[Pamela Crowley (Florida)]

I'm thinking the timing is good to post about this, so I found an old post of mine about what I would do and here it is:

In my addendum:

"The appraisal fee charged contemplates only the enclosed report. Any subsequent consultation and/or revisions, not stated in the original order, are not included in that fee. Any additional information, sales, consultations regarding this Appraisal and Report could be billed on an hourly rate fee basis. If the appraiser is to appear in court, at a deposition, or any type of legal proceeding (initiated by any party's attorney, or through a subpoena), a retainer will be required in advance (minimum of $1,500). The fee is a minimum of $150 per hour and subject to change, including all preparation time and time as an expert witness."

And, on all of my invoices:

The appraisal fee charges contemplates only the enclosed original report.
Any subsequent consultation and/or revisions not stated in the original order are not included in this fee.

As you can see, I charge for additional comps.

Now, if it was a very good client and I can see where they might have a question (hasn't happened in a very long time), I would consider adding another one without charge.

The other thing I do is when a real estate agent (or anybody else) wants other sales considered, they will have to spend their time writing up an explanation of each additional sale they want me to consider and include why it's superior as a comp than what I have already used in my report. If they can prove to me that what they have is better than what I used, I will add that one for free. If not, I will charge $100 each to write up my explanation as to why it's not superior to what I've already used.

Not illegal to charge for additional information or comps - as long as your appraisal is already well enough supported.

[John McDonald]

Read your certification. All analyses and conclusions are your own. It you supply additional compareable data at the request of the client that you would not use yourself it ceases to be your analysis.

[leelansford]

Originally Posted by John McDonald

Read your certification. All analyses and conclusions are your own. It you supply additional compareable data at the request of the client that you would not use yourself it ceases to be your analysis.

John, if I "analyze" something, it IS my "analysis". The weighting that I place on any particular sold property (I didn't use the word "comp") is also my decision.

[Frederick]

Originally Posted by Pamela Crowley (Florida)

The other thing I do is when a real estate agent (or anybody else) wants other sales considered, they will have to spend their time writing up an explanation of each additional sale they want me to consider and include why it's superior as a comp than what I have already used in my report. If they can prove to me that what they have is better than what I used, I will add that one for free.

This is an excellent idea. I wouldn't care about the fee if they were willing to write up a reasoned argument for including a particular comparable sale.

I hate when they call an agent and ask for all the sales in the neighborhood over their desired value and then the lender wants me to justify why they were not used.

When I get those lists and they include MLS pages with the agent's name who provided them I call the agent and tell them Suzy Bagadonuts is disputing my appraisal of her home and she said you appraised her home using these comps. Are you a licensed appraiser and is that true? They usually start stammering and back pedaling and eventually tell me they never saw the house and just satisfied a request by the borrower for comps over $XXX,000. I then write a note informing the lender what the agent told me.

It really ticks me off when they include one or two comps that I did use and want me to comment on why I didn't use them. Yes....it has happened many times.

[MS Rebel]

Suzy Bagadonuts

[timd354]

Originally Posted by Pamela Crowley (Florida)

I'm thinking the timing is good to post about this, so I found an old post of mine about what I would do and here it is:

In my addendum:

"The appraisal fee charged contemplates only the enclosed report. Any subsequent consultation and/or revisions, not stated in the original order, are not included in that fee. Any additional information, sales, consultations regarding this Appraisal and Report could be billed on an hourly rate fee basis. If the appraiser is to appear in court, at a deposition, or any type of legal proceeding (initiated by any party's attorney, or through a subpoena), a retainer will be required in advance (minimum of $1,500). The fee is a minimum of $150 per hour and subject to change, including all preparation time and time as an expert witness."

And, on all of my invoices:

The appraisal fee charges contemplates only the enclosed original report.
Any subsequent consultation and/or revisions not stated in the original order are not included in this fee.

As you can see, I charge for additional comps.

Now, if it was a very good client and I can see where they might have a question (hasn't happened in a very long time), I would consider adding another one without charge.

The other thing I do is when a real estate agent (or anybody else) wants other sales considered, they will have to spend their time writing up an explanation of each additional sale they want me to consider and include why it's superior as a comp than what I have already used in my report. If they can prove to me that what they have is better than what I used, I will add that one for free. If not, I will charge $100 each to write up my explanation as to why it's not superior to what I've already used.

Not illegal to charge for additional information or comps - as long as your appraisal is already well enough supported.

Pam, The statements that you include in your addendum and invoice are excellent and all appraisers whould include similar statements.

[tjcou812]

Pam,
I agree with timid354 the statement is excellent. Do we have your permission to use it. Thanks