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Equity Line Issue

Discussion in 'General Appraisal Discussion' started by Bobby Bucks, Nov 25, 2003.

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  1. Bobby Bucks

    Bobby Bucks Elite Member

    51
    Jan 27, 2002
    Professional Status:
    Real Estate Agent or Broker
    State:
    North Dakota
    I completed an assignment last month for Bank #1 for a purchase. Everything about the sale and assignment was normal. I got a call today from a LO at Bank #2 about an equity line on the property. I called back assuming it would be an easy way to get on this bank’s list by doing a new
    assignment with “recent data”. When I got this guy on line he was demanding and very rude. He wanted to know why my license wasn’t included with the report and said he needed me to fax it to him ASAP. He also said he needed an additional comp because comp #3 sold in April and was too old. When I told him I didn’t like his attitude and if he wanted a report he needed to fax over an appropriate order form for a "new assignment" and I would charge an appropriate fee. He got even ruder and said no way was he going to pay a fee because his bank doesn't charge customers a fee for equity lines. Click. I hung up on the rascal. One of the perks of self-employment. :) He’s yesterday’s news now and doesn’t exist anymore in my mind. The borrower left a message about an hour later and was very polite and curious and simply wanted to know what he could do. Question. Since I have never done business with Bank #2 and my only relationship with them ever was this brief, nasty conversation, does anyone see any problem with me calling the borrower and recommending he call bank #3 which does great equity lines for no fee to borrower, but pays for the appraisals.....they see it as an inexpensive way to get a new customer. Bank #1, the original lender does not offer equity lines. Can Bank #2 in any way be considered a "client" in this instance?
     
  2. Tim Hicks (Texas)

    Tim Hicks (Texas) Elite Member
    Gold Supporting Member

    24
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    Bank #1 is your client. You have no reason to do anything for Bank #2 unless they want to order their own appraisal. Just tell the home owner that the original bank owns that appraisal and you can do nothing regarding that appraisal for a new bank. Your hands are tied. You may want to tell the home owner that you will not perform any appraisal for Bank #2 just because of the way they treated you. Let them know that that loan officer is going to cost them even more money with his poor attitude and demeanor. Personally, it would be a cold day is Heck or whatever state you are in before that new loan officer would get anything from me without some major butt kissing on his part.
     
  3. GeorgiaBoy

    GeorgiaBoy Junior Member

    0
    Jul 23, 2003
    Professional Status:
    Licensed Appraiser
    State:
    Georgia
    I agree w/ both you guys. What a jacka$$. I don't see any problem with calling the homeowner and telling them whatever you like. You haven't received a valid request from this chump, so no lender/client relationship exists. Betcha it felt real good to hang up on him. Wish someone like that would call me every once in a while. :rofl:
     
  4. Pamela Crowley (Florida)

    Pamela Crowley (Florida) Elite Member

    3
    Jan 13, 2002
    Professional Status:
    Retired Appraiser
    State:
    Florida
    Go for it! I don't see any problem with you calling the HO back and referring them to another bank (your client relationship is with lender #1 for the past appraisal and that loan is closed), especially one that knows what they're doing!!! Heck, your doing them all a favor and squishing that jerks nose in his own excrement. I like that (yup, I mean).
     
  5. Dan Leggett

    Dan Leggett Senior Member

    0
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Mississippi
    Put the deal together for Bank #3 and after it closes take the boss of Bank #2's loan clerk to lunch. Tell him what you did, why you did it, and why you will continue to do it unless the loan clerk does some serious sucking up.
     
  6. Carnivore

    Carnivore Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    This is great advice. THink of it his way. Bank #2 is a jerk. Bank #2 is not going to use you anyway. Bank #3 could be solidified into a much better client because you brought him business.

    Tell Borrower if Appraisal goes to bank #3 it is free. If it goes to Bank #2 then it will cost full fee.

    Good luck.
     
  7. Tawfik Ahdab

    Tawfik Ahdab Senior Member

    0
    Feb 19, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Oregon
    All good advice, especially the revenge and Bank #2 humiliation part.
     
  8. Mountain Man

    Mountain Man Elite Member

    13
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Georgia
    :lol:
    Mr. Bucks. I too have had the same situation. I did like Tim said:
    But I think Dan's way would be extremely fun. :beer:
     
  9. jtrotta

    jtrotta Senior Member

    0
    Jan 16, 2002
    why Bobby all ya needs is some toilet paper for #2 - Flush the little nasty to where he belongs :rofl:

    :ph34r:
     
  10. Rich Hahn

    Rich Hahn Senior Member

    0
    May 2, 2003
    Professional Status:
    General Public
    State:
    Colorado
    Totally agree #2 is #2. (wee wee #1)
    I bet he doesnt pay for any appriasals, 'no cost' equity loans..
    He's probally charging 10% with a prepay.
    He not the client, but who'd want a client like that anyway?

    80/20, 80/10/10 how come no one wants to really own their home anymore?
    Like jtrotta say awhile ago "renting the home from the bank" is so true..

    another day
     
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