Realtors & Appraisers

[Jeff Horton]

I have to second the comment that they are not our client. As far as I am concerned I have had my last argument with homeowners, realtors, or anyone else that is not my client. I am just going to tell them they are not the client and that I can not discuss it with them. I am going to let them go on and I will just repeat myself, you are not my client.

Like Pam I think $50 per addition comp is a fair price if it is not comparable if someone wants to submit them. AND I totally agree to FAX it in writing to the client as well as whoever is requesting I look at the comps.

 

[Richard Carlsen]

Look them in the eye and tell them:

"I'll be happy to use these comps even though they are not relevant and are obviously misleading to my client if you will write me a 10 year loan at no interest for $25,000 from your trust account."

They should get the picture of what is legal and illegal.

 

[Blue1]

Nikki,

Isn't it funny how the Realtor mantra "LOCATION, LOCATION, LOCATION" goes right "out the window" when there's a commission to be made? Stick to your guns......Remember, YOU are the ONLY one representing the buyers.......

 

[Charlotte Dixon]

That's exactly why I don't answer my phone unless I want to talk with that person. It's a known fact in my area that
"She won't answer the phone unless she wants to talk with you"....

I pick up the phone for lenders, private callers, but not for Realtors if they want to argue about the final outcome. I listen to what they have to say, then fax them telling them to call the lender.

 

[George Hatch]

One thing to bear in mind is that there are a large number of brokers who don't really use comps (as we would define a comparable) to establish their sales prices. If you ask them, many of them will tell you that they set the price based on "what they think they can get". From what I gather, this "what they think they can get" is based on their experiences in the market as a whole. Some of them are familair with the neighborhood sales data and some of them aren't.

I always encourage the broker to provide the data they want me to consider. since I already have my own data and I know what parameters to use for location, GLA, and lot sizes, etc.. It takes just a couple minutes to sift through their comps. I don't discuss the data with them in advance, I simply take them and promise to consider them. Then I go about my business and do the appraisal. If they whine to me after that, I can fairly say that I considered their comps (I did sift through them) and that I used the most comparable sales in my report. The burden of proof is on them after that. No point in arguing or getting emotionally involved with them because the data is the data. I never provide verbals to them or even discuss the appraisal report with them without permission (thanks, USPAP, that helps a lot).

Bottom line is that after I give as broker or even a property owner their shot the burden of proof is on them. If anyone is going to be on the defensive for comp selection, it's going to be them.


George Hatch

 

[Monica Otto]

Just had an interesting fax from a realtor on a FHA deal that we have a value problem with. There were relo appraisals done for the property that support the sales price. Realtor comment is "The appraisers for the relo company were within guidelines being 1 1/2 mile radius but not necessarily in the same subdivision as they found a value to be more true in taking area instead of limit to same subdivision" Oh that's how you do it! Of course the comparables are 3-4 miles away to boot.

 

[Pamela Crowley (Florida)]

Gee,

Was that relo appraiser recommended by that Realtor?????

 

[Blue1]

"The appraisers for the relo company were within guidelines being 1 1/2 mile radius but not necessarily in the same subdivision as they found a value to be more true in taking area instead of limit to same subdivision" Oh that's how you do it! Of course the comparables are 3-4 miles away to boot.

WOW! Haven't heard THAT one before! That's a good one!

Translation: The REAL comparables don't support the sale price so..............Let's go find some that do!........Typical realtor trick....But.....with an interesting twist! :lol:

 

[Jeff Horton]

It's not just a realtor trick. Some appraisers do that too.