Comments on: http://movetotheballoon.com/las-vegas-market-data/243/ Just another WordPress weblog Thu, 06 May 2010 14:42:59 +0000 hourly 1 http://wordpress.org/?v=abc By: timkuptz http://movetotheballoon.com/las-vegas-market-data/243/comment-page-1/#comment-89 timkuptz Fri, 13 Nov 2009 01:46:37 +0000 http://timkuptz.wordpress.com/2009/10/28/243/#comment-89 Patrick- Good points. I am not a big shot in the market as I have only clsoed maybe 80 listing sides this year. In those number of sides, I have talked to the appraiser on 4 occasions. 2 of them was due to the appraiser just looking for the contract. With the number of sides out there with me as contact, I would think I would have more calls on my closings by appraisers. I have talked to a handful about my pendings for competing deals - but not as much as i should expect based on your comments. I think you and I will agree that maybe not all of us perfom at the levels we should. I am also aware that some of my compadres out there either have little professional courtesy and/or time (some REO listing agents) to be a part of the solution. You still rock Patrick. Thanks for stopping by and elevating the discussion. Patrick-
Good points. I am not a big shot in the market as I have only clsoed maybe 80 listing sides this year. In those number of sides, I have talked to the appraiser on 4 occasions. 2 of them was due to the appraiser just looking for the contract. With the number of sides out there with me as contact, I would think I would have more calls on my closings by appraisers. I have talked to a handful about my pendings for competing deals – but not as much as i should expect based on your comments. I think you and I will agree that maybe not all of us perfom at the levels we should. I am also aware that some of my compadres out there either have little professional courtesy and/or time (some REO listing agents) to be a part of the solution. You still rock Patrick. Thanks for stopping by and elevating the discussion.

]]> By: Patrick Egger http://movetotheballoon.com/las-vegas-market-data/243/comment-page-1/#comment-88 Patrick Egger Fri, 06 Nov 2009 22:13:49 +0000 http://timkuptz.wordpress.com/2009/10/28/243/#comment-88 Tim, The recovery is not in the hands of appraisers, but rather that of agents and the MLS. 1) We are required to use the federal definition of market value, something most agents are not aware of. 2) We are required to verify closed sales and provide verified listings, something we can’t get agents to return calls on. 3) We only have 48 hours to accomplish this. Many listings are getting multiple bids and closing above list prices, but we can’t get confirmation of this for our reports to support higher values. Lenders require 3 sales closed in 90 days, one of which must have closed in the last 30 days, they also require 2 listings, preferably pending. The other day I did a property that was offered below market ($70,000), got multiple offers with the best at $80,000. I had 9 comps in the report, 6 closed, 3 pending. The MLS sales/listings were mostly REO and short-sales, a few normal transactions, most had minimal information, nothing on condition, repairs needed, etc.. I placed calls and sent e-mails to all 12 agents, only one response back. I believe that several of the listings will close above list price (based on trends we’re seeing), but regulations require me to prove it (verification from the agent) or accept it at face value and apply the historical list/sp ratio. We all drink from the same information well and we rely on the agent to enter as much as possible in their listings so we know what we need to know. We all want to see the market correct, but we can’t do our part unless agents do theirs. The experience I outlined above isn’t isolated. It’s typical of what we experience daily. We don’t have to know the “exact price” of deals in escrow, but if we could get a return call and some idea of the price, (it’s in escrow slightly above/below list, around $XXX, etc., poor condition, missing a kitchen, anything that would give support or explain why), it would make a difference. Lenders and reviewers have access to the MLS and they rely on what’s in there as well. We know many properties are listed low, but we need to have verified and documented evidence in the report to convince the lender. As always, enjoy your posts … Patrick Egger Certified General Appraiser LVREQA@cox.net Tim,

The recovery is not in the hands of appraisers, but rather that of agents and the MLS. 1) We are required to use the federal definition of market value, something most agents are not aware of. 2) We are required to verify closed sales and provide verified listings, something we can’t get agents to return calls on. 3) We only have 48 hours to accomplish this.

Many listings are getting multiple bids and closing above list prices, but we can’t get confirmation of this for our reports to support higher values. Lenders require 3 sales closed in 90 days, one of which must have closed in the last 30 days, they also require 2 listings, preferably pending.

The other day I did a property that was offered below market ($70,000), got multiple offers with the best at $80,000. I had 9 comps in the report, 6 closed, 3 pending. The MLS sales/listings were mostly REO and short-sales, a few normal transactions, most had minimal information, nothing on condition, repairs needed, etc..

I placed calls and sent e-mails to all 12 agents, only one response back. I believe that several of the listings will close above list price (based on trends we’re seeing), but regulations require me to prove it (verification from the agent) or accept it at face value and apply the historical list/sp ratio.

We all drink from the same information well and we rely on the agent to enter as much as possible in their listings so we know what we need to know. We all want to see the market correct, but we can’t do our part unless agents do theirs.

The experience I outlined above isn’t isolated. It’s typical of what we experience daily. We don’t have to know the “exact price” of deals in escrow, but if we could get a return call and some idea of the price, (it’s in escrow slightly above/below list, around $XXX, etc., poor condition, missing a kitchen, anything that would give support or explain why), it would make a difference.

Lenders and reviewers have access to the MLS and they rely on what’s in there as well. We know many properties are listed low, but we need to have verified and documented evidence in the report to convince the lender.

As always, enjoy your posts …

Patrick Egger
Certified General Appraiser
LVREQA@cox.net

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