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Mandyvilla
2786 Posts |
 Posted - 07/06/2008 : 08:01:36 AM
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Okay, I admit it, I went behind enemy lines, risking life and limb and read the following post on the appraiser's forum. I prefer plagiarism, but copyright regs prohibit me from doing a C&P, so let's hope I get this right.
An appraiser was ticked because the local association of realtors had ruled the transaction information in a sale was confidential and not to be revealed. In this particular case, the seller concessions were requested from the real estate agent and the information was refused. The AG for the state agreed, information did not have to be revealed. The poster went on to say s/he was going to track down the seller or buyer. I brought this up to one of the Directors on our local BOD of Realtors and they are discussing instituting a confidentiality agreement in purchase transactions. The thought is, a home is worth what someone is willing to pay (or what the seller is willing to sell at).
Sounds like appraisals may get a bit more interesting.... |
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nowbroker
1112 Posts |
Posted - 07/06/2008 : 09:50:34 AM
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| Do you know what state that ruling was in? |
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Hopland
1816 Posts |
Posted - 07/06/2008 : 1:28:22 PM
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Value has no meaning without context and without definition. A glass of water is worth one thing to someone dying in the desert and something else to someone drowning in a lake.
quote:
The thought is, a home is worth what someone is willing to pay (or what the seller is willing to sell at).
That is not the defintion of market value an appraiser works with in appraising property for mortgage finance transactions. Please refer to the definition of market value in any Fannie Mae type appraisal report you have laying around. Read the last line and the paragraph below that. The market value definition states cash or cash equivalency. Special or creative financing (concessions, credits, below market interest, etc.) have to be adjusted for in order to meet the cash/cash equivalency component of the market value definition.
The local association of Realtors is wrong on this issue. Most MLS systems are now requiring disclosure of seller concessions.
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frank drigotas j
762 Posts |
Posted - 07/06/2008 : 1:46:52 PM
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Mandyvilla,
Of course you realize that most on BO have no idea about your reference to "carnac the magnificent."
Unfortunately I do.
Heck, I remember "takes a licking and keeps on ticking." (it is so old I doubt that you can Google it).
Don't mean to go one up.
dollar |
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darkstar
16022 Posts |
Posted - 07/06/2008 : 1:56:27 PM
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| Who could forget those hermetically sealed envelopes that were kept in "a mayonnaise jar on Funk and Wagnalls' porch since noon" that day! |
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MisterVA
5999 Posts |
Posted - 07/06/2008 : 4:09:58 PM
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| Or the insults hurled in the direction of Ed should he cast any apersions his way. |
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MisterVA
5999 Posts |
Posted - 07/06/2008 : 4:11:43 PM
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| This one seems apropos. http://youtube.com/watch?v=agFe6h2GvRU |
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Mandyvilla
2786 Posts |
Posted - 07/06/2008 : 10:06:40 PM
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Dollar - the lack of understanding the reference crossed my mind and then I realized I really wanted those that understood the reference to comment. (And a quick peek at nbc.com will bring you more re-runs in their entirety).
So many other things are appraised without knowing the peripheral details......I guess USPAP, or Uniform Standards of Professional Appraisal Practice only applies to real property. What I am trying to say, there are many other things banks lend on besides real estate and an opinion of value, or an appraisal is issued. It's not uncommon for the details of such transactions to be kept under seal.
To answer another poster's question, this was the reference:
http://www.oregon.gov/REA/EDU/docs/OREN-J_12-07.pdf
Our (loan origination) world has been rocked, but it seems like the only thing that has changed in the appraiser's world is to put orders under the thumb of a third party, or AMCs. That certainly takes the pressure off, but I think as these AMCs get more power, AI is going to do for the appraisal what DU did for the lender. And you can't influence AI. See, while the appraisers won't have access to the terms of the other contracts, the AMCs certainly will.
I am beginning to wonder if the USPAP arguments are moot. |
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Hopland
1816 Posts |
Posted - 07/07/2008 : 06:24:02 AM
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quote:
“The existence and details of proposed
sales concessions qualify as
‘confidential information’ under
ORS 696.800 for the purpose of a
real estate licensee’s duty under
ORS 696.800 to 696.870 to maintain
confidential information
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