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#447287 - 08/19/15 10:31 PM Take it from an appraiser
Donna Quixote Offline
Junior Member

Registered: 08/19/15
Posts: 1
Loc: Wisconsin
OK, I know a lot of you agents are not fond of appraisers, and I am willing to answer questions you might have, but I have a request for you folks.

Please don't insist that you have to be at the home inspections. OK, I know there will be all sorts of blow back from this but please try to see it from our side. We are busy, sometimes working 12 or more hours a day. We truly value and appreciate a lock box and getting to squeeze your house in when it works out best for us. I am not talking about when someone lives there, I am talking about the vacant ones. Sometimes I can squeeze it in after my son's baseball game on Sunday night, or when I have something else in that neighborhood. Or better yet when I get a last minute cancellation. We will get it done quicker if we have the flexibility. And to be honest we really don't want you there. Too many times I have had agents trying to point our every fixture and talking about how much the seller needs this, these things change nothing as far as the appraisal is concerned.

AND, if you want to provide us with comps understand that that is our job. We know the underwriting requirements, we know from looking at MLS photos and doing our due diligence what we are looking for, and it is not based on your contract price. I can't tell you how many times I get comps of different styles, different neighborhoods or over 6 months old for houses nothing like the subject that were just chosen for the price. I have news for you, we glance at these, and if they are crazy off we just throw them all away. I have seen dated houses with realtor's pushing comps on me that are totally renovated.

If you are determined on pulling comps for us, please keep this in mind. Keep the square footage within 10% of the subject size. Make sure they are really like your subject, same condition, similar bedroom and bathroom count and similar in any type of external obsolescence.

You will not influence any appraiser by just being there to turn on the lights and make our lives inconvenient, anyone who tells you to do this is not doing you or your clients any favors. We know our jobs and we are the only ones that needs to be there. Personally I never require that the homeowner leave, I don't care if they follow me around, that is fine, just don't talk incessantly so we can't concentrate. We are taking our measurements and notes and quiet goes a long way.

And lastly, if you don't like the value, don't call the appraiser. Call the lender and provide them with better comps than those used in the appraisal and ask for a reconsideration of value. We can miss things, we are human, but we have to go through proper channels. Keep in mind the comps must be more similar, recent, as close or closer and in similar or more similar than the ones already used. If you can't find any with those criteria that will meet your price, either could we. We don't try to kill your deals, it is our job to protect the bank and give an accurate market value of what a house is worth.

I hope this could be helpful for someone

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#447289 - 08/20/15 05:53 AM Re: Take it from an appraiser [Re: Donna Quixote]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7505
Loc: Vermont's North-East Kingdom
Too bad you posted your 1st lecture in the Home Inspection Forum.

The Inspections discussed here are Building Inspections (structures and systems); not site visits for valuation purposes.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#447293 - 08/20/15 09:24 AM Re: Take it from an appraiser [Re: Donna Quixote]
JohnN Offline
Member

Registered: 11/21/13
Posts: 216
Loc: Minnesota
I appreciate your thoughts, Thanks

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#447329 - 08/22/15 11:34 PM Re: Take it from an appraiser [Re: Donna Quixote]
barb43 Offline
Veteran Member

Registered: 08/01/08
Posts: 1147
Loc: SW Okla
Now, Donna, just because you've had a bad day -- and it really sounds like you had a bad day -- don't automatically start assuming things about us Realtors.

1) I like appraisers just fine - know several, work with them on every transaction that involves a VA or FHA loan (which is a majority of transactions), they can pick up the phone & call me, I can pick up the phone and call them. (I'd encourage you to develop similar relationships with the Realtors you frequently work with. wink )

2) There are Realtors who often do some of the things you're complaining about - like showing up & shoving comps at you. But, my experience has been that Realtors/Brokers are more likely to do that to someone who is doing a BPO, as if they didn't know what they were doing. Why not just thank them for their efforts and tell them you must pull your own comps. "That's the way the biz works!" and shrug and smile.

3) You seem to be mixing apples & oranges: appraisers complete appraisals while licensed home inspectors perform home inspections. Around these parts, home inspectors typically expect the buyer(s) to be present for the home inspection. On the other hand, Realtors around here make it very clear to the buyers that they are NOT to be present for the appraisal. We tell our buyers that "appraisers work for your lender" - and we explain that; "but that home inspector works for you, Mr. & Mrs. Buyer".

4) And we do sometimes call the appraiser to explain something they may not understand - like, the seller isn't replacing all the appliances, the buyer asked for a credit to replace the dishwasher. Of course, if the lender provides the appraiser with a copy of the fully executed contract, the appraiser can see what was asked for/agreed to and will not have to guess.

If you don't see this ^^ kind of cooperation going on, why not volunteer to teach a class at the local Board of Realtors for any Realtors who'd like to attend to learn the latest of what's happening in the appraisal world? (no snarkiness, no aggressiveness needed, of course wink ).

Hope things smooth out for you before your stress level negatively affects your blood pressure. . . . Come back & tell us how things are going.
_________________________
Remodeling houses & helping tenants get ahead in life since 1983. Licensed Realtor since 2005.


LIMITATIONS: Until You Spread Your Wings, You'll Have No Idea How Far You Can Walk. - despair.com

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