Using Her Comps To Kill The Deal

[Joe Birrell (NY)]

Ok, that's it, can't do it anymore ! Meet yet another idiot real estate agent
at a property this morning (so far I've meet at least 10,000 of them, and none of them have a clue on what a comp is). Don't ya just love these people. "I brought comps with me", she says (as I cringe, upon hearing these words). I glance at them and as usual her comps are at least one full story larger than the subject. Subject is 1400 sf, comps are 2100 sf. Her comps, however, did sell for the same as the subject ($295,000). I just finished putting them in a grid and really want to send out the report ASAP, just so I can get the call backs from her, the seller, and of course the lender.

This business is driving me nuts !

 

[Dave Smith]

Joe:

I just tell the LO, the UW or the Real-a-tor that the deal works this way...

They get to choose the subject and I get to choose the comps.

 

[Larry Lyke]

I say thank you and smile while tucking the package under my arm or clipboard.

Unless the Realtor brings them up, I make no other acknowledgment.

Very rarely receive anything that's helpful. If it ends up in the appraisal report, that's fine, 'it was meant to be.'

WHAT I DO NOT DO OR WANT TO DO IS TO GET INTO A DISCUSSION WITH the Realtor so they can carry ANY POSSIBLE inkling or imaginative impression(s) about the appraisal valuation away with them.

I only exchange pleasantries with Realtors. It's hard, because my winning smile and manner makes them want to talk, even confess... Oh well...

 

[Dale Smalley]

The only thing better is when the LO provides comps.

We should make a list of red flag statments for the newbies.

ex. They are good people cant you help them out. = I am not going to get paid.
Here are good comps to use = My new cellmate has comps too.
They dont do reviews= No they just forward to state board.
Its the best house in the neighborhood = can you say overimprovement.

Got any more....

 

[Dee Dee]

Joe,
Just posted in the thread that I started concerning a realtor with her pet appraiser, then read this one.
Hey buddy, you're not alone. :lol:
Every now and then a realtor will give me comps that are good ones, but they're nearly always ones that I had already found. More often than not when the price is a stretch the comps are just like what you described, and the most logical comparables are never in their cute little stack.
They hate your guts if you mention them too. :twisted:

 

[Wally Jones]

I'm with Larry. I agree most agents don't have a clue about comps (or have a different agenda with the ones they provide you), but I just smile and say thank you very much. I figure one day I may need something from that agent and I have tried not to burn too many bridges........

Of course, it may snow at my house before I'll ever really need anything from one of those agents, but ya never know.

Wally
(Central Florida - chilly, but no snow in sight - LOL)

 

[Pamela Crowley (Florida)]

It's so much fun getting blackballed AGAIN. I had a Realtor last year that insisted I add her comp. It was much further away, bigger, newer, much better condition, etc... etc...

So I did. Put it in as #4 with the full disclosure of why I was putting it in the report and specifically gave it no value in my conclusion. Total net and gross was pretty high. Sure nough... it did comp out to close to my value conclusion - after all those deductions.

She's still badmouthing me.

Another one sent me the comps I was supposed to use on an FHA that was already delivered. HA 2 of them I'd already used and the 3rd was over 2 miles away. I just stopped taking her phone calls. LO was a little upset since she dropped him too for using me but, he has stuck with me. His underwriter will close on my word and that is a really nice feeling.

 

[Charlotte Dixon]

I accept any comps offered by Realtors, but don't look at them until I've done my comp search first and put them on the grid. Once in awhile, we have one that's the same, but not often. Like you all said, they match the contract price with any comps out there within a couple thousand of that. I had one Realtor ask me why I chose all the comps from the same subdivison as the subject. :roll: I told her....because they're all current, and all very similar to the subject. She couldn't believe it, and wanted me to go 4-5 miles out. Like I was told when I first started in this business.....Stop thinking like a Realtor, and start thinking like an appraiser.

 

[Monica (N GA)]

My favorite is when a realtor brings me comps and they are all LISTINGS not sales 8O .

Monica

 

[Lee in L.A.]

Funny isn' it, the agent pulls useless info off the MLS. The homeowner pulls ditto off the internet somewhere. The problem seems to be they search by price range, not by living area, or lot size, and/or whatever are the major differences affecting value.

I just tell them I'll look it over, thanks. Then highlight the reasons their comps are ng, or are the ones I used! Then file it in the archive. If they call, "I can only discuss it with the lender" usually works.

If not, Fire Away! We come in peace, shoot to kill (your deal)! :lol: