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Finiti & Customary and Reasonable

Discussion in 'Illinois' started by OneMoreCupOfCoffee, Jun 3, 2011.

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  1. OneMoreCupOfCoffee

    OneMoreCupOfCoffee New Member

    0
    Feb 16, 2011
    Professional Status:
    Licensed Appraiser
    State:
    Illinois
    Just wanted to let everyone know who doesn't. Finiti is putting a statement in their orders stating,

    "By accepting this order, the appraiser acknowledges that the fee paid is customary and reasonable for the product and scope of work. If there is a discrepancy in your FEE call Finiti immediately."

    Please be aware of this statement when accepting orders from Finiti.
     
  2. Don Fiore

    Don Fiore Junior Member

    0
    Sep 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    And they're are not open to discussion on this. You either agree that $235 is "Customary and Reasonable" or the order immediately gets reassigned to someone who WILL agree that $235 is custimary and reasonable. And apparently there's plenty of them in Chicago Metro.
     
  3. Richard Johnston

    Richard Johnston Junior Member

    0
    Jul 19, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I don't work for Finiti. I would rather sells shoes. For those that do, I suggest placing a statement such as: The fee that is being paid is below what is customary and reasonable, howerver this appraiser had to take the fee to pay the electric bill. You can stick it in a large paragraph that is not even read in your addenda if you like...
     
  4. JRS at OBX

    JRS at OBX Elite Member

    3
    Jun 13, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Ok... If you accept an order, then it is customary and reasonable. If the fee isn't reasonable, then DON'T ACCEPT THE ORDER.

    Who sets your fee, you or your client?
     
  5. Mile High Trout

    Mile High Trout Elite Member

    2
    Feb 13, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    You logic is sound.
     
    Last edited: Jun 3, 2011
  6. Tim Hicks (Texas)

    Tim Hicks (Texas) Elite Member

    19
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    MDA has the same wording. I just had to explain via e-mail to an MDA representative today why I declined their order.
     
  7. Tony Bamert

    Tony Bamert Sophomore Member

    0
    Jan 26, 2010
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    looking at a RELS order for Wells Fargo right now in the central section of Illinois that has this exact wording:

    " by accepting this assignment you are acknowledging that the indicated appraiser fee is a 'customary and reasonable' fee in the market area of the subject property.

    Nice try Dodd-Frank, but they win and we lose. work and eat or dont work and dont eat.
     
  8. Tim Hicks (Texas)

    Tim Hicks (Texas) Elite Member

    19
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    So, you are saying you accepted the order with that wording to support their stance on C & R?
     
  9. Kevin Mc

    Kevin Mc Elite Member

    0
    Jun 7, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Thank you. Simple stuff.
     
  10. Tony Bamert

    Tony Bamert Sophomore Member

    0
    Jan 26, 2010
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    I turned down the order for RELS, $290 for a full appraisal on a rural property in an adjoining county with a minimum of 5 sales and 2 listings. If i accepted the order, it would take me about 6 hours total to do a decent job plus a trip to the courthouse and about 100+/- miles of drive time. Can't make any money doin that. I would take $290 for a small simple house in the same town as my office. That is about what I would charge most clients. The difference is that I could do the in-town order in about 3 hours with 10 miles of drive time and no trip to the courthouse.
     
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