Undue influence from realtor

[Michigan CG]

My car cost more than that house.

Must be a nice car...

What can you get for under 38k?

In Detroit, Cleveland, Toledo, about 1/4 of the properties.

 

[Metamorphic]

I need some advise on the preparation of a response to a client.
Scenario:
I appraised Custom Construction SFR last week - built on an 'in fill' site surrounded by tract homes.
Borrower responds how she feels my value is incorrrect complete with her resume, and exhibits. (she is a lic. realtor -presently, a former contractor (1980's) , former appraiser (1970's) She places 3 sales on a grid, with adjustments.
Now client is requesting a summary response.....

She has no problem with the fact she is not lic. & completing an appraisal report (partially) for her own house... BTW -her 'comp's are 1.5 miles away, or COE 1/2008.

Neither the borrower, or lender have any questions regarding my report, or can point to any issues.

Any advise would be appreciated.
Thanks
Gina
(certified residential- CA)

You probably should have started a new thread for this, but no matter.

I did a similar property recently. In my case the sub was newer, larger, custom, and on 5-6 times as much lot as the surrounding tracts. It was pretty easily and obviously not comparable (not the same buyer/market interest) to the surrounding tracts. So I made the neighborhood similar fill-in props on large lots. I went 3 miles out in a suburban area to get the necessary recent comps. But to document the relative value considerations I went to a nearby SFR tract (the tract the subject was actually in was duplexes) and comped one of those recent sales into the range of the large-lot comps without making cute with my adjustment rates. By taking the time to discuss in detail the subject and the amenity/aesthetic differences between the sub and the adjoining tracts, I think I made a pretty strong case for my value by justifying why I went after the comps I did.


As far as the OP's problem. Sometimes turn about is fair play. Is there any way you can, within your USPAP confidentiality requirements, open the buyer's eyes to the fact that they're getting worked over by their realtor? Perhaps you could select a few comparable listings that are lower than what these folks are looking to pay and have another agent you trust cold call them and offer to show them the properties, or just print them out and put them in an envelope on their door step. Some creativity may be necessary here.

 

[Mike Boyd]

So, you are saying the real estate agent said..."if you use that appraiser, I won't do business with you"? I think they have that right even if it might not be justified.

Think of it this way....

You take your car to a dealership for service. The mechanic who does the job screws it up. Now you want to take your car back to the dealership...do you have the right to say...."I don't want that mechanic touching my car!".

Mike....you KNOW that is not a correct analogy. Think about it. I agree with Dennis.

 

[rescom]

My car cost more than that house. What can you get for under 38k?

A rehab in East St. Louis!:new_2gunsfiring_v1: