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I'm trying to buy a house, and I'm getting frustrated.
The listing agent (sellers agent) keeps contacting my bank anytime something is not coming back in the sellers favor, and then directing the bank on how to proceed. She is doing this without my permission, and I think that smells fishy.
The main problem is the apprasial performed by the bank came in low, so she immediately filed two appeals with the bank directly and without discussing with my or my agent first. She sent this appeals in at midnight and did not let us know, so by the time we found out, the appeals were already filed.
Is this wrong, and if so, what can be done? I do not want the seller agent negotiating with my bank, in no small part, they know far too much about me that I do not want shared with the sellers agent.
I would have a major issue with both what the seller's agent is doing and if my bank was taking direction or giving out information to anyone other than me or my agent.
Our contracts have a release in them for the buyer and listing agent to call the lender directly to get non-confidential information such as status updates. So from where I sit, there is nothing unusual about what the agent is doing and it sounds like she is advocating hard for her client, the seller. The listing agent's job is not to advocate for you. So, where is your buyer agent in all of this and why didn't your lender tell you the listing agent was filing an appeal?
The listing agent isn't negotiating with your bank. She is trying to get more money for her seller client, which is her job. She clearly knows the process and is working it for her client.
The appraiser took great offense to the multiple appeals that went to him, and filed a complaint with the government for undue pressure on appraisers. He also notified my bank of this, and now they are not sure they want to issue the loan because the apprasial process has been tainted.
So, while I don't really care if the listing agent was getting a "status update", her actions she has taken with my lender may have screwed up my loan and cause me to lose the house, which is irritating to say the least.
The appraiser took great offense to the multiple appeals that went to him, and filed a complaint with the government for undue pressure on appraisers. He also notified my bank of this, and now they are not sure they want to issue the loan because the apprasial process has been tainted.
So, while I don't really care if the listing agent was getting a "status update", her actions she has taken with my lender may have screwed up my loan and cause me to lose the house, which is irritating to say the least.
Appealing appraisals is totally normal. The appraiser needs to grow up and figure out how to deal with aggressive people. The appraiser just needs to stand firm if he feels that he did his job properly. I'm not impressed with your lender either.
Our contracts have a release in them for the buyer and listing agent to call the lender directly to get non-confidential information such as status updates. So from where I sit, there is nothing unusual about what the agent is doing and it sounds like she is advocating hard for her client, the seller. The listing agent's job is not to advocate for you. So, where is your buyer agent in all of this and why didn't your lender tell you the listing agent was filing an appeal?
The listing agent isn't negotiating with your bank. She is trying to get more money for her seller client, which is her job. She clearly knows the process and is working it for her client.
Do you equate "getting a status update" with filing appeals on the appraisal?
And do you think it would be proper for a bank to accept an appeal from anyone other than the person applying for the loan?
Do you equate "getting a status update" with filing appeals on the appraisal?
And do you think it would be proper for a bank to accept an appeal from anyone other than the person applying for the loan?
Appraisal is an opinion, and an opinion on the value of the sellers' property, with impact on the sellers' financial status.
An inept appraisal, and they do happen, is material to the transaction. Sellers can be harmed by inept appraisal, and a proactive agent providing accurate information is serving both sides of the transaction, as well as supporting her fiduciary duty to her client.
Of course, the bank should accept the information and consider whether it is more appropriate than that provided in the appraiser's opinion.
Appraisal is an opinion, and an opinion on the value of the sellers' property, with impact on the sellers' financial status.
An inept appraisal, and they do happen, is material to the transaction. Sellers can be harmed by inept appraisal, and a proactive agent providing accurate information is serving both sides of the transaction, as well as supporting her fiduciary duty to her client.
Do you equate "getting a status update" with filing appeals on the appraisal?
And do you think it would be proper for a bank to accept an appeal from anyone other than the person applying for the loan?
I have no issue with the listing agent's actions. It is her job to advocate for her seller. She is doing that, very aggressively, but she is honoring her fiduciary duty to her client to get them the best price.
I do take a strong issue with the lender's actions. The listing agent is more than welcome to try and file the appeal and in no way shape or form should the lender have filed it because it didn't come from their client.
I am also trying to figure out where the buyer agent is in all of this because they should be all over the listing agent for this.
You asked two questions. The answer to the second question is more interesting than any response to the first.
Clearly, the points in my response answer question #2 in support of the agent's actions.
Yes, the bank should accept the appeal if they want to. That does not mean that the appeal is accurate. The bank needs to make a good decision, however they decide to procede.
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