Realtors - Unrealistic Optimism without Consequences

[Jozsef Poor]

...If the barrier to entry is so great for appraisal then how can there possibly be any "skippy's" as you folks call them?
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The barrier to become a CFO or a CEO or other professions are great as well, the hardness of the road does not change the moral of a person, however, it does the knowledge and view of that particular industry.
With all my respect of the sales part of the industry (since I am in it as well ) , a Realtor's profession is to sell and not to valuate. A CMA is for informational purpose for both the sales person and the seller to have an idea of the market and not to valuate the house. A nice "curb appeal", baroque furniture, couple of fruit trees in the back yard or the beautifully manicured and maintained yard may be attract a particular buyer, but does not increase the value of the property.
Appraisers are there to appraise not to sell or to create mortgages.
Sales people are to sell the particular property and not to valuate or to set up a mortgage.
Mortgage brokers are to set up a mortgage, and not to create a sale or to put a value on the property.
The more people try to get "involved' in the other's profession and area the more trouble they create for the consumers.

 

[Terrel L. Shields]

If the barrier to entry is so great for appraisal then how can there possibly be any "skippy's

Ethics not education is required.

You must have been burned many times to presume we'd all make outrageous claims.

Read the post again, i never made the claim ALL Realtors do it. But every article in our local Realtor mag and the national Realtor mag are mostly self-serving claims that the market is the fault of the PRESS and that this is a BUYERS MARKET...ok, how do you know? If prices fall another 20% over the next year does buying now make sense? Why do you think so many people are on the sidelines?

It shouldn't matter if the agents involved with the deal are as unethical as they come, as long as there is a lender involved and they get an appraisal, right?

When the agent is cherry picking the lender and the appraiser....how can you separate their actions from their cohorts? All three are crooked. Last year the son of a broker sold a lot and my appraisal was short. It was short because I personally was there in 1974 and in 1986 when that valley was running water 2' deep...save for a near vertical side, this valley lot was going to flood though not so obvious on the flood maps. The son complains to me, the borrower complains to me, the borrower's bro. (a carpenter) complained to me that there were so few lots outside the city limits that's the best he could do....Then the broker calls me and she gives me unrelenting he**. I hung up on her, called the lender. The lender called her and said "BACK OFF." They went ahead with the deal and the bro. built a new home. I was by there a few weeks ago after a rain. There was 6" of leaves washed up against the garage. That wasn't any big rain. Wait. There will be water in this house sooner or later. I can regale you with a 15 year history of such events. If I get another Realtor calling me to demand I use stick built homes to comp a mobile home that's been bricked [according to them it is no longer a manf. house] I'm gonna puke.
Agents who cannot pay their dues are no different from appraisers who cannot work because they didn't bring home the bacon. Desperation and greed breeds evil. But some people just enjoy it whether Realtor or Appraiser. as for

you folks are the final stop on the money train

then why are your little Realtor buddies first in line to call on the lender to use someone that will "get the deal done"? In reality, if the appraisers were not pressued by banker, Realtor, or HO, then you'd at least get an UNBIASED opinion...whether the appraiser was a boob or a genius.
Further, some Realtors are sensible. I have worked with several in our area that never grouch over my appraisals. Judy Luna has a webblog in which she spells out the reality of this market and she is quite successful. If she is willing to do that then I can build a bridge of trust. Ditto for my nephew. He loses a lot of listings because he will bluntly tell someone they are over-pricing their property. But those he does list rarely do not sell within a reasonable timeframe.
My complaint remains the same. Realtor Magazine and Larry Yun have presented a Pollyannaish view of the market that blames the media for the downturn and argues that everything is fine when we know quite well this market is as bad as the early 80's and possibly much worse. Truth deal with it. But gloss over the facts and there isn't much I will believe out of you. Yun, in particular, recently claimed the 4th quarter would be a upside surprise....well, to do it, we gonna have to have one whale of a December because its been down down the first 2 mo. of this quarter. Why would anyone make such a claim? Not one soul outside the NAR headquarters was upbeat. But good old Larry....yep, this is a buyer's market. get some while the getting is good..

 

[DeanHarris]

Well, I was just on the MLS to jump around looking at subdivisions I know.

You know the scene in a movie where the hero 'expert' of the film looks at one thing then the music gets spooky as the zoom in on the person's eyes?

Well, it would be like that.

HOLY BLANK! 15%-30%+ price drops in one shot. Between 10%-33%+ 'distressed sales' in some of the smaller subdivisions.

13 for sale, 4 distressed. 2 sales the past *YEAR*. These fairly small subdivisions built wherever the developer bought up land...

...as one of the sellers told me "we bought here because we couldn't buy anywhere else at the time."

Nobody wants them. That subdivision is gone. Only 1 distressed sale closed in the last month out of 58 listed.

I refered a listing in Boston and it's similar there and I suspect other areas.

People can buy in better areas for about the same if not a DROP more these days as less desirable areas.

The more I look, the more 'WOW' stuff I see. Hello mid 2004 prices, where is 2003? Oh, 2002 is just down the hall? Thanks.



I am *so* glad I sat down to look at the stats before I took on 15 listings last month.

Events occured in our office that have never occured before last month.

The tsunami is a lot nastier than anyone thought and many are just realizing this.

The # of pre-foreclosures on realtytrac are equal to the total resale listings in most cities. It will not be a Merry Xmas or Happy New except to the vulture market.

It will be interesting.