Realtor wants Lender to use only HER Appraiser

[Dee Dee]

One of my lender clients has been all excited because one of the highest volume local realtors told her that she's going to start referring buyers in my clients direction. My client , who just started her own independant brokerage, gave me heads up, assuming that she would be using me for the appraisals.
The realtor called the lender today and announced that she will send my client business ONLY if my client uses HER appraiser. Apparently HER appraiser is just getting his/her business started in the area and this realtor wants to 'help' them get established. Yeah....right. :evil:

 

[Jeff Horton]

Sorry to hear that Dee Dee. I have had similiar experiences. I have a couple of clients (a family) in small rural comminity that buy sell property every year of so. Yhey are just as loyal to me. The call me the "Their Appraiser." Regardless who they borrow from they insist on me appraising it. I love it. Of course some other Appriaser is loosing out on a job.

Could be the Realtor is telling the truth. But like you I can't help but wonder. Shouldn't take you lender long to find out either! Hang in there, you never know what will happen.

 

[Farm Gal]

DeeDee
Here's an evil thought: If you are having a slow week, offer to do a few reviews for your nice client... thsi will either reassure them that theya re getting a comptent appriasal or make them stay up nights worrying about how much E&O the 'other appriaser' has...

bad lee ann BAD...

 

[Jeff Horton]

No no, not Bad Lee Ann, SMART LEE ANN!

 

[Farm Gal]

Smart: but no typist... sigh ... still dreaming of the good old days when we had a spellchecker... and nobody knew how fumblefingered I really am...

se da lef han don know what the right han is doing...
doo dah all day...............

 

[Dee Dee]

Actually, my client is shaking in her shoes and worried about this new appraiser.
She and I just had a long discussion about a week ago after she asked me why I don't rub elbows more with the local realtors to get business. I told her that I had seen too many cases where the realtor is more than happy to refer you, at least until you come in at a value lower than their sale price...THEN every realtor in area hears about it and black balls you and any lender who uses you. She thought I was being a little paranoid at the time, but when this realtor made such a point-blank demand (that she could only use the realtor's pet appraiser), she was immediately reminded of our previous conversation.
I don't mind passing my card on to realtors that I bump into when I'm working, but I refuse to be a butt kisser just so that I can get more work.
I'd quit doing this for a living before I'd stoop that low.

LeeAnn, I've already considered wether or not I would do reviews for this lender if she asks me to. I can almost hear the requests coming. If she decides to take on this realtor under conditions that she KNOWS could be unethical, then it's doubtful that she would 'kill' a deal based on anything I would say.
I can't wait to see how this all plays out. I know the client will still send me work so I'm not worried about losing her. I can already picture the realtor telling her rookie pet exactly which comps he'll need to use. The underwriters are going to have a field day. :lol: :lol: :lol:

 

[JWBourgeois]

One more thing to think about:
If this realtor is such a successful, high volume producer, why aren't the established lenders jumping all over for her business? Something is not right here. This leads one to believe that her business is based on doing whatever it takes, except work, to make the deal; pick the lender, pick the appraiser and pick the pocket of the seller while remorselessy stiffing the buyer. Heaven help those left behind.

Your client needs to show this realtor the door, because Freddie and Fannie and everyone else are starting to look at originators as well as appraisers when the product hits the fan. She may be breathless with the prospect of success, but it's better than hyperventilating in front of a judge either as a witness or an accused. Oh, that realtor's pet appraiser...he/she could end up in a boarding kennel for bad dogs.

 

[Larry Lyke]

Dee Dee --

The ONLY way to play the game you're about to enter in upon is to play absolutely straight.

Accept the business that is offered to you on the level-playing-field basis and do it well.

Otherwise, you, by virtue of your own worrying and trying to keep any manipulation going, will drive yourself nuts trying to figure out everybodys' motives and 'who's on first.'

Then, in your idle moments, if any, dream about the miserable situation the LO took upon herself by accepting this cruel yoke that she thinks is good for herself as she lets one Realtor sabotage her business. [Sorry, Eshelon]

Just keep plodding through in a busnesslike manner. The mean vagaries of business life will take care of themselves. They always have for me. You'll come out unscathed. BUT, be ready when your friend calls to cry on your shoulder -- AND, hopefully, beg you to help her out a jam. Then, do so cheerfully. Actually, women do this so much better than men.

 

[Dee Dee]

Larry,
Yeah...you're right. But is it a sin to want to see some of these people with mud on their face? 8O :lol:

 

[Larry Lyke]

Dee Dee --

Oh, don't worry, you're going to see them with mud on their face(s)

Just don't STARE and enjoy it too much is what I'm saying.

I know you know.

Nighty night ...