What do you do, if a real estate agent refuses to disclose the amount of nrcc's to the appraiser? I called a real estate agent on a comp I was using, to find out the amount they gave back, so I can take it off of the sales price, which is my understanding, your suppose to do. They agent replied with I don't have to tell you. I said yes you do, told him I was an appraiser. He replied with: "oh, well all i'm going to tell you is it is well over $10,000"
I thought to myself, well that's funny, considering it sold $50,000 + over the last list price. I decide not to use this property as a comp, due to things just not adding up, so I considered it a non arm length sale. Back to the question: What do you do, if a real estate agent refuse to disclose the amount of nrcc's to the appraiser?

Hi London,

Many Real Estate Agents in my area are very un-cooperative. These type of Agents may have several odd reaons why they do not wish to disclose concessions of any kind. You were speaking of financing consessions, right? They truly believe this type of conduct will benefit them in the long run :rolleyes: No big deal, they just hurt themselves in the long run, in my eyes. I think they have the right to disclose what they want and refuse to disclose what they want :)

The agents that I come across that have no valid reason (other than state, federal, or local laws) to cooperate with an individual whom professionally prepares an intelligent, credible, opinion of values for their market area do need to re-think their business attitude toward the Appraiser.

I remember, for one instance last year (great insults last forever), an agent would not help in answering a few questions about a sale I would have liked to use as a comparable, if everything checked out. She insulted me and, preferred to use sarcasm when suggesting that I look for another a sale, stating that, quite simply, I was not allowed to use any sales she or the company she represented was involved in, for any type of Appraisal OR research. Also giving me a mental note that the law said so! - In order to back these ignorant claims.

What did I do? Well, I simply drove to the courthouse two Parishes away and researched, called the buyer and seller involved with the subject for verification purposes, and inspected the exterior of the sale I wanted to use. I did the best I can to the best of my ability and I disclosed, disclosed, disclosed!

Maybe "some" agents have a lot to hide. No telling what goes through their commision driven, egotistical, mind.

I know it is extremely aggravating to speak with real estate agents. In my brief Trainee career and my long awaited duration to become a Trainee, I have had nothing but bad experiences associating with real estate agents (laughing: REAL-A-TOR!). However, I can't say the same for "some" real estate brokers; whom which are settled/established/professional, individuals.

I have no true answer to your question, but I definitely know the feeling when attempting to derive market data from a real estate agent.

First thing I would do: try to keep my composure; and try to remind myself that I AM a professional.

Second thing I would do: convince the real estate agent that it may be a good business decision to help an Appraiser in accurately describing social behavior within the market. ...Of course (smiling) this is the hard part.

Third thing I would do: follow up on what the real estate agent has already provided to see where it leads. Attempt to find an owner's name and/or buyer-seller's name, whom ever was involved with the subject and may know the answer that is in lingo, to verify the missing market data.

Fourth thing I would do: Try not to make any assumptions about market financing conditions. If concessions are not known, then disclose what is in your scope of work. Explain to the client the scope of work involved.

Lastly, when exhausting all efforts in order to produce a great report, and nothing can be verified, consult a peer in your area if need be. Your local peer may know something that can help you.

Every Appraiser handles issues/situations differently. If I was able to provide some help for you, I'm glad to have been able to provide words of meaning. If not, hope you find better answers through some one else that may have a difference of opinion :)

Sincerley,
Benji

Thank you Benji! I exausted every lead, and finally got someone to talk to me.
I really do appreciate your advice on this issue. Now I can finally move on with this report. Thank you:)
Sincerely,

London