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Should real estate agents give appraisers “comps” at an inspection?

January 30, 2012 By Ryan Lundquist 2 Comments

To give comps or not give comps? That is the question. I met up with Realtor Steve Ostrom last week and we talked about whether a real estate agent should give an appraiser “comps” or not when meeting the appraiser at the inspection. Steve talked about why he always meets the appraiser at the property and I gave some tips for interacting with appraisers around this issue. Due to HVCC, there is still some confusion over whether agents can even talk to appraisers, but they definitely can (just don’t try to pressure for a certain value). Check out the video below (or here). Let me know what you think. I’d love to hear from other agents and appraisers especially. Any questions?

NOTE: In quite a few cases the “comps” provided by real estate agents are really not all that “comparable” to the subject property. It can be valuable when agents share their market insight with appraisers, but my advice to agents is to make sure the sales really are comparable and located in the same market area. This comes back to the difference between a property that is truly competitive / comparable (“comp”) to the subject and a sale that meets a certain price level.

If you have any questions or Sacramento area real estate appraisal or property tax appeal needs, contact me by phone 916-595-3735, email, Facebook, Twitter or subscribe to posts by email.

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Filed Under: Appraisal Stuff, Resources, Videos Tagged With: agents talking to appraisers, appraisal service in Sacramento, appraisers and real estate agents, careful about pressuring for value, give comps to appraiser, give comps to appraisers, Home Appraiser, Home Valuation Code of Conduct, HVCC, influencing value of appraiser, Realtor Steve Ostrom, Roseville and Rocklin Real Estate Agent, Video Interview

Reader Interactions

Comments

  1. Heather Ostrom says

    February 4, 2012 at 8:03 AM

    Great video Ryan! You two did a great job here and inspires me to work on our agent education videos. 🙂

    Reply
    • Ryan Lundquist says

      February 4, 2012 at 8:22 AM

      Thanks so much, Heather. It was fun to do this video and I think it flows very naturally. A one-take conversation. That’s good.

      Reply

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