RealTown's RealTalk

I have ran into this many times., I fight with the lender and the appraiser (out of area appraiser). Many times you can get the lender to cerfiy a local appraiser. one that is experienced. I have saved a few deals that way. The lends have ask me to furnish what I consider comparable sales.

Having an appraiser value a home without seeing the interior is quite scary. In the Colorado market we are also running into problems. I have thwarted problems by running my own comparables and meeting the appraiser at the property with the data along with any information on the upgrades the seller has completed. Providing information on under contracts has also been helpful. One comparable had closed quite under market value but when I provided the information to the appraisor that the property was agent owned and the property sold without any commissions built in, the appraisor made the necessary adjustments and the appraisal came in fine. The only homes I have had issues with are the ones I do not meet the appraiser at the home.

RHONDA THOMAS
RE/MAX Northwest, Inc
Westminster, CO 80234
rhondathomas@remax.net
www.rhondathomashomes.com
303-842-7188
 

I have ran into this many times., I fight with the lender and the appraiser (out of area appraiser). Many times you can get the lender to cerfiy a local appraiser. one that is experienced. I have saved a few deals that way. The lends have ask me to furnish what I consider comparable sales. Having an appraiser value a home without seeing the interior is quite scary. In the Colorado market we are also running into problems. I have thwarted problems by running my own comparables and meeting the appraiser at the property with the data along with any information on the upgrades the seller has completed. Providing information on under contracts has also been helpful. One comparable had closed quite under market value but when I provided the information to the appraisor that the property was agent owned and the property sold without any commissions built in, the appraisor made the necessary adjustments and the appraisal came in fine. The only homes I have had issues with are the ones I do not meet the appraiser at the home.

Come on Rhonda who you kidding. You think that because you MEET and GREET the Appraiser that that makes a difference? Sounds more like arm twisting if you ask me! Why should an Appraiser take your word for the valuation of recently sold homes or homes under contract. As I understand it there are two markets. FSBOs and PROFESSIONALS (MLS Realtors). The Appraiser is obligated to prove why he may have to use a FSBO generated sale over a Realtor generated sale? Actually if Appraisers were using acurate information the Commission should be factored out of EVERY APPRAISAL. The commission is nothin more than an expense that comes out of the proceeds the buyer provides to a willing and able seller! I thought everybody knew that. So wouldn't a more accurate appraisal be determind by less expenses? We all agree that commissions are just an expense the seller pays out of the equity. How else can you determine equity until all expenses are PAID? Now you know why Short Sales don't work! THERE IS

I agree with Rhonda. I am an appraiser in Florida. I don't do residential work but when I am appraising any property I want as much information as I can get. I consider all data and rely on what I believe to be the most credible. The complaint I hear most often (from Brokers and Agents) is that appraisers tell them they don't want their data. If that happens to you please tell them (the appraiser) that they are in violation of USPAP. USPAP requires "an appraiser must collect, verify, and analyze all information necessary for credible assignment results". Brokers and agents are the ones who know of deals that are not yet public record.

The issues involved with giving appraisers your comps and how they use them will soon be a thing of the past, so don't spend a lot of time on this one.

Did you know that some of the big banks are using third-party appraisers that may not even be from the state where the property is located, much less the local area? I just had a client try to get his $448K property (as per my CMA) appraised for a refi. The large bank's appraisal service flew someone in from out of state, he drove by the property, and gave an appraisal of $389K. I had comps in the immediate neighborhood to support $440K. Absoutely wouldn't use them. As I understand it, after April 1, we won't even have an opportunity to submit our comps. for review or consideration. At least this is what I'm hearing in my marketplace.

Elaine has a problem with Listing Agents who remove photos and tours of their listings after the closing.

"Several agents in my area remove all the photos and virtual tours and listing comments before putting in the sold information - so they can gate keep the information."

What information are you talking about? You don't mean the fiduciary information do you? I think its a great idea to remove all the pictures and evidence, that way if anybody has an interest in the property they can get off their dead rears and do at least a DRIVE BY. What's wrong with taking your own pictures? Why should the former Listing Agents be obligated to leave the evidence behind that motivated the current owner to buy? Homegains doesn't require that, Zillow doesn't require that, HouseValues doesn't require that and they are all approved by NAR as cooperative internet affiliates, so what's the problem? And when does an Appraser become obligated to listen to what a licensee has to say about the comps. Besides, the market conditions are not going to indicate that anything is up to date I don't care when it hits Public Records. And we all know that eventually PUBLIC RECORDS has ALL the sales ((info)) regardless of FSBOs, Shrot Sales, REOs or REALTORS! Actually all you have to do is go to Google Earth if you want to see anything. As for the Interior I thinks that's an intrusion of Personal Rights. If the owner wants to allow the pictures to stay I have no problem with that, after all it WAS their home at one time, right? I think the less information available is always in the best interest of the consumer. It's obvious that all the available information so far hasn't turned this market. So what Gate are you referring too? How much information and pictures do we need to make up our minds what anything is worth? At the end of the day, we all know that any piece of real estate is only worth what the buyer, seller and lender believe it's worth, right? It's obvious nobody put any weight in the value of the comps for the past 8 years. But that's Bush's fault right? Or was it all the Gate Keepers and Greedy people who were licensed to represent Sellers and Disrespect Buyers? Because we all have to admit there are a lot of End Users that are UPSET!