Am I Obligated?

[jim farrelly]

last month received request from out of state lender to complete a 1004 with COD paymenty. contacted borrower, who of course balked at COD and initially wouldnt set appointment. borrower finally accepts terms and schedules appoinment. throughout inspection, continually nagged and complained about how unfair/unethical it was for me to expect cash upfront for appraisal. to make a long story short, i completed assignment and borrower was unable to close deal as "my value" didnt make it for the lender. borrower called me several times, complained, threatened suing me, turning me over to the state, etc, etc, etc.

fast forward to August 4. borrower wants to use the report and recieved release from my client. I instructed borrower my fee for such a change is $125. again borrwer rants, raves, curses, threatens and says will not pay an additional fee. received voicemail from borrower yesterday. very nice and very sweet and now willing to pay fee for transfer. I have had enough from this borrower and no fee will make up for the aggravation and time she has cost. my question is simple, am i required to release the appraisal or can i tell her to kiss my u know what??

 

[Mike Garrett RAA]

No, you are not required to do anything further; however, bite the bullet..get the job done, collect your fee, and move on.

 

[Soar Ohio]

While USAP states that the lender is our client not all state courts see it that way. If your state courts says that the person paying is the client you might have to provide the report. Courts trump USAP.

 

[Mountain Man]

That is a no win situation. They THINK they OWN the report, and no amount of explaining will convince them. Do what you want, you do not HAVE to provide any service to anyone you don’t want to. However, before re-printing it, check with the lender to make sure the UW will be okay with a month old valuation date. If they want it current, then you have a new assignment request....... that'll be fun to explain.

 

[Jo Ann Meyer Stratton]

Even if you decide it is a "retype" situation--it is a new assignment, new client, new intend use, new intended user, etc, etc, etc. See the postings in the FAQs at the top of the General Forum.

New order--new everything! Your office procedures is your choice on how you decide to handle the new assignment.

The original report belongs to the original client forever and ever. They have given your permission to complete a new assignment for a new client--the rest of how you handle it is up to you.

 

[Jeff Horton]

I second Jo Ann, new appraisal and now you are not a disinterested third party because they have biased you with the stuff they put you through. According to USPAP you can't do a new assignment because you are biased. :mrgreen:

Sometimes it works in our favor.

 

[John Wilson]

Originally posted by Jo Ann Meyer Stratton@Aug 12 2003, 11:10 AM
The original report belongs to the original client forever and ever. They have given your permission to complete a new assignment for a new client--the rest of how you handle it is up to you.

Do you really need permission from anyone to perform a new assignment on the same property?

I can see if another lender wants you to transfer the name, but if it's a new assignment, all else goes out the window.


Like you said, new order, new everything. Right? Or am I reading too fast?

 

[Jo Ann Meyer Stratton]

My wording about receiving permission wasn't really worded very well. How about--the original client has indicated that the purpose and intended use with them is over and done with and now nobody will be able to accuse the appraiser of violating confidentiality? And even if the only request is to "transfer" a name--the appraiser has to be concerned that they do not violate confidentiality.