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  #1  
Old 06-30-2011, 02:20 PM
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Urbanz Urbanz is offline
 
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Default Question about a change of form/fee

Hey folks, I completed a review on a duplex with the One-Unit Residential Appraisal Field Review Report form 2000, which is what the AMC requested. The appraisal I reviewed was completed using a Small Residential Income Property Appraisal Report form.

Now the lender is coming back saying it should have been ordered as a 2000A Form. I told them that this is a separate assignment as the scope has changed. They are asking me if there is a fee.

Now Im a bit confused. Per USPAP, is this a completely new assignment with a new full fee? Or would you charge a partial fee? So I guess it's a two part question, was I right in saying it is a completely new assignment? What would you charge as a fee? I don't want an amount, just if you would charge a full or partial fee.)

Thanks!

Last edited by Urbanz : 06-30-2011 at 02:20 PM. Reason: spelling
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Old 06-30-2011, 03:26 PM
stefan olafson stefan olafson is offline
 
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I'd charge them a full fee for a review, whatever that fee is that you charge others.

Don't allow the AMC's or banks to dictate the form to be used, that is your decision as the professional appraiser. We are appraisers and not form fillers!

Their mistake, make them pay...
  #3  
Old 06-30-2011, 03:49 PM
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I disagree. The 2000A form is for 2-4 unit residential assignment. The OP should have questioned the review order and allowed them to change it to the correct form.

Re-do it at no charge and chalk it off to a lesson learned.

Sorry.
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  #4  
Old 06-30-2011, 04:04 PM
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Thanks for the responses, who is the OP? Order Processor? Also, as I stated above, this was a duplex (2 unit). So Im also still curious, is it a new assignment?
  #5  
Old 06-30-2011, 04:12 PM
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CANative CANative is online now
 
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You are the OP (Original Poster). The 2000A review form is for 2-4 properties and your assignment was a 2 unit property. You should have used the 2000A form. You probably should have questioned the AMC about them ordering this review on the 2000 form and suggested the 2000A.

No. It's not a new assignment. You're just correcting a mistake.
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  #6  
Old 06-30-2011, 04:13 PM
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1-hit AMC wonder or an AMC that is a pain in the butt...charge them full fee.

Good regular client, no charge.
  #7  
Old 06-30-2011, 06:34 PM
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VolcanoLvr VolcanoLvr is online now
 
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I agree with my west coastie brethren....well in reality, a single person.

Appraisers need to know what is correct and proper for every assignment.

When WE mess up, WE need to correct our mistake....willingly....and without charge.
  #8  
Old 06-30-2011, 06:38 PM
JamesRockford JamesRockford is offline
 
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Quote:
Originally Posted by CANative View Post
I disagree. The 2000A form is for 2-4 unit residential assignment. The OP should have questioned the review order and allowed them to change it to the correct form.

Re-do it at no charge and chalk it off to a lesson learned.

Sorry.
Right. The original review should have been completed on the correct form the first time.

Last edited by JamesRockford : 06-30-2011 at 06:43 PM.
  #9  
Old 06-30-2011, 07:27 PM
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Skippy is right, you should have used the correct form. I would charge the difference between a SF and a MF. 150-200 bucks more.
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  #10  
Old 07-04-2011, 06:48 PM
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I should have added that the AMC originally had specifically asked me to say on the review that "Please include a comment that although the property was a small residential income property, the form requested for your report was a FNMA 2000."

THAT is why I did not question the form. And that is also why I was question whether it was a new assignment when they did eventually ask for a form change.
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