Dos and Donts of Appraiser - Agent Communication from The Appraisal Foundation as published in REALTOR Magazine by David S. Bunton.
This post is about Louisiana, Agent/Broker Comps and Agents measuring homes. I know other Agents in other States don't measure homes and some say they won't take on the "liability". The "liability" is why you're being paid the BIG BUCKS for selling homes. If the average home in America is selling for $238,000 and most commissions are 6%, that seller is going to write a check for $14,280 at the closing table for "professional representation". It's a sad day when a seller can't even get their home measured for a $14,280 selling fee no matter how that fee is split.
NOTE: NOT ALL Appraisers will agree with what the Appraisal Foundation is speaking on their behalf, such as "applicable comparable sales". Some Appraisers are opposed to receiving Agent comps and some invite them. For those inviting Agent comps, we're not asking you to do our jobs.
As I've said before:
"I just don't see that an Agent offering their comps to me somehow violates my "Appraiser Independence", which Home Appraisers hold so dear. I want to know and see what they were thinking AND if they were just listing at the seller's price instead of market support, then that questionable practice will be revealed! In fact, one of the quickest way for an Appraiser to know if a deal is legit is to simply look at Agents comps in the workfile they're supposed to have already before they listed the home. It's VERY OBVIOUS to Appraisers when the Agent all of a sudden jumps online frantically searching for comps to support the deal....Appraisers aren't that naive!" Bill Cobb Appraiser Baton Rouge
Brokers can request correction for wrong living area size? Really?
My Caution Before Doing So!
And, the 2015 Louisiana Real Estate Commission mandatory training is: How To Measure A Home because they know there's a disconnect here among there licensed Agents.
Also, "A Broker can also request that the Appraiser correct any errors in the report, such as the miscalculation of total square footage." So, the Broker or Agent would have had to actually measure the home, drawn the sketch on sketching software for verification, prior to listing it to know there was an error. Before challenging an Appraiser, make sure YOU own the tools to actually measure a home and/or paid an Appraiser to measure it, own the software and know how to use it to calculate living area and you walked through the bushes to actually measure that home. I know there are some homes listed in MLS not measured prior to listing as I review 100s of mls sheets per week and there's sometimes distinct differences in purchase appraisals of who the listing states versus actual living area.
IF YOU Don't Think This A Problem, See Below and some of these below were Broker Listings. I maintain a folder of differences of what living area Listing stated versus what was accurate and these are some differences, off by :
407sf Diamond Lake Dr in 2015
978sf Sessions Dr
474sf Monticello Blvd
624sf Rollins Rd
479sf S Lakeshore Dr
174sf Fountain View
713sf Twin Cedar Dr
190sf Husband St
305sf Janmar St
791sf W Robin Hood
90sf S Waverly Dr
628sf Esplanade
238sf Ventura Dr
922sf in Denham Springs
252sf Victoria Gardns
64sf Honeysuckle Ave
208sf Belle Grove Ave
238sf Darius
73sf Westerly Ave
232sf Esplanade
139sf Partridgewood
209 Woodmoss
63sf Highland Club
283sf Lake Azalea
296sf Bayridge
82sf Linwood Ave
151sf Kings Canyon Ave
Sizes where Agents measured too little:
189sf Goodwood Ave
160sf Lydia Ave
248sf Vineyard Dr
In Louisiana and for the 5 to 6% commission and the "professional representation" sellers are paying for, they deserve to have their homes measured by a real estate professional and placed on sketching software BEFORE the home is even listed. The most important point in the listing process to know accurate living area is when pricing the home...at the beginning. Bill Cobb, Appraiser
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