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Bill Cobb

Can Baton Rouge REALTOR® Ask Home Appraiser After Report IsCompleted?

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Real Estate Appraiser with Accurate Valuations Group, LLC LA St Certified 851

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January 29, 2013 08:52 PM

Can Baton Rouge REALTORS® Ask Baton Rouge Home Appraisers About The Appraisal After The BatonRouge Home Appraisal Report Has Been Completed?

This was an actual question I received from a local Real Estate Agent (name withheld) in early 2013 and this was myanswer to them below.

Your question about if you can ask the Appraiser after the report is completed.

Hi Baton Rouge RE Agent, not normally because Appraisers are working for our client, generally the AMC or AppraisalManagement Company for the Lender. AMC's generally now order the appraisals for the Lenders. Appraisers are dutybound, based on confidentiality, to report all finding to the "Intended User(s)" of the report, ie., AMC and Lender and

not the Seller, Listing Agent nor Selling Agent. They will find out soon enough. That's the rule we Appraisers have toabide by. It's the same thing if I go out and perform a Refinance appraisal. I have to turn in the appraisal to my clientand the borrower gets a copy of their appraisal from the lender prior to closing. I can't personally give the borrower acopy. But, I do try to communicate with the Agents during the beginning of the process asking them for their compsthey based listing price, any major enhancements to property and give Agents the courtesy of communication oneprofessional to another.

AND, that was the correction that Dodd-Frank corrected in 08/2010. In 2009, HVCC seemed to cut off allcommunication between the Appraiser and Agent, which the industry realized was a mistake. In 08/2010, Dodd-Frankwas signed into law with the intention of allowing more communication with the Appraiser, allowing borrowers moreadvance copy of their appraisal prior to closing and a rebuttal process when the borrower disagrees with the reportsfindings. I do believe there should be more communication between the Appraiser and Agent, not less.

In my opinion, the Agents should be pro-active with their deals, including having a list of possible updates, meetingthe Appraiser at the property to point out updates, upgrades and presenting them with the comps they used to marketthe property.....because I want to know. However, not ALL Appraisers feel this way. BUT, what's better, handing theAppraiser a list of the comps you thought you comparable at the beginning or after the appraisal is done based on anappeal of value conclusion? I think most Appraisers would rather at the beginning because we're not fond of having torevisit a report that we've already spent hours on.

Baton Rouge RE Agent, if you have any other questions about this, I'll be glad to answer them. Bill

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