Inadequate fees for Field Review Work

[Frederick]

A low fee on a review is like phishing for a predetermined value with comp checks. They know the only appraiser who will accept it is one who has already determined that they will hit all the check boxes affirmatively and agree with the Opinion of Value.

I am so sick of this .......... With billions being lost when is somebody going to say... enough!

 

[jay trotta]

Doesn't anyone want to write to those who are in the midst of doing the reform work anymore ?

The Ny-Ag had the right idea, but as ya'll can see they (other political peeps) are rolling over him to create something more Lender friendley.....rofl. I don't think anyone really gets it, we are and have always been the scapegoat of the Lending Industry and it won't change because we lack the Power of Unity. My theory goes right along with why bother wasting your breath anymore. It was recently splashed all over the internet about the 700 who got caught regarding the Lending issue's, money etc.- who cares they've already been replaced by 900 who will do the same thing.

Reviews, thats the biggest joke of the Century- most reviewers today lack the experience; get paid a mere pittence and have no idea they're being used by the system, so that they can shift the doubt right back over to the appraiser's. After all, the Heat has been shifted to the Lending side and they need to re-adjust the door mat.

Good Luck in your neck O the woods.

 

[Smokey Bear]

Repeat after me: cheap field reviews exist for one reason: to get an additional E&O policy to go after when the deal goes south.

 

[Kevin Mc]

Reviews, thats the biggest joke of the Century- most reviewers today lack the experience; get paid a mere pittence and have no idea they're being used by the system, so that they can shift the doubt right back over to the appraiser's.

Yup. I am currently at the point where I won't do any review for a penny less than the cost of the appraisal, which translates to no review work. Lenders want garbage, they get garbage. I see many relying the "enhanced desk review" to make their lending decisions. Let them continue to bleed millions. Their shareholders should be proud.

 

[Lawrence R.]

Repeat after me: cheap field reviews exist for one reason: to get an additional E&O policy to go after when the deal goes south.

You know... I hate agreeing with you, but you are right on the money on this one.

Why else would a bank NEED a rubber stamp?

 

[JonGalt]

Repeat after me: cheap field reviews exist for one reason: to get an additional E&O policy to go after when the deal goes south.

I received a broadcast AMC order for a field review yesterday, the fee offered was $125.00. It was located about 100 miles from me in the middle of nowhere.

Someone accepted it within minutes.

 

[Pamela Crowley (Florida)]

Why?:

http://appraisersforum.com/showthread.php?t=126687&highlight=puzzle

 

[KD247]

... I am currently at the point where I won't do any review for a penny less than the cost of the appraisal, which translates to no review work. ...

A thorough review is often tougher to do than a complete second appraisal, particularly when the client wants a detailed report explaining how the original appraisal correlates with the reviewer's conclusions.

 

[The Warrior Monk]

Yup. I am currently at the point where I won't do any review for a penny less than the cost of the appraisal, which translates to no review work. Lenders want garbage, they get garbage. I see many relying the "enhanced desk review" to make their lending decisions. Let them continue to bleed millions. Their shareholders should be proud.

We charge for a review and an appraisal, so the fee is always higher than what the original appraiser charged. Granted, we never get those assignments (from lenders). But we do occasionally end up appraising the property; they just dump the review request.

 

[Smokey Bear]

I received a broadcast AMC order for a field review yesterday, the fee offered was $125.00. It was located about 100 miles from me in the middle of nowhere.

Someone accepted it within minutes.

Didn't someone mention software you can buy that automatically responds to accept the job the minute it comes in? someone, somewhere is using that to snatch up all the work.