Quick question about appraisers. How come they always ask for a signed contract? They disclose that they don't take into consideration anything that's in the sales contract yet, they always ask for one.

To verify an arms length transaction.

http://en.wikipedia.org/wiki/Arm's_length_principle

New REO, did my interior BPO. It came back today with 7 of the appraisers sold comparables. I was asked to go back and explain why I did not use the comps the appraiser used. I was able to easily explain in each of the 7 cases why I would not have chosen those comparables.

a few of the examples... This is not what I wrote back, but a quick summary.

1 over 2 miles away, plenty of comps within 1 mile
2 greater than 30% difference in heated space, plenty of comparables to use of like size.
3 Comp older than 6 months, plenty of comps to use under 6 months
4 New construction (with a -7500 adjustment) for a 60 year old house.

I mean-please. Why are we beat over the head with these guidelines, when the appraisers seemingly have none to follow (please know this comment is intended to this particluar incedent)

Oh boy - get me a cattle prod!!! When I tell the appraiser on the phone that the water is off at the meter in the basement, turn the knob, there are no leaks - verified by me when I had to meet the stupid water company out there because they will not turn on the water without the account holder present - and the flippin' DORK returns the appraisal with a "condition" - water was not on - I am gonna get a cattle prod - sneak up on him and just zap him and leave - Ooooooooo - I am just so ticked off!!! But - the buyer switched to cash _ HA HA HA!!! To bad the big butthead still gets his fee.

Aren't you present when the Appraisal is being conducted ?

No - this was an BofA listing - a BofA appraiser and it was the second time he was at the property. BofA appraises every property before they put them on the market - I have worked with this guy for 4 or 5 years now. In my "how to sell an reo" flyer that I send to buyer's agents - I tell them that if the appraiser needs someone present at the appraisal - guess who - its not me - not my buyer. Point being - this apprasier did not object to turning on the water - I told him to turn it on at the meter in the house - he asked if there were leaks - I said no - I pointed out that I was there when the water company turned on the water. He did not object to turning on the water - but apparently - he forgot - or in my conspiricy theory mind - wanted the $75 trip fee he could get by saying the water wasn't on - must be a slow month.

Most appraisers in my area will turn the water on and then off again at the main inside the house. But there is one or two that won't citing insurance restrictions.

Thanks for the clarification.

For me, once we give birth to a P&S, it becomes a precious little deal in the ICU, I don't trust anything to chance. We work too hard to get to that point.

So, I'm always present at the Appraisal of my Listings just to guarantee that someone else doesn't fumble the deal while we're down at the 1 Yard Line, and squash the life out of it.