So...I am just days away from closing on a piece of land for a client I have been working with for months and it comes time for the appraisal. I got a frantic call from my buyer saying that the appraiser had concerns on whether the land would appraise for the price she paid for it. "What? You talked with the appraiser? How did that happen?" She went on to tell me that the lender told her what time he would be at the property so she went out to meet him there. She also told me that he said that it was going to be REAL expensive to pull electricity on the property and gave his opinion on the 3 acre track next to the property...that she should have negotiated a "first right of refusal" on that track...even though it was not for sale.
Oh my gosh! I can sure appreciate his expertise...but is it right...ethical...good judgment...to give his opinion on a property he has no concrete facts on? If you are an appraiser or know anything about this...I'd sure like to know what the guidelines are for giving out information to a buyer without having clear knowledge of the situation.
In my humble opinion...opinions need to be kept out of conversation until ALL facts have been gathered and summarized. If the facts come back with those details...then it can be dealt with. All that it's done now is make my buyer unsure about the deal she's made and maybe upset about something that has no basis in reality.
What say you appraisers and fellow Realtors???