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1004MC/ personal appraisal

Discussion in 'General Appraisal Discussion' started by chris gallo, Oct 19, 2010.

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  1. chris gallo

    chris gallo Sophomore Member

    0
    Mar 15, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    Is the 1004MC required to be completed for a personal appraisal when a homeowner hires you to determine market value for there property?
    Again the client is not a lender, but a home owner.
     
  2. Smokey Bear

    Smokey Bear Elite Member

    0
    Dec 8, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    No. And don't use a 1004 either. Both are specific to lending purposes.
     
  3. CANative

    CANative Elite Member

    526
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    The 1004MC is an assignment condition. If your client doesn't require the 1004MC then you don't have to include it.
     
  4. RSW

    RSW Elite Member

    116
    Feb 18, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    It may not be a bad idea to complete the 1004mc and keep it in your workfile. If not, you should be doing a market analysis of some sort and keeping it in your workfile.
     
  5. chris gallo

    chris gallo Sophomore Member

    0
    Mar 15, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    Thanks, I did not use the 1004 and have never completed the mc form on a personal appraisal assignment, but the homeowner has taken the report to a lender to try and get refinanced and they are stating that the mc form is missing. I told her from the begining that a lender would not be able to use the report as they would not be the client and that the report is also on a personal form for her only. They will also want to use one of there own appraisers on there panal as well. They questioned my fee as being suspiciously low at 275.00. That is more than I recieve from any AMC these days and concidered myself lucky. They then told her she needs to pay 400.00 for another appraisal. Gee, I wonder how much the other appraiser will get from that.
     
  6. CANative

    CANative Elite Member

    526
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    They questioned my fee as being suspiciously low at 275.00.

    :angry:
     
  7. Lloyd Bonafide

    Lloyd Bonafide Senior Member

    0
    Jan 15, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I find that your $275 fee was suspiciously low, too. :new_smile-l:
     
  8. CANative

    CANative Elite Member

    526
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Chalk one up to the AMCs C&R position.
     
  9. chris gallo

    chris gallo Sophomore Member

    0
    Mar 15, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    You think so, I have always had less of a fee for a personal assignment and have been called back every now and then or referred to someone else.
    I assumed it was partially based on fee and hopefully more so on professionalism. I am lucky to see 6-8 personal assignmnets in a year. Its not like its booming or anything. Most of the calls are price shopping and I don't get calls back a whole lot at 275.
     
  10. NC Appraising

    NC Appraising Senior Member

    0
    Apr 28, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    [​IMG]

    You make him smile!!!

    Let me guess, it's still more than you made with your mentor right? Buuttt..your mentor was making +-$325.... Whats wrong with this picture?




    PS, thanks for keeping the fees lows, and having the AMC phone monkeys ask: I have other appraisers that will work for xxxx?
     
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