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  #1  
Old 09-14-2009, 06:43 PM
hettiem hettiem is offline
 
Join Date: Sep 2007
Location: Medford, Oregon
State: Oregon
Professional Status: Certified Residential Appraiser
Posts: 74
Default Beware of REAL VALUES AMC contract

I have had several lenders ask me to sign up with this AMC as their conduit lender (Sydion) is using them, it appears that they are newer to the Southern Oregon Area, so peehaps they do not understand. However, I will not sign up for an AMC that usies these types of tactics-especially with an already poor fee schedule.

Schedule of Work and Consequences of Noncompliance
I agree to turn in all appraisals within 24 hours of inspection of property. If I am unable to comply with
the Schedule of Work, I agree to a $100 per day late charge for every day the appraisal report is past due.
I acknowledge that the late charge could be waived if an acceptable explanation is submitted and accepted
by Real Values.

Anyway, just an FYI and any feed back would be great. Is anyone in Northern Oregon being used by them?
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  #2  
Old 09-14-2009, 06:51 PM
Pamela Crowley (Florida)'s Avatar
Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
 
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Location: Wherever We Are Parked
State: Florida
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Any appraiser signing that crap is stoopid. Too bad Oregon can't use that AMCs approved appraiser list as an instant revocation list.
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  #3  
Old 09-14-2009, 06:58 PM
hettiem hettiem is offline
 
Join Date: Sep 2007
Location: Medford, Oregon
State: Oregon
Professional Status: Certified Residential Appraiser
Posts: 74
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At first I was thinking, ok another new AMC great. Then I read the contract. I just hope everybody reads their contracts thoroughly before signing them. Theres some pretty crazy verbage. I just cant get over taking about half the fee I got before from the same client, to deliver the same product, then get penalized for trying to be diligent. The amount of driving time alone can easily constitute half of that 24 hours!
  #4  
Old 09-14-2009, 07:46 PM
Tom Barclay Tom Barclay is offline
 
Join Date: Apr 2002
Location: Coos Bay, Oregon
State: Oregon
Professional Status: Retired Appraiser
Posts: 2,116
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Hettiem,

Send a copy of this "contract" to your clients with a detailed explanation of why you will be unable to comply. These AMC Nazis feel that they have you over the barrel, they want to steal half your fee up front in the low fees they pay, then want to extract every last nickel in late fees or for "non-compliance" refuse to pay altogether. It's extortion. "Remove this comp", "don't adjust for that"; the list is endless of the reasons for them to deny any payment at all for your refusal to to anything their underwriter requires you to do. You are being held to a 24 hour deadline, and then you may have to wait six months to be paid when the lender prepays for the report. Or their "hold-harmless" agreements oblige you to defend any employee of the AMC for any reason.
You can refuse to work for these crooks, there are other options.
  #5  
Old 09-14-2009, 10:41 PM
hettiem hettiem is offline
 
Join Date: Sep 2007
Location: Medford, Oregon
State: Oregon
Professional Status: Certified Residential Appraiser
Posts: 74
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I am refusing to work for these guys I just want to make sure others in the area know about them too. My clients are in a rock and a hard place too because Sydion is their main conduit and it is being dictated to them as well. I tried letting Sydion know, and their response as they have many appraisers who do not have aproblem, with this. I think they are delusional. But the more appraisers we can get to stand up to this crap the better.
  #6  
Old 09-14-2009, 11:02 PM
JRS at OBX's Avatar
JRS at OBX JRS at OBX is online now
 
Join Date: Jun 2006
Location: Outer Banks of NC (OBX)
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 5,292
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I would accept every order they sent. Then hold them all for several days...then decline since the fee is negative.
  #7  
Old 09-14-2009, 11:46 PM
NORTON NORTON is offline
 
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State: California
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Quote:
Originally Posted by JRS at OBX View Post
I would accept every order they sent. Then hold them all for several days...then decline since the fee is negative.
there u go.....hold for additional days while waiting for zoning verification...then the report will be free to them...once the balance goes to zero....u have no reason to continue with the order....you might get put on double secret probation!
  #8  
Old 09-15-2009, 09:33 AM
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Roscoeman Roscoeman is offline
 
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Location: Southern Oregon
State: Oregon
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I have been very fortunate in the last few months that I don't have much AMC work.

If we do not stand up to these AMCs in regards to fees, turn times and their hold harmless garbage, it will continually spiral down hill....

As if it hasn't already
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  #9  
Old 09-15-2009, 10:51 AM
hettiem hettiem is offline
 
Join Date: Sep 2007
Location: Medford, Oregon
State: Oregon
Professional Status: Certified Residential Appraiser
Posts: 74
Default

Yeah, I have been pretty lucky myself, I work with some, I think it is inevitable, but I have tried to be as choosey as possible and have actually asked to be taken off a few lists after experiencing their brand of "help" How much further down hill can it really get? I guess I shouldnt ask that, I am afreaid of the answer!
  #10  
Old 10-01-2009, 06:36 PM
TILA Mortgage TILA Mortgage is offline
 
Join Date: Oct 2009
State: Washington
Professional Status: Banking/Mortgage Industry
Posts: 1
Default Real Values Rock !

We've used Real Values in Washington for almost 3 years (even before they were an AMC) and no one can hold a candle to them. We've sent them hundreds of appraisals and they always deliver quality appraisals in less than two days! But you are correct, there are other AMC's that deliver lesser quality appraisals and want to charge more for them.
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