Thomas R. Merrill
Freshman Member
- Joined
- Sep 23, 2002
When I'm not kicking the dirt and climbing through thorn bushes I sell real estate as a buyer's agent. Just a part time thing but it pays well. My last client [attorney] was deeply involved with every aspect of the transaction. He showed up for every inspection. When the appraiser showed up the attorney asked him "who do you work for?" an agency test question. The appraiser said "I work for myself". The buyer/attorney asked who is your client? The appraiser said "the mortgage broker". Then he asked him about [USPAP Section 5] who specifically was going to review the purchase money contract. The appraiser said" I don't pay much attention to the contract because we usually only get the front page". This statement volunteered from the appraiser..."I don't think there will be a problem hitting that sale price". My client grinned and thanked him for his answering the questions "so clearly". He then took out a digital recorder and stated that I was present [witness], the date, and the time. He looked at the appraiser and said "I keep records of everything I do" [showing him a recorder]. "You don't mind do you"? The appraiser responded I use a recorder all the time myself." "In Texas only one person has to be aware the conversation is being recorded" the appraiser said. My client agreed and walked towards his car. The appraiser went into the front door to inspect the interior of the property. The report came in at exactly the sales price. [$ 178,228.00] The house is worth $165,000 max.
Obviously this appraiser may have future trouble. The reason being is that we offered more than the property was worth [$15-20k] but had a contingency/appraisal clause biasedly worded towards the attorney/buyer's benefit. I am the buyer's agent and do what I'm told within the parameters legally set for my role by the state. I do not write in clauses either. One thing [as an appraiser] I won't do is accept the front page only of a purchase money contract from any lender/client if they decide to furnish a copy of the purchase money contract. I require all or none of the contract.
This appraiser basically implyed he was in collusion with the mortgage broker and seller to defraud the buyer [actions determine your liability]. The offer is excessively high for this neighborhood based on sales turned up in typical research where age, GLA,room count, pool, garage are all filtered in a tract neighborhood search, two of which were very similar [both renovated by the sme contractor] to the subject and on the same street. His stated intent to hit the sales price before he inspected the subject property gives an arguable impression thats his sole intent.
I asked the buyer/attorney what his intent was regarding this transaction. I will have that report reviewed by a appraiser as well as have the house appraised by a different independent fee appraiser from a different firm. Both will the highest credibility designations. I can't use you unfortunately for this assignment. [ I have apprasied several properties for his firm in the past.] We will close as required by the contract and after that I will litigate both them for torturious interference.
I asked him about reconsideration of value requests. He said its a similar scenario. If the buyer is kept out of the loop and the value is raised the buyer's position is harmed. I could argue that point very well. That statement "I could argue" is lawyerese I guess because he says that all the time.
CYA guys,
thommerrill
Obviously this appraiser may have future trouble. The reason being is that we offered more than the property was worth [$15-20k] but had a contingency/appraisal clause biasedly worded towards the attorney/buyer's benefit. I am the buyer's agent and do what I'm told within the parameters legally set for my role by the state. I do not write in clauses either. One thing [as an appraiser] I won't do is accept the front page only of a purchase money contract from any lender/client if they decide to furnish a copy of the purchase money contract. I require all or none of the contract.
This appraiser basically implyed he was in collusion with the mortgage broker and seller to defraud the buyer [actions determine your liability]. The offer is excessively high for this neighborhood based on sales turned up in typical research where age, GLA,room count, pool, garage are all filtered in a tract neighborhood search, two of which were very similar [both renovated by the sme contractor] to the subject and on the same street. His stated intent to hit the sales price before he inspected the subject property gives an arguable impression thats his sole intent.
I asked the buyer/attorney what his intent was regarding this transaction. I will have that report reviewed by a appraiser as well as have the house appraised by a different independent fee appraiser from a different firm. Both will the highest credibility designations. I can't use you unfortunately for this assignment. [ I have apprasied several properties for his firm in the past.] We will close as required by the contract and after that I will litigate both them for torturious interference.
I asked him about reconsideration of value requests. He said its a similar scenario. If the buyer is kept out of the loop and the value is raised the buyer's position is harmed. I could argue that point very well. That statement "I could argue" is lawyerese I guess because he says that all the time.
CYA guys,
thommerrill
