A Little Weekend MB Entertainment

[Frederick]

GPAR 2 1/2 months old? It will start out as a new assignment with the original date of value then in a week or so comes the request for new comps because the underwriter says the comps are too old and you say I told you the date of value was 2 1/2 old when you ordered it and you said no problem. You then say there will be additional fees for additional work. MB says all my appraisers give me additional comps when underwriter requests them and you say this is not a situation where the comps exceed guidelines and the Opinion of Value lacks sufficient support what is actually be asked for a different date of value..............and it goes on and on.

Send them an email that says you left on vacation this morning.

 

[Michael Tipton]

In my market, I would re-inspect the subject and charge close to full fee. I would reduce my fee for the time required to measure, assuming there have been no changes to the floorplan. Close to 90 days will require a new search for comparable sales and an update of the market analysis.

 

[Marcia Langley]

New assignment, new assignment, new assignment.

Let the client call it what they want to but get a new order and do a new site visit and charge what seems reasonable to you.

 

[c w d]

New assignment, new assignment, new assignment.

Let the client call it what they want to but get a new order and do a new site visit and charge what seems reasonable to you.

Do you need to revisit the site if the effective date of the new appraisal is the same as the original?

 

[RSW]

Allison, Sorry! I did not see the comment about the GPAR. Ignore my other post. I agree with Frederick. Also, how can the lender use the appraisal since the intended use was the owner and the intended use was not for a mortgage related transaction. A lot of things would have to be modified in order for you to put the lender's name on the report. I believe they would want it done on the 1004 and as Frederick made comment to, they are going to want more recent comps. I would ask for a new fee, do a new inspection, report it on the 1004 with a new effective date. I would most likely ask for a full fee since you are going to have to make sure everything transfered over to the 1004 and you did not loose anything. You will find you may spend as much time on the new report as you did the original report.

Oh, and get your money COD.

 

[Mike Boyd]

WHO said that we should charge only for the time spent? We are in business for a profit, not wages. Some reports are more complex than others yet we have committed to a flat fee. We win some and we lose some. The goal is to win more than we lose else we should return to what we were doing prior to entering the biz. Or, we can flip burgers.

In this case, tell the lender you must have a new, written appraisal order spelling out their requirements (scope of work). Tell them the rules and regulations have changed and their decades old appraiser might want to update his/her knowledge before losing their license and incuring possible fraud charges to themselves, the lender, for not following FIRREA guidelins when ordering an appraisal.

In my opinion, you should at least drive by the subject and take new photos, research the market and add in new comps and listings you feel you would use if it was an altogether new assignment. You have exposed yourself to liability from two lenders. The only thing I would deduct is for your estimated time in measuring and inspecting. $50?

 

[Alison Swain]

In my market, I would re-inspect the subject and charge close to full fee. I would reduce my fee for the time required to measure, assuming there have been no changes to the floorplan. Close to 90 days will require a new search for comparable sales and an update of the market analysis.

Thank you, MIchael --- that's almost word for word what I did tell them --- three times now.:Eyecrazy:

But the MB is certain that her Senior Underwriter is more familiar with USPAP than I am. Reading AO26, I question the UW reading comprehension. It's just that straight-forward. :Eyecrazy:

 

[PropertyEconomics]

In a general sense, yes. I have courted this particular mortgage company in the past. They've invited me to "train" their LO's in FHA appraisal procedure and reporting and have readily accepted lunch on my dime when I've asked to sit down with the processors. I never got any orders though. Finally, a very good friend of mine who works with a local title company told me to save my time and money --- she knows for a fact that they only use vendors who kick back $$$ to them.

How much did she kick back to them?

 

[Alison Swain]

How much did she kick back to them?

She didn't. She had the account and was informed that they were going with a new title company who would kick back and was told that they got something back from all the vendors they send work to.

I know my marketing system and how prospects respond --- what "buying" signals look like and the ones who not to waste time with. These folk sent all the buying signals just never came through with any work.

Considering that all their appraisers apparently comply to their requests for "transfers," a clear USPAP violation, why is this so hard for you to believe?

 

[PropertyEconomics]

She didn't. She had the account and was informed that they were going with a new title company who would kick back and was told that they got something back from all the vendors they send work to.

I know my marketing system and how prospects respond --- what "buying" signals look like and the ones who not to waste time with. These folk sent all the buying signals just never came through with any work.

Considering that all their appraisers apparently comply to their requests for "transfers," a clear USPAP violation, why is this so hard for you to believe?

My point was simply if she didnt pay them or she didnt collect kickbacks for them ... she cant know for a FACT as you stated in your post. Nothing more.