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  #1  
Old 06-03-2011, 12:06 PM
OneMoreCupOfCoffee OneMoreCupOfCoffee is offline
 
Join Date: Feb 2011
State: Illinois
Professional Status: Licensed Appraiser
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Default Finiti & Customary and Reasonable

Just wanted to let everyone know who doesn't. Finiti is putting a statement in their orders stating,

"By accepting this order, the appraiser acknowledges that the fee paid is customary and reasonable for the product and scope of work. If there is a discrepancy in your FEE call Finiti immediately."

Please be aware of this statement when accepting orders from Finiti.
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  #2  
Old 06-03-2011, 12:14 PM
Don Fiore's Avatar
Don Fiore Don Fiore is offline
 
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Location: Chicago Metro
State: Illinois
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Posts: 437
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And they're are not open to discussion on this. You either agree that $235 is "Customary and Reasonable" or the order immediately gets reassigned to someone who WILL agree that $235 is custimary and reasonable. And apparently there's plenty of them in Chicago Metro.
  #3  
Old 06-03-2011, 12:16 PM
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Richard Johnston Richard Johnston is offline
 
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Location: MIAMI BEACH
State: Florida
Professional Status: Certified Residential Appraiser
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I don't work for Finiti. I would rather sells shoes. For those that do, I suggest placing a statement such as: The fee that is being paid is below what is customary and reasonable, howerver this appraiser had to take the fee to pay the electric bill. You can stick it in a large paragraph that is not even read in your addenda if you like...
  #4  
Old 06-03-2011, 12:27 PM
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JRS at OBX JRS at OBX is offline
 
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State: North Carolina
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Ok... If you accept an order, then it is customary and reasonable. If the fee isn't reasonable, then DON'T ACCEPT THE ORDER.

Who sets your fee, you or your client?
  #5  
Old 06-03-2011, 01:27 PM
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Mile High Trout Mile High Trout is offline
 
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State: Colorado
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Quote:
Ok... If you accept an order, then it is customary and reasonable. If the fee isn't reasonable, then DON'T ACCEPT THE ORDER.

Who sets your fee, you or your client?
You logic is sound.

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Last edited by Mile High Trout : 06-03-2011 at 02:08 PM.
  #6  
Old 06-03-2011, 01:36 PM
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Tim Hicks (Texas) Tim Hicks (Texas) is offline
 
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Location: Crowley
State: Texas
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MDA has the same wording. I just had to explain via e-mail to an MDA representative today why I declined their order.
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  #7  
Old 06-07-2011, 12:09 AM
Tony Bamert Tony Bamert is offline
 
Join Date: Jan 2010
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 190
Default

looking at a RELS order for Wells Fargo right now in the central section of Illinois that has this exact wording:

" by accepting this assignment you are acknowledging that the indicated appraiser fee is a 'customary and reasonable' fee in the market area of the subject property.

Nice try Dodd-Frank, but they win and we lose. work and eat or dont work and dont eat.
  #8  
Old 06-07-2011, 09:07 AM
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Tim Hicks (Texas) Tim Hicks (Texas) is offline
 
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Quote:
Originally Posted by Tony Bamert View Post
looking at a RELS order for Wells Fargo right now in the central section of Illinois that has this exact wording:

" by accepting this assignment you are acknowledging that the indicated appraiser fee is a 'customary and reasonable' fee in the market area of the subject property.

Nice try Dodd-Frank, but they win and we lose. work and eat or dont work and dont eat.
So, you are saying you accepted the order with that wording to support their stance on C & R?
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  #9  
Old 06-07-2011, 09:53 AM
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Kevin Mc Kevin Mc is offline
 
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Location: Metropolis
State: New York
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Quote:
Originally Posted by JRS at OBX View Post
Ok... If you accept an order, then it is customary and reasonable. If the fee isn't reasonable, then DON'T ACCEPT THE ORDER.

Who sets your fee, you or your client?
Thank you. Simple stuff.
  #10  
Old 06-07-2011, 11:31 AM
Tony Bamert Tony Bamert is offline
 
Join Date: Jan 2010
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 190
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I turned down the order for RELS, $290 for a full appraisal on a rural property in an adjoining county with a minimum of 5 sales and 2 listings. If i accepted the order, it would take me about 6 hours total to do a decent job plus a trip to the courthouse and about 100+/- miles of drive time. Can't make any money doin that. I would take $290 for a small simple house in the same town as my office. That is about what I would charge most clients. The difference is that I could do the in-town order in about 3 hours with 10 miles of drive time and no trip to the courthouse.
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