Tomorrow's Column

[Francois K. Gregoire]

Hi All,

Just found this link. It describes the results of the efforts of the NAR Appraisal Committee during last week's meetings in Washington, D.C.

Plan Would Require Full Disclosure On Property Appraisals

What do you all think?

 

[Ross (CO)]

I am still rubbing my eyes....again and again....not sure if I read what I just read. No, those couldn't be the words I just read .... but, I guess they were. So, so much of what many in the Forum have mentioned in their postings about experiences in our line of work .... and now, maybe, there is a light at the end of the tunnel. Frank, you are to be commended for your efforts on that committee and for what your link shares with us. Thanks for shining that light of promise, that maybe a greater sense of truth and harmony can exist in our related corners of the economy. Home buyers and the borrowers do deserve to know what they are getting for their dollar and the NAR deserves acknowledgment for helping us all "get along".

 

[Pamela Crowley (Florida)]

Frank,

You are the BEST!!!!!!!!!!!!

Let's all congratulate Frank.

Let's all send Ken Harney an email applauding this article!!!!!
Plus, a link to this forum and a link to the Appraiser's Petition!!

Let's send a link to this article and the Appraiser's Petition to all legislators and media we can!!!

Personally, I believe this all started right here on this forum!

Thank you, Wayne :!: :!: :!:

 

[liznindy]

Sounds like a win win situation for consumers and hopefully appraisers. :!:

 

[jtrotta]

Francois;
splended and informative, hopefully "Lenders" will truly disclose the information when asked and not provide the standard, "we'll provide you a copy AFTER you close". That statement provides NO recourse for the people spending the money for the work requested. When you recieve a "bid" from a contractor, they need to provide evidence for the costs for the work. For years now "Lenders" have been getting away with deceptive pratices, and hope fully that will soon change.
Great work & effort on your part, I hope the right people read the article.

8)

 

[The Bob]

Frank,

Please don't take this the wrong way. The first thing that popped in my mind while reading this, and before I got to the part that this originated in the Appraisal Section, was "why on earth are Realtors all of a sudden concerned with valuation?"

 

[cgjerdetu]

Frank,

Please don't take this the wrong way. The first thing that popped in my mind while reading this, and before I got to the part that this originated in the Appraisal Section, was "why on earth are Realtors all of a sudden concerned with valuation?"

JimBob

Maybe some Realtors think that if no appraisal is required at the time of purchase, their liability increases. If sometime after purchase the buyers come to believe that they overpaid for the property they may have cause to say that the agent (buyer's agent) should have informed them they were paying too much for the property. It might be interesting to run this past a few agents and see if they have considered the additional liability that they may be taking on if no appraisal is done.

Carolyn

 

[Pamela Crowley (Florida)]

I can't resist.

What is the liability of a Realtor that insists on a certain appraiser to make the number of the inflated sale price???? Usually the same Realtor that likes to spout off about having an appraiser that always makes the deal work. I do know too many of them.

 

[Richard Carlsen]

I note that the establishment of this rule is based on the following:

" The resolution will become effective only if the National Association of Realtors can lobby Congress and financial regulators to revise the rules."

It takes an organization with size and clout to have this type of impact and I go one am glad that NAR is leading the way.

Taking the lead in this kind of proposed rule change continues to make me proud to be a Realtor.

 

[cgjerdetu]

I can't resist.

What is the liability of a Realtor that insists on a certain appraiser to make the number of the inflated sale price???? Usually the same Realtor that likes to spout off about having an appraiser that always makes the deal work. I do know too many of them.

I think their liability is shifted somewhat on the number-hitter appraiser. They could still point to a "neutral" third party that came up with an "opinion of value" that supported the sales price. Buyer may then go after the appraiser if they felt the sales price was out of line.

None of this may be relevant though in California. I forgot that buyers now sign a "Market Conditions Advisory" that talks about high demand, low inventory, homes may have multiple offers and may sell much higher than list. It states "This then may make it more difficult to secure appraisal reports that support these inflated values and the sales price may not be the "fair market value" of the property. Even if the property were to appraise at purchase price in today's market, this is not a guarantee that the property can be sold for the same or greater price in the future. Real estate markets are cyclical and what goes up may well come down."

I'm still going to ask the next few agents I see about cash buyers and if they advise them to get an appraisal.