Realtors & Appraisers

[Nikki Dufala]

is it leagal for realtors to try to push you to extend the value on a report that is not appraising for the contract price? Last week I had a realtor telling me that she "...is POSITIVE this home would sell for $X because she has sold in the area before." She even sent me comps that were on MUCH larger lots with superior amenities and about a 1/2 mile away. Being the nice person that I am, I gave her the comps that I pulled (in walking distance from the subject) and she said "well, can't you use the ones I sent you?". Do we really have to deal with this??? Not only did it waste my time and energy, I was missing calls from clients. I was so mad after an hour of explaining my job to this realtor!!!

 

[Pamela Crowley (Florida)]

Nikki,

Apparently everyone and their mother can come after and harass the appraiser. :twisted:

Just tell the Realtors that they are NOT your client and you cannot discuss the appraisal with them. If they truly believe they have superior comps that are: QUALIFIED ARMS-LENGTH TRANSACTIONS THAT ARE MORE SIMILAR IN SITE, GLA, AGE, QUALITY OF CONSTRUCTION, CONDITION, AND AMENITIES THAT ARE NEWER SALES AND CLOSER IN PROXIMITY than what you've already used, please fax them over for me to look at. "IF any of them are superior comps to what I have already used, I will gladly use them. IF they are not superior comps, there will be a fee of at least $50.00 each for me to analyse them and explain why I didn't use them."

Make this conversation with them very brief!!!! Sometimes, (thinking of doing this every time!) I'll put this in writing and fax or email it to them with a copy to the LO. This usually shuts them up. Won't stop them from bad mouthing you all over the place though!

:gunfire:

 

[Pine Tree]

Welocme to the "real" practice of appriasal.

My 2cents is try to minimize contact with the agent to allowing them to submit comparbles.. but not defending your value estimate to them.. after all, the agent is not the client and therefore not entitled to the benefit of your expertise.. besides, it's a great big waste of your valuable time. I tell them in the sweetest voice I can muster under the agravation.. "so sorry, the process is confidential to my client. Information can flow from you to me but none from me to you.. so fax/ email what ever you think I should see. No sense calling since I can't discuss it with you.. You understand about confidentiality, don't you? " And move on! Peace, Wendy :usa:

 

[David S. Roberson]

If the realtor is positive the house would sell for $X, why didn't she sell it for that?

 

[Pine Tree]

Nikki,

Pam's fee stucture is pretty appealing.. sounds like a good idea to put it into fax to both agent and client.. If we get paid for the agravation it might not seem so agravating... thanks Pam! W :usa:

 

[Pine Tree]

David,

BINGO!

:lol:

Wendy

 

[Pamela Crowley (Florida)]

Forumites, read Nikki's post again. It's not making the contract price

 

[David S. Roberson]

Oops! She did get a contract for $X. Sorry, I read the post too fast & didn't get the gist of your situation. Just explain that you can't use misleading data (superior comps) to create a fraudulent report. When you start bandying the word "fraud" around, it usually shuts them up.

 

[Pamela Crowley (Florida)]

Just explain that you can't use misleading data (superior comps) to create a fraudulent report.

Excellent!!! Thanks!!!!!

 

[larryhaskell]

Nikki:

It really isn't an issue of being legal but rather is it ethical or professional. In most cases where I get calls from realtors, there is a relationship between the level of hostility and the extent to which they misrepresented the property. They may have stretched the truth a little to the seller/buyer and they are trying to save face with their clients by making you appear to be incompetent. Have never had a call from a realtor thanking me for a job well done when not supporting the sale price. To answer your question. I have to believe it is legal for them to call you but not legal for you discuss appraisal with them. Is it ethical or professional? In most cases, probably not.