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  #1  
Old 03-10-2009, 05:59 PM
cbosshog79 cbosshog79 is offline
 
Join Date: Aug 2008
State: Texas
Professional Status: Certified General Appraiser
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Default 1004 MC - Fee Survey.

I wanted to check the pulse of the appraisal world and see what additional fee, if anything, people are intending on charging for the 1004 MC form...
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Old 03-10-2009, 06:07 PM
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Wolverinefan Wolverinefan is offline
 
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State: Michigan
Professional Status: Certified Residential Appraiser
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Quote:
Originally Posted by cbosshog79 View Post
I wanted to check the pulse of the appraisal world and see what additional fee, if anything, people are intending on charging for the 1004 MC form...
I would love to charge $50, but I think $10-$25 is more realistic...

I don't think its going to take much more time than I spend now on the market analysis. Its just a matter of an extra form (I have to pay $350 to get from ACI) and the headaches that are going to come along with the new form from underwriting.
  #3  
Old 03-10-2009, 06:37 PM
Dan Umstead Dan Umstead is offline
 
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State: Georgia
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Most here in Atlanta are quoting $25 to $100, according to a lender we work with.
  #4  
Old 03-10-2009, 11:54 PM
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CastleGal CastleGal is offline
 
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State: Maryland
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I know that our state's Association of Appraisers told us in a class that we should be charging at least as much as rent schedule to be fair. Our instructor told us it takes just as long to fill it out correctly. After taking the 2 hour course and seeing how tedious it is with numerous searches on the MLS, I agree with them! Though they have no problem with us using N/A in any of the areas with inconclusive data.
  #5  
Old 03-11-2009, 01:36 AM
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timd354 timd354 is offline
 
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Location: Baltimore-Washington Metro Area
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Quote:
Originally Posted by Brad Grutter View Post
I would love to charge $50, but I think $10-$25 is more realistic...

I don't think its going to take much more time than I spend now on the market analysis. Its just a matter of an extra form (I have to pay $350 to get from ACI) and the headaches that are going to come along with the new form from underwriting.
$10-$25? You have got to be kidding.....grow a pair and charge a fee conmesurate with the additional work and liability.
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Old 03-11-2009, 08:24 AM
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dobie dobie is offline
 
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Location: Somerset County
State: New Jersey
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Wait a minute.

Haven't you been researching and analyzing this data all along?

How do you establish your neighborhood price trends and absorption conclusions?

And don't you include that data in your reports to support your checkboxes on page 1?

Now you're just putting that data on a FNMA form instead of in your own graphs/charts/narrative.

Where's the extra charge come from?

I must be alone on this.
  #7  
Old 03-11-2009, 08:35 AM
cbosshog79 cbosshog79 is offline
 
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State: Texas
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Quote:
Originally Posted by dobie View Post
Wait a minute.

Haven't you been researching and analyzing this data all along?

How do you establish your neighborhood price trends and absorption conclusions?

And don't you include that data in your reports to support your checkboxes on page 1?

Now you're just putting that data on a FNMA form instead of in your own graphs/charts/narrative.

Where's the extra charge come from?

I must be alone on this.
Isn't this more of a "level of reporting" issue rather than a "scope of work" issue?
  #8  
Old 03-11-2009, 08:43 AM
Camp1 Camp1 is offline
 
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State: North Carolina
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Quote:
Originally Posted by dobie View Post
Wait a minute.

Haven't you been researching and analyzing this data all along?

How do you establish your neighborhood price trends and absorption conclusions?

And don't you include that data in your reports to support your checkboxes on page 1?

Now you're just putting that data on a FNMA form instead of in your own graphs/charts/narrative.

Where's the extra charge come from?

I must be alone on this.
Are you willing to do narrative appraisals for your regular fee as well?

After all, that information should already be in your workfile.
  #9  
Old 03-11-2009, 09:20 AM
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dobie dobie is offline
 
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I am going to wager that this data and analysis is not in the workfiles of those who clamor for more money. The clients I know have been wanting to see this "workfile" product for many months now.

Do I do narratives for my normal fee. No. But rather than fill my addenda with repetitive boilerplate like many I include relevant market analysis.

If anyone has been making time adjustments for the last six months do you not show how you got that adjustment?
  #10  
Old 03-11-2009, 09:38 AM
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timd354 timd354 is offline
 
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Quote:
Originally Posted by dobie View Post
I am going to wager that this data and analysis is not in the workfiles of those who clamor for more money. The clients I know have been wanting to see this "workfile" product for many months now.

Do I do narratives for my normal fee. No. But rather than fill my addenda with repetitive boilerplate like many I include relevant market analysis.

If anyone has been making time adjustments for the last six months do you not show how you got that adjustment?
Yes, I do show how I make the adjustment and I do include market data including charts, etc. However, I do that in a format which works well for my market areas and do not need or want a stupidly designed Fannie form that forces me to present data in a manner that I believe is often useless at best and often misleading at worst. Because of that, the form will cause me extra work (essentially to explain how and why the form is misleading and should be ignored by the underwriter who should really look at my addenda). Additionally, I have no doubt that the form will result in more stips and questions from underwriters who will not understand the form. Thus, in addition to the extra work, the form is going to cause a huge annoyance factor. Thus, clients will need pay for the extra work and annoyance.
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