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  #1  
Old 08-01-2005, 12:26 PM
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Mister Ed Mister Ed is offline
 
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I received an order to do an appraisal for a refinance.

While driving out to the subject, the office assistant calls me to say that we received another order for the same property, same borrower, new lender.

I get to the house. When I talk to the guy, he says that he wants the appraisal for two lenders (playing one aganst the other) and he pays me cash full fee for each.

I have not deposited the $$$$ yet.

I have two assignments with standard scopes of work (nothing out of the ordinary).

Am I lucky man doing one for the price of two?

Obviously, I cannot pit one lender against the other or even disclose to either client about the other.

Just wanted your thoughts on this.

My thought... what would be the difference between doing it for one lender this week and one next week? It just happens that the inspection(s) took place simultaneously and the orders were received within 24 hours of each other.

-ed-
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Old 08-01-2005, 12:32 PM
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Otis Key Otis Key is offline
 
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My worthless $0.0002. You've got a conflict right off the bat. You're being utilized by the borrower to the borrower's benefit. Seems like shades of pre FIRREA (S & L fiasco). I'd probably issue a check back to the borrower (paper trail) indicating a full refund and decline the orders from both companies. It sure doesn't sound reasonable or professional to me. I'm curious to see what others say.
  #3  
Old 08-01-2005, 12:32 PM
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George W Dodd George W Dodd is offline
 
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Ed,

No brainer. Do the two appraisals.
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  #4  
Old 08-01-2005, 12:36 PM
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This has happened to me from time to time. The advise from the forum was to do both appraisals. I think there was a time when client loyalty meant something but it seems in this day and age of mortgageonlinetelemonkey's.com type business models it's every man for himself.
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Old 08-01-2005, 12:37 PM
Randy Beigh Randy Beigh is offline
 
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I agree with George. Do the 2 appraisals.

Keeping the paperwork and the no referencing the other's client,due to confidentiality, is a pain. But, USPAP changed a year or so ago to allow for this type of work and we have done some.
  #6  
Old 08-01-2005, 12:40 PM
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There you go. Majority says otherwise. I'll watch this to see how the greatest majority goes on it.
  #7  
Old 08-01-2005, 12:43 PM
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Do both appraisals unless your engagement precludes you from doing so. I have one client that I do commercial appraisals for that requires that I sign their engagement letter which states that I will not do an appraisal on the same property for a different lender for a period of one year without first obtaining their permission.

You just got lucky today.
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  #8  
Old 08-01-2005, 01:00 PM
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Two different clients, two assigments.

Just hope that theyare both CAD or the one client has a history with you that they will pay if the loan never close's.

I would run with it keeping to complete work files.
  #9  
Old 08-01-2005, 01:05 PM
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No instructions to NOT appraise it twice by either client--written or verbal

CASH in fist--full fee--for two appraisals is in hand.

Two different workfiles (photocopies of everything in one of them and originals in the other).

I will create one file in WinTotal without lender information and then clone it and put in all of the individual separate client information in each.

My conclusions would be the same no matter which lender I am doing the work for...

I do recognize Otis' initial concerns... that is why I even raised the question. There is always a first time for everything.

-ed-
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  #10  
Old 08-01-2005, 01:07 PM
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Chris Colston Chris Colston is offline
 
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I have to agree with the concensus....as the Nike ads proclaim...JUST DO IT! Two clients, two assignments, two fees, lucky you!
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