IF YOU CAN'T BEAT 'EM, JOIN 'EM...WAYS AROUND THE NEW APPRAISEL RULES!

Andretta - It helps to build report ... my first broker taught me that 30 years ago.  I tink you are on the right track!  Nice Job!

Hi Andretta!

I have heard of more and more real estate agents doing this. Although it's there job to come up with some comps, it doesn't help to push them in the right direction. :)

Andretta,

What a novel idea!  I'm going to refer my REALTORs to your post!

Mike (the lender) in Tucson

At least the appraiser didn't show up with a Zillow appraisal!

Hi there!

I believe , but will have to check...that this is also in violation of HVCC rules...I will get back to you...hold on to that POST idea Mike!

Not attacking the blog...because if you are RIGHT...and I AM WRONG...and I HOPE YOU ARE.....

I will reblog this!

D

This can be hard to do if the appraiser decides not to contact us Realtors, and sicne we are now not allowed to contact them.

We are doing the same thing here. With the current market this is the last thing we need!-Dinah Lee

Good advice. In past years, agents always met with the appraiser and provided all the information they could to make the assignment easier. This is a must do requirement in the current market.

Follow me on Twitter: http://twitter.com/roykelley

A listing agent who doesn't meet the appraiser with comps to support the list price and/or contract price, if the appraisal comes in low, should pay the difference to the seller our of their commission which they have not earned.

The information that NAR provided said that agents are allowed dialogue with the HVCC appraiser and allowed to ask for corrections and provide them wih data.  But seriously, $200 bucks?  Houses are going to sonn be appraising for within dollars, and isnt' that silly? Did they account for all the light fixture retail costs or something?~

Hey, just did it like the olden days and both came in short by $5000.  What they are using is RIDICULOUS!  $2000 for a fireplace?  Give me a break!  No value for skylites, 6 panel doors and location adjustment!

Hi there!  Thanks for being PATIENT with me getting back to you!

I AGREE with your blog btw- 100%

I spoke at length last night with TWO appraisers that are and HAVE been FHA certified, for over 6 years!  In other words, experienced...NEITHER really knew the answer to my questions...scary a little bit..

More importantly I DID SPEAK to one of the FUNDERS that WELLS FARGO's RES DIRECT company uses, and here is the following information I got from a very high ranking individual there....

"Part of the HVCC is to Protect from UNDO influence"  These were the keywords he used SEVERAL times.  Mostly < i was referred to the link to read the HVCC rules again..Great huh!! LOL

However, he did say...that they WILL FLAG appraisals for Undo Influence.  He defined this as numerous phone calls to the appraiser from Realtors, and IF they show up on an "undo influence" report (that they put out DAILY), that Wells Fargo (in this case) will not fund the loan! 

He also stated there is an Appraisal Reconsideration form that can be filled out, and a 2nd level process that can be followed if anyone in the transaction dis-agrees with the appraisal.

Additionally, I did want to mention...that he stated that there truly is nothing that can STOP a Listing agent or Realtor from meeting with them at the home, Providing a professional company folder with information about the home, and comps that you have pulled for their review.  Beyond that, if you try to INFLUENCE them during the meeting, start laying deadlines on them, start telling them that if this doesnt come in..etc..etc..THEN, you could be flagged for Undo influence in the repor that the appraiser sends into the 3rd party company.

All in all, I agree with you, and most of your commentors...including LENN!  She put it very well, I THINK the listing agent SHOULD BE THERE!  It is their consumers home they are selling in the first place!  JUST BE VERY WARY and careful about what you say to the appraiser is all!  Be professional, and vague, but yes, you can provide them as much information as you want! 

Arguing a value, does HAVE A PROCESS, but ONLY AFTER THE APPRAISAL is completed! 

Nice topic Andretta!  Im glad you opened it up!!!-  Thanks so much!  Darin

Andretta, you are welcome!  I also got THIS TODAY from my Acct Rep who WORKS for Wells Fargo..>Interestingly, it as a "little" different than their own 3rd party companies answer...and I am quoting!

"Darin,
I heard back from a few different sources and they all agreed that no a realtor would not be allowed to meet with the appraiser or give comps to the appraiser.  Per the code could be looked at as undue influence on the appraisal."

I think we will hear the words UNDUE INFLUENCE alot, and more and more!  :(

You can still review the appraisal though WITH THE LENDER once it is complete!  While I am not an appraiser, I have looked at 1000's of them...$200.00 difference??  HUH??  THat is ridiculous!

Again, nice job..and hope you didnt think I hijacked your blog...That was NOT my intention!  -Darin

ONE MORE UPDATE 6:15pm-  TT A 3rd Party Appraiser, and this is what she said..

"I dont have a problem with the appraiser meeting me, going through the home, answering questions etc...but I think supply comps goes over the line, and does display an intent to influence the end value by supply what THEY think are the best Comps!  They do not have my training.  HOWEVER< I think that REALTORS have a very good understaning in general of property values, and in many cases, I have used the exact comps they suggested, but only because I PULLED THEM UP, not because they supplied them".

I paraphrased that...but you get the gisst!  she was supportive of REALTORS< but still feels uncomfortable with you supplying comps!  So, there you have several differnt opinions!

Interesting that it is not cut & dry, or isnt as much as they would like to think!  -D