Real estate media magnate Brad Inman invited me to do a segment for Inman TV. I touched on appraisal pressure, foreign investment in real estate and the cause of the booming NYC real estate market.
I got to actually meet Brownstoner.com legend Jonathan Butler who was taping before me. Lockhart Steele of Curbed followed me (I felt like the marshmallow in a peanut butter and marshmallow sandwich). Brad is doing some very cool frontline reporting of all things real estate.
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Ha ha, how gentlemanly of you to not correct your host on the name of your blog.
Brad was too quick to point fingers regarding appraisals. The people who most want a property to appraise out are the seller and the buyer, I think. Yes, the real estate agents don’t get paid if the deal doesn’t go through, but I know I can find my buyer client another home, so whether or not a specific home appraises doesn’t concern me.
Actually, as my buyer’s agent, I would prefer the property NOT appraise out, because then we can renegotiate the sales price, downward. My client’s even happier, as a result.
Right?
The best line in the interview was when Jonathan essentially stated “there was a time when getting on a bank’s approved list was considered an honor.” Oh how so true Jonathan! For the past five years, every January or February numerous banks in my local market contact me and ask for “my package” so they can add me to their approved commercial appraiser list. After a few years the wow factor went away and I realized that I was getting little to no assignments from 90% of these banks and all they were doing was developing a stable of appraisers to show the bank regulators and examiners. In recent years I’ve wised up and I now politely decline 90% of the requests and give them the reason why in black & white. And believe me it speaks volumes and good things for both sides have come of it. Although hard to fathom, perhaps the day will come when appraisers will require prospective banks & lenders to complete an application with a fee just to cover our administration costs.
jose