1004p

[Tim The Enchanter]

Just received an inspection request....
I'll try it to see if I like it....

Hated it!

 

[ucbruin]

Hated it!

Why? Wasn't it a normal appraisal inspection?

 

[Tim The Enchanter]

Why? Wasn't it a normal appraisal inspection?

It was a joke, you're supposed to laugh.
You're pulling down my success rate!

 

[ucbruin]

I completed my 1st 1004P property inspection this afternoon....
Typical appraisal inspection and the form to fill out was similar to the 1004 1st page with a couple of minor differences....

Haven't submitted it yet because I have a couple of questions regarding filling out the last couple of sections....
So I won't know until I submit the darn thing if I filled out the form correctly....

But overall it was quite easy and painless....

 

[J Grant]

I completed my 1st 1004P property inspection this afternoon....
Typical appraisal inspection and the form to fill out was similar to the 1004 1st page with a couple of minor differences....

Haven't submitted it yet because I have a couple of questions regarding filling out the last couple of sections....
So I won't know until I submit the darn thing if I filled out the form correctly....

But overall it was quite easy and painless....

You did the inspection? How did you know it was for a 1004P and not some other product?.

The inspections might be a better gig than doing the desktop portions. And it makes sense for an appraiser to do them rather than a RE agent or home inspector/other party. My guess though that if it became a requirement that only appraisers ould do the inspections, that the 1004 P would rarely be used, since the form was designed so either a non appraiser (or appraiser) could inspect
May I ask what the inspection fee was?

 

[ucbruin]

You did the inspection? How did you know it was for a 1004P and not some other product?.

The inspections might be a better gig than doing the desktop portions. And it makes sense for an appraiser to do them rather than a RE agent or home inspector/other party. My guess though that if it became a requirement that only appraisers ould do the inspections, that the 1004 P would rarely be used, since the form was designed so either a non appraiser (or appraiser) could inspect
May I ask what the inspection fee was?

The assignment was sent stating it was for a 1004P inspection, plus I didn't sign up to do the appraisal portion of the report.
The fee is $150.00

 

[Overimprovement]

The assignment was sent stating it was for a 1004P inspection, plus I didn't sign up to do the appraisal portion of the report.
The fee is $150.00

So $150 for the inspection, and $125 for the report, signature and E&O...

Anyone else see the twisted humor in that?

Heck I'd do inspections for $150! Hope that ends up being C&R for those. Doubt it will though.

Thanks for sharing.

 

[Fnbpos]

The inspection only fee should be in the range of a final inspection fee; say $125-$150. That would put the 1004P report at $300 - $325. (based on fees in this area). I've got appraisers who would, if they could, sit in the office all day and create reports, never again drive anywhere; and I have others who would prefer to be outside all day driving around doing inspections. This hybrid system would work perfectly for us; we can offer to provide both services.....an appraiser on the inspection....another appraiser completing the report. I believe we would be more efficient and be able to complete more reports in a more timely manor. As long as the fees stay the same, and I don't see why not....same fee, better service for the client. I'm thinking this Hybrid thing just might be the way to go.....I need to look into this pronto as some here are saying the report is now being ordered.

Traditional: 3 appraisers each complete 17 reports per month = 51 reports.

Hybrid: 1 appraiser inspects 3.3 homes per day = 67 per month. 2 other appraisers averaging 5 hrs
per appraisal report at 8 hrs per work day = 1.6 appraisal reports per day x 21 work days per month = 67

Same three appraisers = 31% more production = more money for all. (Person inspecting appears to have the best deal on the surface- - unless each of your field inspections are taking over 2 hours - perhaps the inspecting appraiser fills out the Subject section of the report, add maps, photos, etc)

Advantage - Appraisal Shop Disadvantage - Solo, garage dwelling appraiser

 

[Michigan CG]

The assignment was sent stating it was for a 1004P inspection, plus I didn't sign up to do the appraisal portion of the report.
The fee is $150.00

I can live with $150 to do something similar to a 1004d. But they would need to send multiple properties so that I could maximize my time. Give me at least three I can do in one day and I would do that.

 

[Michigan CG]

That would put the 1004P report at $300 - $325.

If you are accepting fees at $300-$325 and have trainees or staff you are doing something significantly wrong. If fees are that low anyone hiring trainees would be an idiot.