a recent appraisal. This was a fairly easy one. It was clear from all the available comps that the contract price was a little high. Realtor calls today and says I should have called her and given her a heads up and allowed her to tell me about the special features the house has that would have increased the value (all of which I noted during the inspection and the comps have similar stuff). She said that all the other appraisers do that.........so I started to wonder......do all the other appraisers do that........so I thought I'd ask. How many of ya'll call the realtor when the value is low?

This lady wasn't having a very good day....I recently did another appraisal which she was the listing agent on. Got a call from the loan officer....they wanted me to do a final inspection. This was a new construction that had been used for several months as model home. It was appraised "as is". Nothing to inspect. No changes have been made. I tried to explain this to the loan officer. After checking with the underwriter twice they decided they wanted me to do the final inspection anyway. I told him they were wasting there money but I'd do it. So later the realtor, who only about an hour before was ticked off at me calls me about this. At first I think she was thinking this was my fault too but I explained that we were on the same page on this one. She tried to convince the mortgage company it was ridiculous for me to do a final inspection but was unsuccessful. So tomorrow I'll make a few easy bucks.

I could add a couple of more things that make me think this would have been a good day not to answer the phone.
 

Ghost Rider

Senior Member
Joined
Apr 27, 2003
Professional Status
Banking/Mortgage Industry
State
Connecticut
I will NOT call a realtor to let them know the appraisal is lower than the sales price....it's none of their business.....I will on occasion while I'm at the house, give a "gee, I don't know what I'm gonna comp it to" to see what they say when I know the sales price is....my favorite response I ever got was from a selling agent, who replied "neither do I, it's gonna be hard".....I turned and asked what she meant, and was told that she didn't know any good comps for the house.....I just laughed, and bit my tongue from asking how in the hell she advised her clients to make the offer if she didnt think the house was worth it.

I will on occasion (depending on the lender) throw a call into the LO depending on my relationship with them. A good one, who I have a good relationship with, will get a heads up call when the report is done, and ready to send.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
How many of ya'll call the realtor when the value is low?

Nope, Sorry...... not being nasty, but you are not my client.

I'll call my client, if I am sure about being paid. :mrgreen:
 

Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Nope, not me. I recently posted something very similar to this, only the Realtor's message on my phone was: "You should have told me you were having 'problems' with the appraisal, and I would have sent you some comps to help"... :rofl:

Remember USPAP.....the Realtor is not your client. If we left it up to them we'd be comparing doublewides with brown siding that looks like logs to real log homes....anything at all to get the deal through! I just asked my local peers if they call the Realtor if it's not going to be a happy ending. Surprisingly, a few said "yes"....mainly because it's a small community. Again, not me!
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
:huh:

No way!!! I won't talk to them after it's delivered either anymore. I will send a 'message' through my client, though. I've posted a couple of my replies to the agents via my clients here.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
No need to call Realtor, HomeOwner, Buyer, or Anyone else, the confidentail B.S. seems to have been waived as soon as the LO gets the report that is "Not at the RIGHT Value" They give your number to all the formentioned anyway. So saves U the price of a phone call.
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
I must just be a sucker. If my contact is the broker, I always tell them to bring whatever comps they want me to consider with them. I'd say that about 70% of them don't bother to bring the data with them, and so I don't bother to remind them while I'm there. As far as I'm concerned they had their shot. Of the remaining 30% who actually do bring comps, most of them just bring junk that similar only in that it fits the desired price range. The few who do bring legitimate data usually come up with some of the data (but never all) that I've already found.

That said, every once in a great while one of these folks will provide a fresh sale or other little tidbit that's helpful to my appraisal. As well they should, seeing as how its their back yard.

I will say one thing, though. It's been a loooong time since any broker came up with any legitimate sales data that actually changed my opinion after the fact. Scratch that, I don't remember that ever happening.


George Hatch
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
If it's a builder sale, I'll ask the builder for any comps that they think might be applicable. That being said, I blew one up $40K. New home but the market is very soft right now. If they want to pay it, that's fine with me, but I'm not going there.

Roger
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
YES YOU SHOULD HAVE CALLED HER....

a liar. Ask her to name those appraisers. Like the Realtor who told me she had never heard of an appraiser requiring a copy of the O & A when we asked for it......I said honey, you jest ain't sold much property. You should get out more.
 

larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
We always invite the brokers or agents to provide whatever they would like either prior to or at the inspection. I always gladly take what they offer but it seldom helps. There are some brokers/agent that do a good job and have a package for me @ the inspection. I love working with this type. Once the inspection is over I don't solicit any info from the brokers/agents unless it's relevant to completing the report. I never call the broker/agent if the sale price can't be supported for the reason mentioned by many that they are not my client. I will discuss the report with the interested parties if requested to do so by my client. The main reason for not discussing the report with these folks is because Pammie will box your ears. :D :lol: :)
 
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