Rebuttal from Listing Agent??

[timindp]

I recently did an appraisal as a purchase for a lender thru an AMC. The appraised value came in lower than the contract price. Now I get a rebuttal request from the AMC. They are providing 2 other sales and lots of commentary, but it appears that this rebuttal was written by the listing agent and sent to the AMC via the lender. Since the lender is the client and the only intended user, I am not obligated to answer correct? The listing agent is not an intended user of the report. She legally should not have a copy of it unless the lender/client gave written permission. Not sure how to proceed with this. I have not done a response yet, but was thinking, wait a min, why does the LA have the appraisal report?

 

[bnmappraisal]

but was thinking, wait a min, why does the LA have the appraisal report?

Because almost always, the buyer's agent goes back to them, with the report their client (the buyer) received from the lender (buyer's lender) and the buyer's agent says to listing agent "Hey, this appraised for $XYZ,000 which is below contract price. So what are we going to do? Renogotiate? My buyers walk? Your sellers walk? etc"

 

[bnmappraisal]

They are providing 2 other sales and lots of commentary, but it appears that this rebuttal was written by the listing agent and sent to the AMC via the lender

Sounds like SOP in the F/F lending world via AMCs

Nothing out of the ordinary there, from what I can tell from your post - unless I'm missing something

 

[timindp]

Sounds like SOP in the F/F lending world via AMCs

Nothing out of the ordinary there, from what I can tell from your post - unless I'm missing something

I get it. I know the process about the agent and the appraised value. I have my RE license as well. But technically I don't have to do anything about this rebuttal since the LA is not an intended user of the report. I have a disclaimer in my report that clearly states this. I would expect this rebuttal coming from the lender via buyer's agent, not the LA.

 

[Deleted member 152047]

I recently did an appraisal as a purchase for a lender thru an AMC. The appraised value came in lower than the contract price. Now I get a rebuttal request from the AMC. They are providing 2 other sales and lots of commentary, but it appears that this rebuttal was written by the listing agent and sent to the AMC via the lender. Since the lender is the client and the only intended user, I am not obligated to answer correct? The listing agent is not an intended user of the report. She legally should not have a copy of it unless the lender/client gave written permission. Not sure how to proceed with this. I have not done a response yet, but was thinking, wait a min, why does the LA have the appraisal report?

The borrower probably has a copy and provided it to the listing lender. Regardless, that is not a legal issue. Do you need to respond? If it comes through the entity (AMC) that hired you, then yes, you should reply.

I had a client that would perform a bulk CoStar search for sales that fit certain parameters. He didn't look through the sales and would send me 20-30 pages of sales for every report. It took me anywhere between half a day to a full day to respond to him and shoot down his sales. Needless to say, anytime we bid work for him, we tacked on a hefty premium to allow for the back-end time.

If the AMC becomes a serial offender, drop them. You control your client base.

 

[CANative]

The borrower probably has a copy and provided it to the listing lender. Regardless, that is not a legal issue. Do you need to respond? If it comes through the entity (AMC) that hired you, then yes, you should reply.

I had a client that would perform a bulk CoStar search for sales that fit certain parameters. He didn't look through the sales and would send me 20-30 pages of sales for every report. It took me anywhere between half a day to a full day to respond to him and shoot down his sales. Needless to say, anytime we bid work for him, we tacked on a hefty premium to allow for the back-end time.

If the AMC becomes a serial offender, drop them. You control your client base.

Return the request and ask them why they think their sales are better than yours. Make them work for it. I've done that.

 

[Deleted member 152047]

Return the request and ask them why they think their sales are better than yours. Make them work for it. I've done that.

Bad business, i'd rather charge them for it.

 

[CANative]

"Bad" business?

I don't want clients that would do this to me. It's hard enough to get rural properties to the finish line with that nonsense.

 

[Artemis Fowl]

2 sales with commentary...Sounds like someone actually did the work for a proper ROV already. Does their argument make sense?

 

[Mike Kennedy]

The Bull$eye lives on........and on..............