Realtors Manipulating The Market.

[Dirty Harry]

Just got off the phone with a broker from Windermere Realty. Refused to divulge any seller concessions on a sales transaction I am trying to use as a comp. Said they just had a big meeting and they were told not to disclose unless they had the sellers permission upfront. Unfortunately she double-dipped this one so she was the buyer's agent as well.

Now I have to try and track down the buyer or seller to get the info. Either that or I go try to grab another comp out of the limited sales out there.
What a pain in the *ss.

As far as I am concerned, it is the realtor faction trying to manipulate the market by withholding pertinent information that reflects the actual sales price.

There ought to be a law requiring them to disclose this info!
:new_2gunsfiring_v1:

What are your thoughts on this?

 

[RSW]

I think you are right on it with your thoughts. It is very hard to get realtor to return your calls around here if you leave a message asking for information about a comp. I usually just say I am an appraiser and leave my number.

 

[Tom Barclay]

While I don't question for a minute that the Realtors in Oregon are dodging the questions, the OREA sanctions this. Realtors here won't budge either. Couldn't copy and paste, but here is the link to the AG decision, it's on page 5 at the top showing the Agency's(and AG's) position. It's confidential information and can't be disclosed without permission of the client.

http://www.oregon.gov/REA/EDU/docs/OREN-J_12-07.pdf

 

[David Dietz]

Yeap, this has been going on for a long time in my area and I believe had and huge hand in the sharp rise of the so called values in 03 and 05. This is why HUD statements should recorded in public records as a requirement of every sale. Besides even when they do tell you they are usually lying. I sen emails to the agents on both sides and the inconsistencies are mind boggling. One agent says no SS and the other says 10K. m2:

 

[Terrel L. Shields]

You nail it. Appraisers are supposed to access this info on the one hand and they are not suppose to violate so-called "privacy" provisions. An MLS is pretty much useless except to identify that a sale actually occurred.

 

[Michigan CG]

Call the head dog that had that meeting and present that case. If that person is not reasonable call the state Realtor's association.

You didn't say, but is this a purchase? If so call the two Realtor's involved (which should be done anyway) and get them to get the information involved. If you have to, threaten to adjust for "typical concessions". They do not want you to kill their deal.

Third, tell them you will be contacting the seller and buyer since THEIR Realtor will not cooperate. And if they don't do just that. (Mention this to the head dog too when you call him/her).

Third, make sure you keep a list of the Realtor's who do not cooperate and next time they need something remind them of the cooperation they did not give.

 

[Tom Woolford]

When you can get one to talk to you they never pull a file and just spout some crap off the top of their heads. I have caught so many in lies I really don't even bother anymore. It seems like they want the world to know they are the best agents in the world and will tell you anything to perpetuate the fiction. I would give a left hand side usefull part of my lower anatomy to see the huds recorded with the deeds.

 

[CBBoston]

Realtors have been hiding concessions forever, this isn't new. One of the MLSs in MA last year asked realtors to disclose concession on sales. Often there are other concessions in addition to the reported ones that brokers didn't report to MLS but did when I asked. Some do some don't. Until recently many didn't seem to know that we adjusted for concessions at all. If this is becoming office policy that's not good. Tracking down and talking to principals is a real pain and we should get higher fees. (I'm holding my breath.) Personally I think we should state on the appraisal that brokers refused to disclose concessions. If the s**t hits the fan again because of undisclosed concessions at least we've went on the record.

 

[Mike Garrett RAA]

Mandatory on my board, concessions listed right on the MLS sold sheets.

Easy way to combat this is to stop the appraisal. When the sales agent calls wanting to know why...."unable to verify data with....(name agent)". Watch how fast they get cooperative.

 

[Wendy]

We have a (very) few ethical realtors who understand that concessions inflate the market and are more than willing to share info.

Sadly, the vast majority lie or don't bother to check the file. :sigh: