1,506,013
Sounds to me like it would be a conflict of interest, but if the bank doesn't see it that way then who am I to argue? So long as the appraisal comes in, that's all that matters.
-
Debe Maxwell, CRS
Charlotte, NC
-
Steve Higgins
Kelowna, BC
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Anna "Banana" Kruchten
Phoenix, AZ
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Kathleen Daniels, Prob...
San Jose, CA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Lyn Sims
Schaumburg, IL
613,494
That would be a major conflict of interest...regardless if the appraisal is done by the sellers agent or the buyers agent.
But...how would the lender even know that they were the same? I don't recall seeing any appraisal with the name of the listing or selling agent.
Eve
-
Debe Maxwell, CRS
Charlotte, NC
-
Steve Higgins
Kelowna, BC
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Anna "Banana" Kruchten
Phoenix, AZ
-
Nina Hollander, Broker
Charlotte, NC
-
Kathleen Daniels, Prob...
San Jose, CA
-
Candice A. Donofrio
Fort Mohave, AZ
3,383,384
No way. An appraisal in an impartial party's opinion of value. Listing agent is anything but impartial.
-
Debe Maxwell, CRS
Charlotte, NC
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Anna "Banana" Kruchten
Phoenix, AZ
-
Nina Hollander, Broker
Charlotte, NC
-
Eve Alexander
Tampa, FL
-
Candice A. Donofrio
Fort Mohave, AZ
1,056,262
I can't imagine a lender finding that acceptable, given the laws in place over the past 10 years.
-
Debe Maxwell, CRS
Charlotte, NC
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Anna "Banana" Kruchten
Phoenix, AZ
-
Nina Hollander, Broker
Charlotte, NC
-
Eve Alexander
Tampa, FL
-
Lyn Sims
Schaumburg, IL
1,553,094
I agree with Ryan Huggins - Thousand Oaks, CA
If the bank allows it, I suppose I'd only hypocritically oppose it if it didn't come in at value. Seems a risky proposition; hope the money is worth the liability.
-
Ryan Huggins - Thousan...
Thousand Oaks, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Jerrill Ewing
Eatonton, GA
2,684,569
I wouldn't recommend it, nor would I use such a person to market my own properties.
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Steve Higgins
Kelowna, BC
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Jerrill Ewing
Eatonton, GA
715,782
If done on behalf of the seller to help set an asking price, this is a wonderful service that an agent/appraiser could do to help the seller be realistic on their pricing. However, if the appraisal is done on behalf of the buyer's loan, there is definately a conflict of interest and that agent/appraiser should not have accepted the appraisal without fully informing all parties. Any buyer's agent would advise their client to request a different appraiser.
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Kathleen Daniels, Prob...
San Jose, CA
5,112,421
Sounds like a terrible potential conflict of interest even if it's not illegal to do so. Dual agency is bad enough... but this sounds like it's really pushing the envelope.
-
Bob "RealMan" Timm
Minot, ND
-
Steve Higgins
Kelowna, BC
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Kathleen Daniels, Prob...
San Jose, CA
5,060,488
This is a huge conflict of interest. Did bank approve?
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Nina Hollander, Broker
Charlotte, NC
3,349,349
I would not think so ... let's see how this one plays out.
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Steve Higgins
Kelowna, BC
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Nina Hollander, Broker
Charlotte, NC
2,784,566
It can be argued and challenged if something goes wrong
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Anna "Banana" Kruchten
Phoenix, AZ
-
Peter Mohylsky, Beach ...
Miramar Beach, FL
-
Nina Hollander, Broker
Charlotte, NC
921,504
If the seller 'purchases' the appraisal in preliminary action to selling, the agent doing the appraising is ok.
As soon as a 3rd party (buyer) and 4th party (lender) enter the fray, an attorney would advise, "When there are CONSEQUENCES you need to get out or lawyer up."
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Kathleen Daniels, Prob...
San Jose, CA
1,456,919
We had one in our market who attempted to be dual and failed miserably. Spent more time in court than in the field, lol. Not advisable!
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Anna "Banana" Kruchten
Phoenix, AZ
-
Kathleen Daniels, Prob...
San Jose, CA
2,071,025
Is it acceptable?
No, at least not to me.
-
Debe Maxwell, CRS
Charlotte, NC
-
Steve Higgins
Kelowna, BC
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
3,589,741
I can smell the conflict....and what comes from that? Lawsuits. Why would somebody put themselves or their broker on the line like that? ___________
One word!
-
Debe Maxwell, CRS
Charlotte, NC
-
Steve Higgins
Kelowna, BC
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
381,017
have never seen that.
-
Debe Maxwell, CRS
Charlotte, NC
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Jerrill Ewing
Eatonton, GA
1,206,228
Not really, but did the numbers work out? We’re there any contentious issues?
-
Debe Maxwell, CRS
Charlotte, NC
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Peter Mohylsky, Beach ...
Miramar Beach, FL
2,191,738
Conflict of Interesr
-
Debe Maxwell, CRS
Charlotte, NC
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Kathleen Daniels, Prob...
San Jose, CA
7,862,651
Nope.
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
1,846,901
I thought no. Can't be an agent & an appraiser on the same transaction. Anybody here an appraiser? I bet it's in their rules.
-
Debe Maxwell, CRS
Charlotte, NC
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Candice A. Donofrio
Fort Mohave, AZ
808,179
What are your State rules? It may be acceptable, however I don't it would be ethical.
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Wanda Kubat-Nerdin - W...
St. George, UT
2,071,086
I would think that would be the 900 lb. gorilla of conflicts-of-interest.
-
Debe Maxwell, CRS
Charlotte, NC
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
2,399,894
I do not believe it is allowed in the great state of North Dakota Wanda Kubat-Nerdin - Wanda Can!
-
Steve Higgins
Kelowna, BC
-
Debe Maxwell, CRS
Charlotte, NC
5,253,385
NO WAY! Can you say conflict of interest?!
Anyone doing that is just LOOKING for litigation!!
-
Steve Higgins
Kelowna, BC
420,003
If seller or buyer get their own appraisal, this is generally never going to be used by a lender. Lenders are not allowed to pick or speak to appraisers, and they would not allow a party to the transaction to pick the appraiser. We all work through a service company that does the assignment and ordering in the dark. HOWEVER on jumbo loans OFTEN two appraisals are required and lenders use the lowest one.
2,162,898
902,038
Don't know if it's legal in your state, but certainly sounds like it's a conflict of interest.
3,416,038