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2 Lenders

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Bob Stainbrook

Sophomore Member
Joined
Jan 3, 2003
HERE's THE DILEMMA.

1. RECEIVED A SFR ORDER DOWN THE STREET FROM MY HOUSE ( UW WILL PROBABLY STIP ME FOR NOT KNOWING THE NEIGHBORHOOD ) 2. SCHEDULE APPOINTMENT.
3. BEFORE APPT. IS DUE, I RECEIVE ANOTHER ORDER FROM DIFFERENT BROKER ( HOMEOWNER SAYS BETTER RATE )
4. I COMPLETE THE INSPECTION AND COLLECT MY $ 300.00 COD.

READY TO FINISH THE REPORT.

WHICH BROKER SHOULD I PUT THE APPRAISAL ORDER IN IF I HAVE 2 ORDERS / 24 HOURS APART FOR THE SAME SFR ????

I'M IN PA AND OUR STATE DOESN'T EVEN ALLOW THE APPRAISER TO TELL THE HOMEOWNER WHAT THE APPRAISED VALUE IS OR GIVE THEM A COPY WITH OUT WRITTEN PERMISSION FROM THE LENDER / CLIENT.
:eyecrazy:
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Two choices...

1. Consider that you have received two appraisal orders: inquire of the borrower if s/he has advised the lender that s/he jumped ship. State that you would be happy to deliver it to the client of choice, but please advise who that is, and request a cancellation from client #1. Sit back since you did get ONE check and let THEM sort it out.

It appears that this is a legitimate business practice but you might place a call to your state board and insure what THEY would advise you to do with this situation. States vary :rolleyes:

OR

2. Pay a courtesy call to lender #1 and ask if they are still planning to receive an appraisal order from you, as despite the fact you have finished the report you have received another call on the property, and while both orders were COD, there may have been some confusion. Indicate that youwould appreciate a cancellation confirmation for your files if the client is no longer pursueing the borrowes business.
 

larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
It seems to me that you have a binding contract with the first lender that has not been fulfilled on your part. The fact that you received a second request for the same property is irrelevant. You should have contacted the first lender when you received the second request so they would know that the borrower is shopping around. You can only have one client at a time for a specific property. Call your client now and tell them what is going on because they may be able to salvage the deal with the borrower. If not, they may release you to continue for the second lender.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Don't do either until they can decide who is going to be the lender!
 

Darrell Hignite

Sophomore Member
Joined
Jul 16, 2003
Professional Status
Certified Residential Appraiser
State
North Carolina
I agree, you should not make an inspection until you have only one client. Get a cancellation from the first lender before you proceed, then you can't be called on the carpet. :D
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Listen to the Old Guy.

"When, in the face of adversity, action appears to be required, doing nothing is often an overlooked preferable alternative."
[An old 17th Century Italian saying I just made up]
 

Richard J. Glesser

Junior Member
Joined
May 16, 2002
Professional Status
Certified General Appraiser
State
Michigan
I have had similar situations where the lender for a refi is not known, but the borrower wants the appraisal. I ask the borrower to order the appraisal personally and pay COD. I explain that if they decide who they're going with before I've completed the report, they have the right to release it to that lender and I'll complete it for that client as they direct. However, if the appraisal report is complete, there is a retype fees after they release it. But by establishing the borrower as the client, I can remove the legal BS of the lender being the client and needing a release from them. (I say legal BS because I believe much of USPAP was strongly influenced by the MBA to retain control over the process and I believe it's ridiculous that when I've collected COD from a client who wants to go to another lender because the first may be raping him with points, rate, and loan costs, that the first can refuse to release the appraisal and reluctantly give them a poor copy.) :usa:
 

Bob Stainbrook

Sophomore Member
Joined
Jan 3, 2003
Thanks everyone for your replies.
The # 1 lender says that ( in a signed fax ) that # 2 lender is full of **** and sent the release over to me. They thanked me for giving them a heads up. # 1 lender says the customer will be back to him when they go to the table in 30 - 45 days with # 2 lender and that 4.25 % / 15 year fixed with 1 point origination turns out not even close to be true ( the old bait & switch ).
Then # 1 lender will reorder a new appraisal from me and says to go ahead and charge them for a new full appraisal in their name. In this neighborhood there will be at least one newer comp available in that time period after I reinspect the property.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
B)
you Win for being the nice guy (my vote counts :p )
and Win for collecting a legitimate fee

and WIN if in the end the good guys (you and original lender broker) collect a stupid tax from the borrower who bought into the bait and switch!


Although in defense of the borrower I have heard from some fairly astute (and infuriated) folks who were sold a bill of goods by lender#2 and DID have the courage to walk from the closing table...

After hearing from all public sources that they should shop around :confused:
 
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