VA Appraisal Request Cancellations

[NOGAVA]

A new fee schedule just came out for the Atlanta RLC which goes into effect on April 1. It give a break down of what you can charge. There's a lot in the new schedule.

Yep, it's a graduated fee depending on what stage you're in. We've always billed for time on cancellations or trip fees, but I don't think it was as well defined or documented as it is now.

 

[KYLECODY]

I have had (4) VA appraisal requests cancel in the past 3 weeks.

I SINCERELY hope that all VA appraisers are charging a fee of at least $150.

When I receive a VA request I spend about 2 to 4 hours obtaining data, researching, downloading information and assembling the file prior to completing the inspection.

When they cancel I loose that entire fee for the week that appraisal request was assigned. The VA does not send another to replace it.

It's really starting to hurt my income stream. The $150 is nothing more than a small bandage.

Even the VA indicates a cancellation fee is appropriate.

I know a few VA appraisers will be on their "high horse" and suggest otherwise.....but those appraisers are not helping the profession one bit.

Please.........charge a fee on cancellations.

That is unfortunate. 2-4 hrs assembling a file prior to the inspection? Not doubting you but...sort of doubting you unless you live in a non MLS/non County Records online type of area or every property is a trainwreck/super complex. Thats a lot of time when everything is on the web for prep work.)

The new schedule for those other RLCs did have the cancellation versus trip versus over 50% fees on a cancellation mapped out. Probably a safe guideline.

 

[Tru Red]

That is unfortunate. 2-4 hrs assembling a file prior to the inspection? Not doubting you but...sort of doubting you unless you live in a non MLS/non County Records online type of area or every property is a trainwreck/super complex. Thats a lot of time when everything is on the web for prep work.)

The new schedule for those other RLCs did have the cancellation versus trip versus over 50% fees on a cancellation mapped out. Probably a safe guideline.

Seriously? When I sit here and gather data online and take all that data and start putting it into Clickforms for the requested appraisal report, 2 to 3 hours is typical. I get the report all set up and ready to go except for the inspection. After the inspection I can finish the report and fine tune it for the subject. If the inspection doesn't happen because the borrower or lender backs out....I've done a lot of work for almost nothing.
Now, with that being honestly stated....I may have to change the way I do appraisal reports by not doing any "pre" work until I have a verified appointment for the inspection. That....will just slow up the process for everyone.

 

[KYLECODY]

Seriously? When I sit here and gather data online and take all that data and start putting it into Clickforms for the requested appraisal report, 2 to 3 hours is typical. I get the report all set up and ready to go except for the inspection. After the inspection I can finish the report and fine tune it for the subject. If the inspection doesn't happen because the borrower or lender backs out....I've done a lot of work for almost nothing.
Now, with that being honestly stated....I may have to change the way I do appraisal reports by not doing any "pre" work until I have a verified appointment for the inspection. That....will just slow up the process for everyone.

Gotcha, so basically you are pre-typing the report before you do the inspection? Sounded like you were saying it took that long to pull Public Records, comps and whatever else you need before you go out. I have been burned on that many times also and rarely pretype anymore unless I am super slow and there are no indicators of a cancel happening. That and tough to pull comps before you see the house unless the MLS has photos and its a purchase.

Ever try Spark or similar programs? I upload subject Public Records, comps, graphs, market conditions etc into their program, click export and then it auto fills my form when I'm ready. I add commentary and fine tune from there. Cuts manual typing nearly in half.

 

[Tru Red]

Ever try Spark or similar programs? I upload subject Public Records, comps, graphs, market conditions etc into their program, click export and then it auto fills my form when I'm ready. I add commentary and fine tune from there. Cuts manual typing nearly in half.

I've thought about using a program like that but really....it's not cost effective for me. I only do 3 or 4 reports per week.........all for the VA or local attorneys. If I was trying to complete 5 or 8 per week, those programs would probably work.

 

[glenn walker]

I have had (4) VA appraisal requests cancel in the past 3 weeks.

I SINCERELY hope that all VA appraisers are charging a fee of at least $150.

When I receive a VA request I spend about 2 to 4 hours obtaining data, researching, downloading information and assembling the file prior to completing the inspection.

When they cancel I loose that entire fee for the week that appraisal request was assigned. The VA does not send another to replace it.

It's really starting to hurt my income stream. The $150 is nothing more than a small bandage.

Even the VA indicates a cancellation fee is appropriate.

I know a few VA appraisers will be on their "high horse" and suggest otherwise.....but those appraisers are not helping the profession one bit.

Please.........charge a fee on cancellations.

In California a lot of buyers go home and think about if they want to commit to a $500,000 loan and once they sober up they walk !

 

[glenn walker]

I've thought about using a program like that but really....it's not cost effective for me. I only do 3 or 4 reports per week.........all for the VA or local attorneys. If I was trying to complete 5 or 8 per week, those programs would probably work.

Scott if you are doing 3 to 4-reports a week " California " basic $600.00 VA fee you are making upwards of $10,000 a month ? if that is true god bless you but you need to put some money away because it's not going to last !

 

[KYLECODY]

I've thought about using a program like that but really....it's not cost effective for me. I only do 3 or 4 reports per week.........all for the VA or local attorneys. If I was trying to complete 5 or 8 per week, those programs would probably work.

$50 a month my friend. Well worth the hours and time you would save even at 1 a month. Take a look. They may give you a free trial. I was a skeptical until I did about 2 with Spark then I kicked myself for not doing it sooner. If your MLS supports it check it out.

 

[KYLECODY]

Scott if you are doing 3 to 4-reports a week " California " basic $600.00 VA fee you are making upwards of $10,000 a month ? if that is true god bless you but you need to put some money away because it's not going to last !

Tell that it wont last to the many on here who have done nothing but VA stuff most of their careers and shunned any other work, which makes sense if you work in one of the areas they pay well.

When some of them post I take their comments with a grain of salt as they live in an entirely different appraisal universe than the rest of us and don't get the issues we go through with typical clients but good for them.

 

[RSW]

I do 4 to 5 VA appraisals a week and have been for almost 3 years now. That does not count the repair inspections I fit in between. I just happen to live in the South where there are a lot of Veterans. Some areas are hot and some are not.