Verifying Sales

[Elliott]

Inspite of the 'equal' value of licenses to AMCs, and regardless of experience and education, only 16% of appraisers are good to excellent, 68% are average, and 16% are fair to bad.

 

[McPheeters]

Not responding to you Lee. Sorry, forgot to quote the OP in my post...

 

[TxArmadillo]

Exactly. I talk with agents and brokers on every report, but without a proper "agent/broker BS filter", is it really verification?

Man, this is so true. This "data verification" comment is based upon the presumption that the parties that are queried are open, honest, and accurate with the information they provide.

And how many times, when we hang up the phone, do we know that we only got a portion of the truth?

 

[mark hurlock]

If every appraiser called every listing agent for every sale they considered for every assignment, how many realtors would continue to take calls from appraisers?

 

[DTB]

I am convinced that quality appraisers provide quality work whenever they accept an assignment regardless of the fee. So, you may not have to increase fees that much if at all. And, you may not have to extend your turn-time. But what you will have to do is to become active and not passive in your appraiser-selection criteria.

Good luck!

True regarding the quality appraisers. However, that cannot be a consistently sustainable equation. They may give "full service" to a low fee job once but will not make a practice of accepting that type of assignment. They can't and stay in business.

 

[Tim Hicks (Texas)]

If every appraiser called every listing agent for every sale they considered for every assignment, how many realtors would continue to take calls from appraisers?

They soon start to respond with "its all in my MLS listing, can't you read like the other appraisers?"

 

[hastalavista]

True regarding the quality appraisers. However, that cannot be a consistently sustainable equation. They may give "full service" to a low fee job once but will not make a practice of accepting that type of assignment. They can't and stay in business.

I'm inclined to agree with you.
But there are those who post on this forum that say they can do it faster & cheaper and consistently hit the quality mark vs. some of us "ancients". So, I'm leaving some allowance for those *exceptional appraisers. :new_smile-l:

*(maybe they are just the "new norm", and I am truly an ancient! ).

 

[hastalavista]

If every appraiser called every listing agent for every sale they considered for every assignment, how many realtors would continue to take calls from appraisers?

I never thought of it like that; I guess I should be glad things are as they are. :laugh:

I can tell you that, based on my experience, not many appraisers do call and the agents/brokers I speak with thank me for doing so.
With rare exception, the agents/brokers I call upon are more than willing to provide help and information.

And, I get a number of referrals from them as well. There really is no downside (as I see it) to taking the time and effort to make the calls/send the emails. :new_smile-l:

 

[chad hampton]

I guess I never understood why you need to call a listing agent for a sales price, when they are the ones that imput the sales price into the MLS. If I called an agent to confirm a sales price, I'd expect them to tell me to read the GD MLS listing, the sales prices is listed right there. If public records confirms it, then you have a good sale.

Doesn't seem terribly complicated.

 

[Doug Meyer]

If the OP is utilizing 7-8 AMC companies, perhaps the OP should put together their own appraiser panel and assign the appraisals as the VA does on a rotating basis. Then the OP, of course could hire their own professionals. The big problem with paying the AMC more money to get a "better" appraisal is of course the AMC will pocket the money and still pick the cheapest/fastest appraiser. AMC companies do NOT know what a quality appraisal is or should be!

Start your own panel, pick the professional appraisers YOU want and set your own standards. AMC's are not the answer and to be upfront with you, most of us do very limited or no work for the AMC's because of the work fast/cheap mentality.