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Hey Realtors... Appraisers LOVE this!

If you have a private remarks spot on your MLS system and you take a moment to write a note such as this one:

Seriously... if you have a thorough description and pictures in your MLS listing and note any concessions that may have happened at the time of purchase, this quick note can save you oodles of phone calls from Appraisers who wish to use your listing as a comparable property.

~ Thank you

Posted by Sara Goodwin - Portland, Oregon Appraiser on 03/24/2009 05:44 PM

Comments (18)

Realtors Using MLS in the Training Channel

realtors, concessions, mls, appraiser issues, selling

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18 Comments on Hey Realtors... Appraisers LOVE this!

MAR

I like having them call. They start out with a basic question and it blooms into a 20 question game. They are happy. I look at it this way a happy appraiser is a happy me, maybe not this week but eventually.

Hey Sara, that's interesting. We actually have a field in our MLS where we have to put the amount of sellers concessions so that appraiser can see it.

Hahah I kind of had to laugh obviously this person has had 1 too many phone calls from appraisers on that property. Classic. Thanks for sharing.

Hi Denise - That would be blissful to talk to agents! We usually get voice mails and no call-backs and so I've resorted to emailing so that I have a paper trail for my file.

Stephanie - Wow! That's very advanced of your MLS - In all honesty, as appraisers we HAVE to research this information, but it's like paddling upstream by hand because our Realtors have been instructed that they need to uphold their client's confidentiality if the feel it necessary and not divulge any information.

Heather - You got that too? I chuckled over the tone of that remark a bit, too - There was a similar remark I remember from a Realtor that posted in the private remarks something to the effect 'Don't call me for directions, buy a map!!!!' ... but it was a new development... Wonder how many sales he lost from that -

Sara, I think that is wrong. That can lead to 'false' impressions of the true value of a home. Now, our MLS has that but of course it is only as accurate as the person inputting the information. But still, they are very serious about it down here.

I had no idea that it was not normal. Very interesting. Must be a real pain in the rear to call about sold listings on every appraisal. :) Man, I feel for you.

AT LEAST YOUR PHONE IS RINGING,

Could be your next sale

LOL

It takes patience to make money

Good luck in 2009

Karina

MAR

Stephanie - Thanks... it can get cumbersome.

Karina - You're not wrong. I've hired and referred realtors that I like to work with ... even from checking up on comps. Appraiser's are in the referral business, too... we like to find great RE professionals and keep their names handy.

MAR

Again, if all is disclosed in MLS fields, there probably won't be many phone calls.

MAR

I agree that the mls needs to have all pertinent information but even with all that you still get the calls.

MAR

Sara,

I agree with you. The notes can sure help us out and save time in waiting for call backs. The way I look at it is this: the realtor is obviously detail oriented and conveys an image of being a professtional...thats somebody I like to refer to becaue it makes me look good!...

APR

Sara, the problem I find is, there is an area on the MLS listing that says, SC = sellers concessions. About half the reators in my area have no idea what it means. Most put an N in the area, and when I call to confirm it, I find out there's a seller concession. So if there is no dollar amount in that section, or notes about the closing, writen by the listing agent, I also call. And boy do some of them get pissed off, I tell them don't blame me i'm doing my job. Blame the lazy agents, who have no idea how to fill out a form/listing.

PS, I also refer good realtors

APR

Ahhh...if only every MLS listing had ALL the details ALL the time! Sometimes I am working on a report after 8pm - and of course, I will have to wait until the next morning to make a phone call. Sometimes - I email the Realtors if I can wait for a response.

With the advent of Blackberry phones - I am finding greater responses from emails.

This is a REALLY good point you make as well......"appraisers are in the referral business too".

I can't tell you how many times I have been at an inspection to do an appraisal for a refinance company, and a homeowner will ask me who a good Realtor in the area would be that I would recommend. Many times, the refi is for a divorce - for one party to buy out the other - and they plan to sell the home after the fact.

Realtors - please don't be disgruntled if we call. If it isn't a convenient time - just ask that we call back later.....and mean it - the more we work together - the better the market data is.

APR

We have just implemented a Seller Concessions box and I hope it works out.

APR

Rita - Most definitely

Hi Andrew - I know it's a pain, but we've gotta check condition/concessions, etc. I would think that the more photos and info you enter in to MLS, the fewer calls you receive, yes?

Absolutely, Tom. People very often assume that I know a lot more realtors than I do. Chances are pretty good that a Realtor who has impressed me with their courtesy and professionalism will have their name 'filed' on my desk.

Michael - That is obscure. Does your MLS have mandatory classes for MLS users before they give them an account?

Richard - I do most of my correspondence by email ... for the same reason... time of day and also to have the paper trail for my file.

Hi Georgina - I would love to know how it works for you!

JUL

Our rules here are that you need to have both buyer and seller permission to disclose about consessions.

I just got a email from an appraiser on a pending sale... We weren't even through the inspection period!!! We could go back on the market, one option. we could make consessions, another option. We could raise the price another option.. (that is something I recently did on a buyer in this market, We raised the price to more than asking)

I think appraisers asking about pending sales is ridiculous! It is speculation, plain and simple.

Appriasers should assume that the house is in good working order. That is what I assume when I make an offer. if it is not we get the repairs and seller pays. To ding the market price because of say a new roof is just not right. I assumed that when I made the offer. That hurts the market to discount that sale because of a repair. Realtors assume the house is habitable becaue the theory is lenders won't lend on a non habitable house. So if sellers pay to make the house habitable the price should stay the same for appraising.

By the way, listen to NPR re green MLS's and how that makes a difference

Ok I want to know how many relators assume the house is in a good working order and that the price should assume that because of loan conditions.

I would think a consession should be things beyond good working order, by that I mean fire, life and safety issues. Having new carpet installed should be a consession. Having a new roof or electrical should not be. (fire life safety (assumed loan condition))

Comments appreciated.

Hi Kria -

Here is one of the ACLB letters about concessions that I was looking for per our earlier conversation. Unfortunately, I was unable to find the letter that I really wanted to highlight.

We see seller paid 'closing cost concessions' much more often than 'carpet allowance' concessions. And often the 'carpet allowance' sort of concessions are made known in MLS prior to the sale.

Here is another example of why it is a good idea to call the Realtor post sale.

And I know that you're the Green Realtor in town - Wouldn't you want to answer questions about passive energy, additional energy efficient items, etc about your listing that you may not have had room to post on your MLS listing (that might otherwise be assumed concessions if you don't respond otherwise)? ... To explain why it may have sold for a bit more might be because multiple buyers were interested in the 'green factors' of the building that the appraiser may not know about per the MLS listing.

As passionate as you are about spreading the word of 'Green is Good', I would hope you would welcome condition, improvement and other information about the properties you sell even after they have sold. ... Or even talk to any appraiser you can about how to appraise 'Green items' as we have discussed in the past... having an appraiser correspond with you first can make them a captive audience for such issues (which I whole-heartedly agree with, btw).

Unfortunately, until then, I will have to make previously noted assumptions about sales concessions if I have not other information to go on. You see, I don't want to be a victim of the ACLB's enforcement actions (which can be viewed from page 18 to page 35). It doesn't take a whole lot of mis-steps for an appraiser to be fined and/or lose their license (in Oregon).

Oops... make that pages 12 thru 33 of enforcement actions... makes you really want to be an appraiser now, doesn't it?

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