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  #1  
Old 10-19-2010, 02:58 PM
chris gallo chris gallo is offline
 
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Default 1004MC/ personal appraisal

Is the 1004MC required to be completed for a personal appraisal when a homeowner hires you to determine market value for there property?
Again the client is not a lender, but a home owner.
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Old 10-19-2010, 03:00 PM
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No. And don't use a 1004 either. Both are specific to lending purposes.
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Old 10-19-2010, 03:01 PM
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The 1004MC is an assignment condition. If your client doesn't require the 1004MC then you don't have to include it.
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Old 10-19-2010, 03:07 PM
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It may not be a bad idea to complete the 1004mc and keep it in your workfile. If not, you should be doing a market analysis of some sort and keeping it in your workfile.
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Old 10-19-2010, 03:08 PM
chris gallo chris gallo is offline
 
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Thanks, I did not use the 1004 and have never completed the mc form on a personal appraisal assignment, but the homeowner has taken the report to a lender to try and get refinanced and they are stating that the mc form is missing. I told her from the begining that a lender would not be able to use the report as they would not be the client and that the report is also on a personal form for her only. They will also want to use one of there own appraisers on there panal as well. They questioned my fee as being suspiciously low at 275.00. That is more than I recieve from any AMC these days and concidered myself lucky. They then told her she needs to pay 400.00 for another appraisal. Gee, I wonder how much the other appraiser will get from that.
  #6  
Old 10-19-2010, 03:12 PM
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They questioned my fee as being suspiciously low at 275.00.

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  #7  
Old 10-19-2010, 03:13 PM
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Lloyd Bonafide Lloyd Bonafide is offline
 
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Quote:
Originally Posted by chris gallo View Post
They questioned my fee as being suspiciously low at 275.00. That is more than I recieve from any AMC these days and concidered myself lucky. They then told her she needs to pay 400.00 for another appraisal. Gee, I wonder how much the other appraiser will get from that.
I find that your $275 fee was suspiciously low, too.
  #8  
Old 10-19-2010, 03:14 PM
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Chalk one up to the AMCs C&R position.
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  #9  
Old 10-19-2010, 03:22 PM
chris gallo chris gallo is offline
 
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Quote:
Originally Posted by Lloyd Bonafide View Post
I find that your $275 fee was suspiciously low, too.
You think so, I have always had less of a fee for a personal assignment and have been called back every now and then or referred to someone else.
I assumed it was partially based on fee and hopefully more so on professionalism. I am lucky to see 6-8 personal assignmnets in a year. Its not like its booming or anything. Most of the calls are price shopping and I don't get calls back a whole lot at 275.
  #10  
Old 10-19-2010, 03:24 PM
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NC Appraising NC Appraising is offline
 
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You make him smile!!!

Let me guess, it's still more than you made with your mentor right? Buuttt..your mentor was making +-$325.... Whats wrong with this picture?




PS, thanks for keeping the fees lows, and having the AMC phone monkeys ask: I have other appraisers that will work for xxxx?
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