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  • Should a Buyers Agent be the Point of Contact for the Appraiser?

    I had an appraiser call on one of my Pending REO Listings. The Buyer's Agent had told me that the FHA appraisal was completed two weeks ago. I checked with the Buyer's Agent, because I had to have the home winterized, and wanted to make sure her appraisal was coordinated before that date, because they will require the water be available from the home for an FHA appraisal. It is a bank owned REO, and I have to make sure the home has been properly winterized to avoid unnecessary damage. It costs money to winterize and de-winterize a home ($200 +/-), but it protects the asset, so it is a precautionary practice.

    The appraiser asked me about access. As a rule, when I am the Buyer's Agent, I always ask the Buyer's Lender to make me the point of contact for the appraiser. Why? This keeps me posted on the Lender's progress of the loan. In the day of foreclosures and per diem, we have got to get these transactions closed on time! Otherwise it costs our Buyer Clients $50-$100 bucks a day. This is spendy, and unaffordable to many. Even more than that, it can be avoidable if I am alert during my transactions. It is a protection for Lenders that may have dropped the ball as well.

    I gave the appraiser the Buyer's Agents phone number. I revealed to him that the Buyer's Agent had told us the appraisal was completed two weeks ago. The due date the appraiser had on completing the appraisal was the day AFTER our COE date. I was totally perplexed. Further, I know the home is winterized and relayed this to the appraiser as well, along with the fact that my Client would not afford the cost of de-winterizing the home AGAIN for an error made by the Lender. If it was not de-winterized at the time, the Buyer's would have to pay the appraiser a site re-visit fee to confirm the water is fully functional to the home. I think the revisit fee is generally between $100-$150.

    It seemed appropriate that the Buyer's Agent help her Clients make some choices. First, should they contact the Lender to find out if this is in error? Should they make arrangements with me, or with a contractor to have the home de-winterized so they can avoid the appraiser requiring a site re-visit fee and to avoid any further delays that they will be charged a per diem fee?

    Instead, the appraiser called me back and told me the Buyer's Agent referred him back to me. Alright, if you want me to give him access, I will, but it is to the detriment of your Client...........but I guess that is okay with this agent.

    I was chatting with the appraiser and he told me he always calls the Listing Agent, as a practice, for access. I was not familiar with this particular appraiser, he does most of his work outside of my service area. It is standard practice in my area, for Lenders to name the Point of Contact for the appraiser to call. What is typically done in your area? With the Lenders inability to contact appraisers directly now, it really requires we take additional steps to ensure our transactions are moving along.

    Do you take these extra precautions when representing the Buyer, to ensure timely closings, or is this not an option offered by your lenders? Do you just tell them to contact the Listing Agent.

    Please post your comments below, thanks for reading!
    Last edited by Kim Knox; 10-23-2012, 10:07 AM.
    Kim Knox
    Principal Broker, Owner, ABR, GRI, PME, A-REO, REDCpro,
    541-899-7222
    Licensed to conduct Real Estate in the State of Oregon

  • #2
    Should a buyer's agent be the point of contact for the appraiser?

    I totally agree with you, as the buyer's agent I always want to know when the appraisal is being done and since lenders can no longer "talk" to the appraisers this gives me a chance to relay any pertinent info that they might need. As far as an out of town appraiser goes, I always ask where they are from and if they are not familiar with our area I request the lender to ask for another local appraiser.

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    • #3
      Historically it has always been the listing agent.

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      • #4
        Why would the Buyer Agent set up the appraisal? The appraiser calls the buyer agent to set an appointment with my seller? If it is my listing, and I sold it for top dollar, I would want to meet the appraiser at my listing. I even take the lock box off so the appraiser must call me. When the appraiser calls, I ask how long they have been appraising, I ask them if they see any problems with the value before they enter my listing. I ask them When Will You Have This Finished? If they give me a hard time, I call the Buyer's lender and ask for a different appraiser to be assigned to the file. I tell them I went to appraisal school (to learn how to do BPOs) an appraisal is one person's opinion on that one given day. My sellers do not offer to look at FHA offers (there are 3% down conventional loans) because IF a FHA appraisal comes in low, my seller is stuck with that price for the Next 4 Months? I will not let an appraiser dictate market value on my listings for the next 120 days. Last time I did, the FHA appraisal can in at $99,000. We canceled the escrow and I sold the property 8 days later and received a conventional appraisal of $108,000. Who is taking care of their Seller now? As listing agent, I call all parties involved in my pending files every Friday. I hold all parties accountable for doing their job in a timely matter. Over 90% of my files close on time because people do what you inspect, not what you expect.

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        • #5
          I am always the listing agent annd am often named as point of contact. This designation is made by the buyer's agent presumably because they want to save their time. I am happy to meet the appraiser, even provide them with information. Still it seems lax on the side of the buyer's agent.
          Pamela Palmer, Office Manager, Prudential Fine Homes Specialist..916-837-4500
          El Dorado Hills, Folsom, Sacramento California Sales & Marketing
          http://www.askpamela.com

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          Kim Knox Principal Broker serving Jackson County Oregon. Find out more about Kim Knox

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