Have you ever felt like appraisers are anal retentive because they won’t talk about the appraised value with you? What’s their problem? Why won’t they discuss value with real estate agents or even the Borrower? Let’s take a quick look below at a very common conversation and some brief commentary.
Agent: Is it going to “make value”?
Me: I really can’t talk about value with you.
Agent: Oh no, so that means we’re in trouble!
Me: Please don’t read anything into my response. I simply cannot discuss value with you since you’re not my client.
Fussy or ethical? Sometimes it seems appraisers are perceived as being difficult by refusing to discuss the appraised value, but it’s important to understand appraisers are obligated to uphold confidentiality for their client. In the case of an appraisal for a loan, the client is the party who ordered the appraisal. Since the real estate agent is not the one who hired the appraiser, it would betray confidentiality to share the appraised value with the agent. Think of it on the other hand. If an agent ordered a private appraisal to establish a list price, the appraiser should not share the value with anyone else besides the agent. Imagine how it could impact the transaction if the appraiser shared the appraisal or appraised value with prospective buyers or other agents. That could damage the agent’s marketing strategy or potentially hurt negotiations between a seller and buyer, right? Confidentiality is serious business – no matter who hires the appraiser (attorney, home owner, real estate agent, relative, lender, governmental agency…).
Some tips for talking with appraisers: If you’re looking for a bit of advice for talking with appraisers, check out Quick tips for agents for talking to appraisers and Five questions to ask yourself before giving comps to an appraiser.
Does this make sense? Agents, do appraisers still share this type of information with you? I’m curious to hear.
If you have any questions or Sacramento area real estate appraisal or property tax appeal needs, contact me by phone 916-595-3735, email, Twitter, subscribe to posts by email or “like” my page on Facebook