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  #1  
Old 09-15-2004, 10:01 PM
Ray Miller's Avatar
Ray Miller Ray Miller is offline
 
Join Date: Feb 2002
Location: Southwest Wisconsin
State: Wisconsin
Professional Status: Licensed Appraiser
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Got a new one.

I did a cord wood home a few months back, now I have got a vertical log home. Logs are place in the ground vertical side by side chinking filled in between the vertical logs. The floor is raised up about 24 inches off the ground by being notch in to the logs and the chip board floor is place in the notch for support. It has log support under it in a form of frame work.. The chip wood floor is finished off with a sealer and stain. This is a three bedroom, 1 bath, kitchen/dinning, and living room. Heat is two 1900 Round Oak stoves. No fire walls behind the stoves. Roof is wood shingles, hand split. Water supply appears to be a well system that is run by a wind mill and piped to the kitchen and bath room. (Sort of like the system I had in Glaicer park, where we laid the pipe in the creek about a mile and a half above us and this gave us our water for the summer) gravity fed.

Place looked really good, I could have made camp and stayed there for a while. Kind of took me back to my line shack days in Colorado and Montana.

Anyway got any ideas as to the what where and how to get this one done??
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  #2  
Old 09-15-2004, 11:36 PM
Steve Wyrick's Avatar
Steve Wyrick Steve Wyrick is offline
 
Join Date: Aug 2003
Location: Kings County, Lemoore, California
State: California
Professional Status: Certified General Appraiser
Posts: 942
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Ray you get all the fun ones.

Was there an outhouse or did it have indoor plumbing?

Frankly I would call the lender tell them what you found out in detail during the inspection. Not the LO mind the head underwriter, and ask do you want me to continue? If the answer is No, then collect inspection fee. If the answer is yes, then tell them 3X the stated fee and subject to your guidelines not theirs.

Or, I would chalk it up to a nice day in the country and return the request to the lender. Sounds like it is well outside the ranges for Fannie Mae and Freddie Mac guidelines.
  #3  
Old 09-16-2004, 12:17 AM
Karl Karl is offline
 
Join Date: Jan 2002
Location: Arizona City AZ
State: Arizona
Professional Status: Licensed Appraiser
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Totally agree with Steve: BUT these Hungry LO's (at least in my area) always come back with go ahead & do it cause we CAN finance it. That is also why COD for MOST everything

( & GUYS GIRLS Setting up to take Credit Card is GREAT!!! )

THEN Wham AFTER all is done HEY! WE got a problem!! NO WE don't , MAYBE YOU have a problem, but NO WEEEE Look at the note sent to you the afternoon I did the inspection. This is a Adobe house with DETACHED Bedrooms. Hauled Water other homes similar to this with different yet characteristics not found in what majority would consider the average everyday style home are 17 25 50 miles from this prize Homestead. YOU were aware of this on afternoon of the inspection @ 9 AM day after I told you about this home You sent a FAX to Continue with the report notification. SO I think it goes back to YOU not WE.
  #4  
Old 09-16-2004, 05:11 AM
DB's Avatar
DB DB is offline
 
Join Date: Apr 2003
Location: The Great State of Tennessee (Mid-TN)
State: Tennessee
Professional Status: Certified Residential Appraiser
Posts: 11,204
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I said this a long time ago .... but I will repeat it for the benefit of newer members ..... in reference to accepting credit cards for appraisal work ..... I have owned and operated several businesses over my lifetime and have accepted credit cards at almost all of them, even still have the machines out in the garage that print the receipt, the signature form and do batch processing, but I WILL NOT consider them for appraisal work. Why?

In every single instance of someone contesting a credit card charge I was notified of the contesting. I attached signed copies of the customers receipts as well as my in-house tickets or invoices and a letter of explanation regarding what they bought, when they bought it and the fact that I knew them personally and knew it was them that used the card. In every single instance, before I ever received the letter of contest, the charges were reversed and withdrawn from my account and were never replaced. Not once. They pulled the money back and I never heard from them again. I lost my product or my service, plus the bank fee for the reversal and I lost my customer because they knew what they had done and were too embarrassed (or smart) to ever come in business again. How simple would it be to contest a charge for an appraisal?? I don't trust that system and I will not accept a credit card for an appraisal. In addition to possibility of reversal, you have to consider as much as 10% for discount rates on Visa and MC, as much as 5% on Discover and once your volume annual volume goes up, you may qualify for a lesser discount rate. It is against the law to add the discount percentage to you invoice and the law is quoted on your agreement. In addition to these fees, there is a daily "batch processing" charge for each transmittal and IF you have to get personal verification of the card and/or account, you can add another .20 -.50 per transaction.
I would rather take a personal check. At least I can have them arrested if it turns up NSF ..... btw ... Personal checks go directly to their bank before I leave town. If it turns up NSF, then it is between them and their bank. I've got mine and they can't come back on me for anything. If the bank won't cash it, then I don't do the report and I bill the lender for the trip fee.

I know this is not on the subject of Ray's cabin, but it does touch on Karl's reply. We'll let this sit a few days then either split the thread or I will move it elsewhere.

Hope this saves y'all some pain and hassles .....
  #5  
Old 09-16-2004, 06:36 AM
John Sales's Avatar
John Sales John Sales is offline
 
Join Date: Aug 2004
Location: Louisiana
State: Louisiana
Professional Status: Certified Residential Appraiser
Posts: 207
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Sounds like when the rural fire department shoe up all they will need is a shovel. :rofl:


Ya have the underwriter give a heads up. It may not qualify for a loan if it really atypical for the market.
  #6  
Old 09-16-2004, 06:51 AM
Ray Miller's Avatar
Ray Miller Ray Miller is offline
 
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Location: Southwest Wisconsin
State: Wisconsin
Professional Status: Licensed Appraiser
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What you really want to watch out for is the Credit Card Check. They can stop payment on it. You will not have recourse as I understand for a bad check. At least that is what I have been told by the local DA and Sheriff.

I know most of the auction barns will not take a credit card check for that reason.

I will agree with Doug here. Credit Cards can be a problem. But, in my business I feel that allowing the client to use them is worth the risk at this time. We take them on the web site, in the field for both auction and appraisals (we are wireless), at the office and will take them at the sale barn. Again a business call.

As stated befoe. Cash, Check, Gold of their teeth, Oldest daughter over 18 (with conditions), No wives, sons or young children, Credit cards. Or if you have something else trading might consider it.
  #7  
Old 09-16-2004, 06:56 AM
Ray Miller's Avatar
Ray Miller Ray Miller is offline
 
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Location: Southwest Wisconsin
State: Wisconsin
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Did give the AMC a heads up. But the want it in a hurry. Last time I contacted the lender direct in such a matter. The AMC about gave birth to ______________ over me making direct contact with the lender.

So I had them fax me a go ahead and that it would be additional fees.
  #8  
Old 09-16-2004, 08:02 AM
Richard Carlsen's Avatar
Richard Carlsen Richard Carlsen is offline
 
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Location: Tip of the Mitt: Northern Michigan
State: Michigan
Professional Status: Licensed Appraiser
Posts: 8,372
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Nice one Ray.

Just make sure you have two similar comps within 2 miles.

BTW, you did say it was suburban did you not?
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  #9  
Old 09-16-2004, 08:17 AM
Otis Key's Avatar
Otis Key Otis Key is offline
 
Join Date: May 2004
Location: Mile High
State: New Mexico
Professional Status: Certified Residential Appraiser
Posts: 15,970
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You always make my hard ones seem so simple - Thank You - BTW - I think I said this before, but what the heck. Do you go looking for these?

Suburban = YESSSSSSSSSSSSSSSS!!!!!!!!!!!!!!!!

I'd find some of the strangest looking properties, log homes, domes, SW with site built additions, bermed homes, etc., and use everything in site to atleast show them that there is wierd stuff out there. Then I'd keep the best one for that phone call but already have it on a grid. Increased fee was a necessary factor - Glad you got it.

FWIW - I'd never accept credit card charges for exactly the reasons that DB mentioned. How many HO's are really happy with our appraisals. I tell them to go to the bank and borrow against the card and pay me CASH! It works.
  #10  
Old 09-16-2004, 08:48 AM
Ray Miller's Avatar
Ray Miller Ray Miller is offline
 
Join Date: Feb 2002
Location: Southwest Wisconsin
State: Wisconsin
Professional Status: Licensed Appraiser
Posts: 12,000
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Ottis,

I forgot about that angle of the CC. I think I will start using it. Matter of fact after less then a minute of thinking about it. I like it real well. Cash, Cash, Cash. Like the sound of it. Matter of fact I think I will add that sound to my web site. Like when a cash register opens.

Not that I am money hungry. It just takes a lot of it to support the life style of the young fillies that I run with and the older filly that is trying her darnest to get a neck rope on me, a brand on me, ear tag me, dehorn me and you know the rest.

Before you ladies get up in arms about being called a filly. I just heard an old Gene Audry song with the verse calling a lady a filly. So long before I was walk upright it was being used as a term of endearment.
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