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  #1  
Old 06-20-2011, 01:40 PM
tamiecape tamiecape is offline
 
Join Date: Feb 2007
State: Missouri
Professional Status: Certified Residential Appraiser
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Default Excessive Revisions

I am wondering how everyone else handles revisions. I have a client that orders a revision every few days, on the reports I have done, in the past forty five days. They only pay every forty five days. I have explained to her that revisions are done once. Review the report and order all the revisions she needs, then we are only pulling it back up one time. But she just won't do it. Does anyone charge for excessive revisions? I am thinking that may be the only way to get through to her.
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  #2  
Old 06-20-2011, 01:45 PM
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AnonApprsr AnonApprsr is offline
 
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You'd have to have that added to the engagement letter. Add it to the next one and fax it back for a signature. It would be tough to retroactively insist on it for assignments already completed. You can try to charge them per hour or quarter hour if it's a shorter amount of time, but they could just say NO and move on to another appraiser. They can always say no, even if you try to change the engagement letter.

Have you considered talking to someone else at the bank? If you got the account via the loan originator originally than talk to him/her. Explain that it's taking away from the quality of the reports you're working on because you're wasting time on 6 or 7 revision sessions for each report. I'd definitely go above her head and see what could be done with some niceness.
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  #3  
Old 06-20-2011, 01:47 PM
Vermonter Vermonter is online now
 
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Quote:
Originally Posted by tamiecape View Post
Does anyone charge for excessive revisions?
Always. Unless it's a mistake on my part.
  #4  
Old 06-20-2011, 01:58 PM
tamiecape tamiecape is offline
 
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Thanks for your responses.
Anon- your right, I would have to put it in a new engagement letter, have them sign it and go from here. The sad thing is it is an AMC, so she just blames it on the Underwriter or Lender. They are a very small AMC with only one office person for me to communicate with, and I can't, of course, go to the Lender, I could try her Supervisor, but it is such a small company that they would probably move on to someone else. I only get a few from them each month and then I work on those few appraisals for weeks. I may need to just forget it and move on from them.

RobertJoseph2- do you have this in your engagement letter? And do you usually receive your fee for revisions?
  #5  
Old 06-20-2011, 02:10 PM
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GCJim GCJim is offline
 
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I have come to believe that stips are an appraisal (or, substitute 'appraiser') manipulation company strategy to stall and extend time for payments due to appraisers for the lower forms of amc life.
Ask yourself, have there been times when you were expecting a check to arrive for a report, but instead got another stip request for the same report? Then, wait another 15 to 30 days.

Call me cynical, call me whatever you'd like.......This is a technique directly out of the 'amc business 101' manual.
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  #6  
Old 06-20-2011, 02:48 PM
Vermonter Vermonter is online now
 
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Quote:
Originally Posted by tamiecape View Post
RobertJoseph2- do you have this in your engagement letter? And do you usually receive your fee for revisions?
Yes and Yes.

Making it clear what is expected of your report is the clients job.
Making it clear what you will provide at what fee is yours.
  #7  
Old 06-20-2011, 03:17 PM
tamiecape tamiecape is offline
 
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You hit the nail right on the head. This is exactly it. They will do anything to delay the payment.
  #8  
Old 06-20-2011, 03:40 PM
leelansford leelansford is offline
 
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Quote:
Originally Posted by tamiecape View Post
I am wondering how everyone else handles revisions. I have a client that orders a revision every few days, on the reports I have done, in the past forty five days. They only pay every forty five days. I have explained to her that revisions are done once. Review the report and order all the revisions she needs, then we are only pulling it back up one time. But she just won't do it. Does anyone charge for excessive revisions? I am thinking that may be the only way to get through to her.

Please provide us with a few examples of what you are being asked to revise.
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  #9  
Old 06-20-2011, 04:05 PM
tamiecape tamiecape is offline
 
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Quote:
Originally Posted by leelansford View Post
Please provide us with a few examples of what you are being asked to revise.

A couple examples are: The homeowner's name is Delilah Marie on the deed, so I listed her name as Delilah Marie. They requested that the appraisal be addressed as D Marie, she doesn't go by Delilah. Ok, not my problem, but I readdressed the appraisal to her non-given name. Then they wanted North in the address to be just an N, not spelled out. -Just alot of piddly stuff that really isn't necessary, they request them one at a time.
  #10  
Old 06-20-2011, 04:21 PM
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Terrel L. Shields Terrel L. Shields is offline
 
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in my report

Quote:
Appraisals are based on the data available at the time the assignment is completed. Amendments or modifications to appraisals based on new information made available after the appraisal is completed will be made, as soon as reasonably possible for an additional fee.
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