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Risky business - and - would a lender accept an appraisal done by one of the agents involved in the transaction as an agent as well?
Nina Hollander, Broker
Tony and Suzanne Marri...
It certainly calls for full disclosure on the home inspector part, but I don't think it is possible to sell and appraise the same property. I have been certified as an appraiser at one time but my primary purpose was the knowledge base about valuing a home.
Personally, I would be very very careful about doing so. Lenders order appraisals most of the time, so it would be hard to appraiser your own sale. But doing inspections might lead to more liability than it's worth.
Potential for a conflict of interest.
Evelyn - I just want to be Real Estate Agent/broker....lol.
I would not try to do my own appraisals or home inspections due to conflict of interest. My broker wouldn't allow any agent in our office to do it either. I would get licensed to do other repairs like general contracting, plumbing, etc.
Evelyn Johnston Disclose, disclose, disclose. Don't do it if there is any potential for a conflict of interest.
I would not do it.
Good morning Evelyn. I see that as a conflict of interest, not something I would be willing to do.
I would think it would be a conflict of interest. You sure would be busy though.
Evelyn, getting several licenses isn't really problematical, but using more than one in a single transaction could get interesting.
Back in the day when many agents were taking loan applications, always thought this was a conflict of interest.
It is hard to do all of them WELL
I don't think multiple licensing would benefit me but the knowledge gained by the training would. I agree with Annette Lawrence , Palm Harbor, FL 727-420-4041 about the benefit for clients with whom I have done repeat business and have a long term relationship. But as Annette said I would not produce a written report for them.
Here in CA you can be Appraiser & Realtor & mortgage rep. I worked with many Realtors who also were helping with a loan( have to be a broker, I believe).
I think it's a gray area to use yourself in a transaction, but the code of ethics says that it's ok as long as you disclose.
I don't believe it would be ethical to be the appraiser or inspector for any of your own transactions.
Many loan persons represent buyers to enhance income.
You can do all these tasks(LOAN is what you need to replace Appraiser by).
Should be independent.
If it can be done...If one has the desire...unleash it!
Legally there is a conflict of interest in many cases of multiple license usage and when you file your taxes, the IRS likes legal activity to be reported if you want a refund. Be sure there are no legal issues when you are conducting multiple services for your clients.
With investors or repeat buyers, those with whom I have a long established BUSINESS relationship, I can see significant benefit.
However, the once every 15 year buyer/seller that I met for the first time yesterday, I would not. However, even in this instance, I would use those skills to the benefit of the buyer or seller but I would NOT produce a report for them in any of those disiplines.
I think agent and appraiser might not fly with the banks, agent and home inspector I guess could work, but you might be opening yourself up for some lawsuits. If it were me, I'd focus on one and be the best at it, chances are you'll make more money doing that compared to several just being ok.
The one I have considered is real estate agent and insurance. Not pursude it in the least yet, but it has crossed my mind.