Appraisal came in low. Listing agent protested. Loan officer asked for the comps the agent had that justified the purchase price. Listing agent said, ‘I don’t have any’.
Loan officer tried again. ‘Do you have your CMA from when you listed the property?’ ‘I don’t know how to do those’, was the response. The loan officer asked the agent how they came up with the list price and the agent’s response was, ‘the seller picked it’.
How can an agent possibly expect to succeed in this business if they don’t know how to do a Comparable Market Analysis? And what does this story say about the training this agent is NOT getting?