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Old 09-17-2004, 10:08 AM
Bill Rose Bill Rose is offline
 
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I'm going to pilot-test using 1% of BPO vs. the old system. I think that's what it's going to take to capture the benefit/liability of rising markets.

The one thing I'm struggling with is the contingent fee thing. Thoughts?
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Old 09-18-2004, 01:59 PM
leelansford leelansford is offline
 
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Would you expand a bit on what you have posted and, also, your question?
I'm not at all certain as to what you are asking.

--Lee Lansford, IFA
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Old 09-18-2004, 02:06 PM
Oregon Doug Oregon Doug is offline
 
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Bill; Huh? I'm with Lee on this - what's your question? I'll say this much though: Appraiser & contingent fee = don't even think about it.

Oregon Doug
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Old 09-18-2004, 02:11 PM
Bill Rose Bill Rose is offline
 
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The issue that is unclear is whether a fee based on the value of the property appraised would be considered a contingent fee arrangement (which of course, is a heinous crime).
  #5  
Old 09-18-2004, 02:13 PM
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Otis Key Otis Key is offline
 
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Lee - Doug - I'm not sure he even knows what he's asking. I believe he's an appraiser, not an agent, so he does appraisals and not BPO's. Why do you think the post sat there so long with no responses. It's not a question and it's an incomplete statement that hasn't got a thing to do with appraising, except to violate USPAP if he's going to charge a percentage of the estimated value as his fee.
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Old 09-18-2004, 02:17 PM
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CANative CANative is offline
 
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Quote:
It is unethical for an appraiser to accept an assignment, or to have a compensation arrangement for an assignment, that is contingent on any of the following:

1.* * the reporting of a predetermined result (e.g., opinion of value);

2.* * a direction in assignment results that favors the cause of the client;

3.* * the amount of a value opinion;

4.* * the attainment of a stipulated result; or

5.* * the occurrence of a subsequent event directly related to the appraiser’s opinions and specific to the assignment’s purpose.
Are you trying to goad us, Bill? How could this be any clearer?
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Old 09-18-2004, 06:02 PM
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Jungle Boy Jungle Boy is offline
 
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Sunce of homer, anyone ? :rofl: :rofl:
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Old 09-18-2004, 06:05 PM
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Jungle Boy Jungle Boy is offline
 
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'nother one please !

er, make it two, hick ! hick ! :idea: :idea:
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  #9  
Old 09-18-2004, 08:09 PM
Bill Rose Bill Rose is offline
 
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The key word is "Contingent". The fee based on BPO is not contingent, as it is not dependent upon the outcome of the appraisal.

Many, if not most, structure their fees this way now. They just don't use a percentage.
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Old 09-18-2004, 09:04 PM
Randy Brewer Randy Brewer is offline
 
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I'm confused too. If you suggested that it be based upon square footage or type of residence that would make sense but if the price is higher and your fee is derived from the price how would you do that?
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