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suggest that we ‘need a new appraiser’ is absolutely ridiculous.

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Now, to be fair…. there was some seller paid closing costs (just under 3%). But, the contract was below the list price of $232,000!

Typical deal. Realtor writes up contract close to list price with seller paids. All is good in approval land until the appraisal comes in really low. Then, yep, you guessed it, the listing agent calls me to tell me they have another appraiser who will be able to come in higher. They found some comps that were priced higher. Seems that the builder in town is putting out some killer incentives and driving down the existing sales market for the time being…. But they really feel like the property supports the higher price as it has upgrades itself.

But, it seems that this appraiser was willing to build an appraisal out of a deck of playing cards…. because these new comps are NEW CONSTRUCTION.

Now, lets not even get into the discussion about why you can’t use new construction for an appraisal comp on existing sales. I am sure that Meg Stewart can discuss all the ins and outs of that. But for ANY Realtor, regardless of which side of the transaction you are on, to suggest that we ‘need a new appraiser’ is absolutely ridiculous.

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lly low. Then, yep, you guessed it, the listing agent calls me to tell me they have another appraiser who will be able to come in higher. They found some comps that were priced higher. Seems that the builder in town is putting out some killer incentives and driving down the existing sales market for the time being…. But they really feel like the property supports the higher price as it has upgrades itself.

But, it seems that this appraiser was willing to build an appraisal out of a deck of playing cards…. because these new comps are NEW CONSTRUCTION.

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ng sales market for the time being…. But they really feel like the property supports the higher price as it has upgrades itself.

But, it seems that this appraiser was willing to build an appraisal out of a deck of playing cards…. because these new comps are NEW CONSTRUCTION.

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suggest that we ‘need a new appraiser’ is absolutely ridiculous.

I blogged about this a while back, Don’t Be That Realtor
actually got all of 3 comments (one of them was my own comment). It seems that either this topic is a sore subject… or maybe it is just so darn ridiculous that no one thinks it is necessary to mention. But it seems that it IS worthy of mention…. Because it keeps happening!

My first notice of this was when the appraiser left me a message. 30 minutes later I get a phone call from listing agent wanting to use new appraiser. My first phone call was to the referring Buyer’s Agent and she was rolling on the floor laughing. She would NEVER agree to a new appraiser. Besides, the current appraiser is very well respected around town and unless there are some FSBO comps they missed the Listing Agent will have to explain himself to the sellers.

So, we all agreed to have the Seller Agent submit any new comps to the appraiser for reconsideration as they do have a right to challenge the appraisal. And it seems that the Seller Paid Closing Costs will have to be amended out of the contract as the buyer wants to proceed. But myself and the Buyer’s Agent undoubtedly have counseled the borrower/buyer on the ramifications of paying full list price and have encouraged them to resist any thoughts of re-appraising the property so they can roll in the seller paids.

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During the past decade, I have noticed the prevalence of name changing, as I am sure you have also. Several of the organizations with which I am involved have chosen new and different names that they feel represent them and their missions more descriptively. Companies who were ready for a new start have changed names to reflect a new attitude, direction and/or focus. Some of these changes have made a positive difference, others have just caused confusion.

It is undeniable that one of the most important things that business people must do to keep up to date is read business books. However, people with important positions in many companies have to deal with a big problem due to their responsibility positions- lack of time. Fortunately for them, there is a big new trend, there are lot of business books that have been recorded to obtain audio business books.

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