Discussion in 'General Appraisal Discussion' started by SmilingDog, Sep 15, 2004.
Thanks for the chuckle!
Unfortunately, your play on words is all too true!
Aint that the truth. I have 3 that closed from the end of July that I'm still waiting on. I started a thread about Dana Capital in GBU in relation to this. Lenders are getting desperate.
Had a Prudential realtor try to pull that one on me last week in North County. One word answer; No!!
I decline those orders routinely, on the grounds that the transaction may not make it to escrow.
More importantly, I consider accepting an appraisal request conditioning payment on the close of escrow to be a direct violation of the certification in Standard 2:
Thanks Tawfik - I said that one once before and someone came down on my case about it. I'm glad to see that I'm not the only one to read and interpret it that way.
Well folks, that's the way I received the order from the LO. It said:
"Appraisal fee to be paid escrew".
Hmmm. Guess I'll turn that one down.
I consider it a USPAP violation and got busted for it as well. I have a form letter I fax back explaining the rules and request they resubmit the corrected order or I will have to decline the assignment. (Then I push for COD)
There's a difference between;
Appraisal fee to be paid out of escrow,
Appraisal fee to be paid only if escrow closes.
My engagement letter for these cases state that the fee will be paid through escrow, or in the event the deal does not make it to escrow, the client will pay in 30 days.
I'd like to read the details, if you'll share.
What everyone needs to remember is that USPAP is interpreted by each and every board in differing ways. What's good for the goose in CA, may not be for the gander in LA.
The subject of "Non Payment" for services has become a "basic" discussion on this Forum;
Perhaps we should put a petition together for Congress or the Banking Commission to enjoin the "Preditory Lending" document that is now being run before Congress, as it should be part and part of the "Preditory Lending Document" and mandate a payment period of No longer than 30 days from the "effective date of the report" Full payment will be made.
Any thoughts, :mrgreen: