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  #1  
Old 11-03-2009, 05:15 PM
Timothy Hogan's Avatar
Timothy Hogan Timothy Hogan is offline
 
Join Date: Mar 2004
Location: Point Pleasant
State: New Jersey
Professional Status: Certified General Appraiser
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Default charged back for review appraisal

Has anyone had a bank try and charge them back for reviews done on their reports? I appraised 5 commercial properties as part of one appraisal assignment and the bank had the reports reviewed. Now, 3 months later and I still haven't been paid but the bank just announced they were deducting $950 from each property fee to cover the expense of the reviews. How is this legal? Doesn't that promote "chasing a number", in that the bank won't pay me my full fee unless I hit some imaginary "preconceived" number? Getting reviewed has never concerned me because I believe I deliver a quality report that can stand up on its own. Do I have recourse somehow?
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  #2  
Old 11-03-2009, 05:19 PM
ETex2 ETex2 is offline
 
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Location: Texas (Dallas area)
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You always have recourse. Anyone can file suit against anyone for almost anything.

I've never heard of this - just send them a bill for the remainder and call them when they are late like they would to anyone who owed THEM money. Or file suit. It will help if you had some type of written agreement with them.
  #3  
Old 11-03-2009, 05:36 PM
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Lysander in Charlotte Lysander in Charlotte is offline
 
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Location: Charlotte, NC
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This is a new level of absurdity. It's the client's perogative to have any appraisal reviewed but not at your expense. Given this logic, there is no reason not to have every appraisal reviewed because the appraiser pays for th review.

It sounds like a newbie at the bank ordered reviews not realizing that the bank or the bank's client had to pay for them. If you speak with someone in authority at the bank, they will likely pay you and apologize.
  #4  
Old 11-03-2009, 05:41 PM
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CANative CANative is offline
 
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Send a bill to their borrower for the balance along with a nasty message about their lender not paying their bills.
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  #5  
Old 11-03-2009, 06:08 PM
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Mike Kennedy Mike Kennedy is offline
 
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Location: Southern Hudson Valley
State: New York
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Written Engagement Letter stipulating Terms of Fee Payment when services rendered i.e. delivery of the single (multi-report) assignment? Late Fee terms included in that Letter of Agreement? Letter signed and received back from client PRIOR to beginning the assignment? Any "review charges" stipulated at the time of the assignment AND included in the Engagement Letter?

Consult an Attorney - get the facts in YOUR state.
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  #6  
Old 11-03-2009, 06:28 PM
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jay trotta jay trotta is offline
 
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Location: Snowglobe
State: Connecticut
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Default

Would agree with Mike, especially in regards to Commercial work; I know quite a few commercial guys and they never do a job without a Signed Engagement Letter.

Got yours ?
  #7  
Old 11-03-2009, 06:55 PM
CCAAMO CCAAMO is offline
 
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State: California
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I have never head of a bank charging the appraiser for a review. Have you called the bank and tried to straighten the problem out yet?
  #8  
Old 11-03-2009, 10:25 PM
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Timothy Hogan Timothy Hogan is offline
 
Join Date: Mar 2004
Location: Point Pleasant
State: New Jersey
Professional Status: Certified General Appraiser
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Yup, have the signed engagement letter, had all the paperwork in order prior to start of job. Will call the attorney tomorrow.
  #9  
Old 11-03-2009, 10:59 PM
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Elliott Elliott is offline
 
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Location: Pumpland
State: Oregon
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I don't ever recall being charged for a review. Was it specified in your engagement
letter? This must be the brave new AMC world? Time to call your client and ask WTF?
  #10  
Old 11-04-2009, 12:29 AM
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Riick Riick is online now
 
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Location: DuPont: "Better Living through Chemistry"
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That bank has a sh**load of nerve, they've unilaterally changed a contract. Illegal, Immoral, and stinks to high heaven. .
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