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Sometimes, we do know what the #)) we are doing

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Indiana Jones

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Member
Joined
Oct 16, 2002
Professional Status
Licensed Appraiser
State
Indiana
I ran across this today. It made me feel pretty good, and I needed it, since I've been getting beaten up about values from EVERYONE lately.

Anyway, back in Nov. 2006, I appraised a property for a sale. Long story short, I came in short of the contract. The contract was for $210k, I came in at $182k.

The agent was hopping mad. "You don't know what you're doing", "Look at these comps, look at those comps", "The house was appraised last year for $214k", blah, blah, blah.

My client was not happy either(of course) but they were okay with it. (They'll give me the guilt trip, but ultimately support me.) After their client found another house, the HO told my client to thank me for the honest appraisal on the first house. <shock>

It gets better.

Today I ran across the subject. It closed in August 2007 for $185,000 with $2,100 in concessions.

Nobody else is ever going to know, so I needed to share with someone.
 
Last edited:

Frederick R. Ruffell

Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
Yeah, these type of moments help with the confidence. Like I have always been told, stick to your guns.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
I did a sale a few years ago, after the close the owner
had some issues, and called to declare, "I'm going to
ruin your life, I'll publish an ad in the newspaper everyday
telling everybody how you screwed me over!"

I basically told him to bring it on. He was all bluff.
A couple months ago I got a request to do a sale, I noticed
his name as the seller. I called the lender and said, "sorry,
not going to do that one."

Today I was in the neighborhood and decided to drive by the house,
still for sale. Ha Ha. Good times.
 
Joined
Oct 22, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Had one about 7-8 yrs ago at the start of the "boom" for an estate.

I appraised it for 780K, and the client just said - "interesting" and thanked me and wrote me a check. No arguments. The clients mother/father actually owned the property, and they were getting ready to move into a nursing facility.

I left thinking something was up - and the next week the property hits the local MLS for $1,650,000. I bout crap my pants and wonder if I am in the right line of work...LOL...after all - I grew up in this neighborhood and know it like the back of my hand. And I had been doing this for well over 10 years at the time. Did I miss it by THAT MUCH????

Long story short - the property sells THREE YEARS later for 850K - vindication is SOOOOOOOO nice. The owners had moved into a nursing facility, and the kids were seeing dollar signs. The kids had hired me originally to appraise the house, and I found out later they had been told by a local hot shot realtor I was "conservative", and the reason they had hired me was they needed a "lowball" appraisal to give to the care facility. Thats why they didn't give me any grief when I told them 780K - after all, they thought it was worth 1,650,000...lol

So it sat and sat and sat....finally sold for 850K three years later and the new owner gutted and renovated it. Nice house now....great golf course view.
 

Michigan CG

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Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
Mr. Simerly,

I would send a copy of the MLS sheet with the closing price on it to both the broker and your client at the time. Next time they want an honest value you should be at the top of their list to call.
 

Alison Swain

Senior Member
Joined
Sep 13, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Mr. Simerly,

I would send a copy of the MLS sheet with the closing price on it to both the broker and your client at the time. Next time they want an honest value you should be at the top of their list to call.

EXACTLY what I was thinking.

"Great minds......."
 

Joe Milla

Junior Member
Joined
Feb 13, 2007
Professional Status
Certified Residential Appraiser
State
Massachusetts
Good job Mike and everyone else. I guess we all have similar war stories, but I do feel bad for some of these un-informed borrowers (not all). I see alot of forclosures now do to over-valuation and people not able to make payments on these mortgages especially in Boston.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Mr. Simerly,

I would send a copy of the MLS sheet with the closing price on it to both the broker and your client at the time. Next time they want an honest value you should be at the top of their list to call.

Damn everyone is catching on to these marketing schemes!! Now send those Comp check request to your good clients & you may see business pick up.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Mr. Simerly,

I would send a copy of the MLS sheet with the closing price on it to both the broker and your client at the time. Next time they want an honest value you should be at the top of their list to call.


HUGE DITTO ! :clapping:
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
I ran across this today. It made me feel pretty good, and I needed it, since I've been getting beaten up about values from EVERYONE lately.

Anyway, back in Nov. 2006, I appraised a property for a sale. Long story short, I came in short of the contract. The contract was for $210k, I came in at $182k.

The agent was hopping mad. "You don't know what you're doing", "Look at these comps, look at those comps", "The house was appraised last year for $214k", blah, blah, blah.

My client was not happy either(of course) but they were okay with it. (They'll give me the guilt trip, but ultimately support me.) After their client found another house, the HO told my client to thank me for the honest appraisal on the first house. <shock>

It gets better.

Today I ran across the subject. It closed in August 2007 for $185,000 with $2,100 in concessions.

Nobody else is ever going to know, so I needed to share with someone.



Such occasions make what we do - Worthwhile.

[email protected]:clapping:
 
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