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charged back for review appraisal

Discussion in 'General Appraisal Discussion' started by Timothy Hogan, Nov 3, 2009.

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  1. Timothy Hogan

    Timothy Hogan Sophomore Member

    0
    Mar 23, 2004
    Professional Status:
    Certified General Appraiser
    State:
    New Jersey
    Has anyone had a bank try and charge them back for reviews done on their reports? I appraised 5 commercial properties as part of one appraisal assignment and the bank had the reports reviewed. Now, 3 months later and I still haven't been paid but the bank just announced they were deducting $950 from each property fee to cover the expense of the reviews. How is this legal? Doesn't that promote "chasing a number", in that the bank won't pay me my full fee unless I hit some imaginary "preconceived" number? Getting reviewed has never concerned me because I believe I deliver a quality report that can stand up on its own. Do I have recourse somehow?
     
  2. ETex2

    ETex2 Sophomore Member

    0
    Dec 10, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Texas
    You always have recourse. Anyone can file suit against anyone for almost anything.

    I've never heard of this - just send them a bill for the remainder and call them when they are late like they would to anyone who owed THEM money. Or file suit. It will help if you had some type of written agreement with them.
     
  3. Lysander in Charlotte

    Lysander in Charlotte Member

    0
    Jan 16, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    This is a new level of absurdity. It's the client's perogative to have any appraisal reviewed but not at your expense. Given this logic, there is no reason not to have every appraisal reviewed because the appraiser pays for th review.

    It sounds like a newbie at the bank ordered reviews not realizing that the bank or the bank's client had to pay for them. If you speak with someone in authority at the bank, they will likely pay you and apologize.
     
  4. CANative

    CANative Elite Member

    168
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Send a bill to their borrower for the balance along with a nasty message about their lender not paying their bills.
     
  5. Mike Kennedy

    Mike Kennedy Elite Member

    93
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Written Engagement Letter stipulating Terms of Fee Payment when services rendered i.e. delivery of the single (multi-report) assignment? Late Fee terms included in that Letter of Agreement? Letter signed and received back from client PRIOR to beginning the assignment? Any "review charges" stipulated at the time of the assignment AND included in the Engagement Letter?

    Consult an Attorney - get the facts in YOUR state.
     
  6. jay trotta

    jay trotta Elite Member

    14
    Feb 8, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Connecticut
    Would agree with Mike, especially in regards to Commercial work; I know quite a few commercial guys and they never do a job without a Signed Engagement Letter.

    Got yours ?
     
  7. CCAAMO

    CCAAMO Senior Member

    0
    Sep 17, 2007
    Professional Status:
    Certified General Appraiser
    State:
    California
    I have never head of a bank charging the appraiser for a review. Have you called the bank and tried to straighten the problem out yet?
     
  8. Timothy Hogan

    Timothy Hogan Sophomore Member

    0
    Mar 23, 2004
    Professional Status:
    Certified General Appraiser
    State:
    New Jersey
    Yup, have the signed engagement letter, had all the paperwork in order prior to start of job. Will call the attorney tomorrow.
     
  9. Elliott

    Elliott Elite Member

    35
    Apr 23, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Oregon
    I don't ever recall being charged for a review. Was it specified in your engagement
    letter? This must be the brave new AMC world? Time to call your client and ask WTF?
     
  10. Riick

    Riick Elite Member

    32
    Aug 14, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Delaware
    That bank has a sh**load of nerve, they've unilaterally changed a contract. Illegal, Immoral, and stinks to high heaven. .
     
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