24 Hour Appraisals

[shrubberyvaluation]

I can only assume that the 24 hour appraisal comes with an inspection that has already taken place. Which, if that's the case, is a bit disingenuous. From the lender's perspective, the clock starts when the first product is ordered (in this case the PDR). If he's starting the clock at the point of assignment to the appraiser, he's conveniently not counting the 2-3 day inspection turntime...

Sometimes its possible, but if they are guaranteeing it they are cutting corners. It can take days or weeks sometimes for agents to get back to me. Last new construction it took a week to get information from the builder rep, and that is from a party with an interest in the transaction where you wouldn't think they would take as long.

 

[shrubberyvaluation]

That won't keep them from trying. I remember AMCs with 24hr turn time requests 20 years ago. Never gonna happen in my market

I love the ones that say they want it 24 hours after inspection, so I have to delay my inspection so I can have it in 24 hours afterwards and they end up getting it later than they would otherwise.

 

[chad hampton]

I can do something I call an appraisal in 24 hours too. Hell, I can do one in 10 min.

 

[Fernando]

I love the ones that say they want it 24 hours after inspection, so I have to delay my inspection so I can have it in 24 hours afterwards and they end up getting it later than they would otherwise.

I say to client that earliest appt date is next week.

 

[Digger88]

24 hours, cookie cutter in a 10 mile radius, I'm your guy. That'll be a Grover and I'll give you a Washington back.

Exactly! Had a hard money lender call me out of the blue in May with 3 homes needed inspected asap on a Friday. Pay me zzz and I'll go right now on a Friday at 5:20pm. They paid

 

[Terrel L. Shields]

Want 24 hour turn time, then send the triple fee to me by overnight mail - certified check only. No, I will not give you my bank routing number.

 

[Tim Hicks (Texas)]

They are not offering high fees for their 24 hour appraisals, so I don't know why you are discussing your fee for a 24 hour appraisal. It isn't happening.

First of all, appraisers are not slowing up the mortgage process. There is no need for a 24 hour appraisal if the lender is efficient. I receive orders all the time and when I call for the appointment, the agent tells me we have to wait until the option period is over. I receive appraisal orders all the time where I can see that the mortgage company has already had the loan for 2+ weeks before ordering the appraisal. I have lenders calling me with questions or a final a month or longer after the appraisal was completed. The appraisal is not holding up the lending process.

This is just more fake news from the liberal AMCs and portals in an attempt to gain more control over their defiant appraisers. LOL (I threw that sentence in just to irritate JGrant and Mike Ault).

If I receive a rush appraisal request, it is usually because the lender had the mortgage paperwork sitting on some idiot's desk and they discovered it had been overlooked. Or they stole the loan from another lender and they promised a quick close.

Regorra just wants their foot in the door for more appraisal requests knowing very well that the 24 hour appraisal is rarely needed. But they have that option when needed.

Now granted, there are some established appraisers out there that don't get in any hurry to do their appraisals and will let them sit on their desk for days, weeks before delivering the appraisal. I don't know how these appraisers have survived in this "we want everything now market." But there can't be too many of them left. Shame on them for thinking they were more important than their business model.

 

[shrubberyvaluation]

They are not offering high fees for their 24 hour appraisals, so I don't know why you are discussing your fee for a 24 hour appraisal. It isn't happening.

First of all, appraisers are not slowing up the mortgage process. There is no need for a 24 hour appraisal if the lender is efficient. I receive orders all the time and when I call for the appointment, the agent tells me we have to wait until the option period is over. I receive appraisal orders all the time where I can see that the mortgage company has already had the loan for 2+ weeks before ordering the appraisal. I have lenders calling me with questions or a final a month or longer after the appraisal was completed. The appraisal is not holding up the lending process.

This is just more fake news from the liberal AMCs and portals in an attempt to gain more control over their defiant appraisers. LOL (I threw that sentence in just to irritate JGrant and Mike Ault).

If I receive a rush appraisal request, it is usually because the lender had the mortgage paperwork sitting on some idiot's desk and they discovered it had been overlooked. Or they stole the loan from another lender and they promised a quick close.

Regorra just wants their foot in the door for more appraisal requests knowing very well that the 24 hour appraisal is rarely needed. But they have that option when needed.

Now granted, there are some established appraisers out there that don't get in any hurry to do their appraisals and will let them sit on their desk for days, weeks before delivering the appraisal. I don't know how these appraisers have survived in this "we want everything now market." But there can't be too many of them left. Shame on them for thinking they were more important than their business model.

I have no problem doing favors and working extra hours for clients that are not a PITA. What I think is stupid is requiring 24 hour turnaround after inspection. Had one where I was going to be literally one block away from it for a different inspection, but I wouldn't be able to complete in 24 hours, so I could have to delay the inspection, do pre research to make sure I could do 24 hour turnaround and schedule for a time I'm not that busy. So I might delay it a week, instead of just having it back into them in 48 hours. It is stupid and helps neither me nor them, at least I can't see how that would help them to delay it. Oh and if they cancelled it I'd be out of luck for any money for my pre research to guarantee the turnaround. It was new construction and I know the builder would be slow to the point that there is no way I would get information from them within 24 hours unless I got all the info beforehand.

 

[chad hampton]

Why aren’t the snake oil pushers ever advertising about coming up with a more reliable appraisal? Instead of a faster one.

It is so strange what this profession has turned into. I couldn’t have less respect for any group of people than I do for the leadership in the appraisal profession.

 

[J Grant]

Relax people! It was just a posting from some random company ( who will use Regorra as a portal )- trying to promise X to get business, a turn time that even the greedy AMC's are not asking for - they tried the 24 hour thing and and were reprimanded for it - even 48 hours after inspection which is the norm now barely allows enogh time because half the time parties dont get back to an appraiser for verificaion of info for days. The inspection typically does not occur until several days after one makes contact. That will be true for PDC collectors as well.