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And the customer says "an extra $ 100.00?"

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Verne Hebert

Thread Starter
Senior Member
Joined
Feb 25, 2002
Professional Status
Certified General Appraiser
State
Montana
One of my associates in the office got an order from ValueIT yesterday.

She said she wanted COD at the door and ValueIT agreed.

Upon calling the borrower to setup the appointment, the borrower said I will have a check at the door for you, but what is this ValueIT (Wells Fargo loan) doing billing me for an additional $ 100.00?
 

John M. Parker

Freshman Member
Joined
Jun 4, 2002
I hope that doesn't suprise you. We have know for a long time that Wells Fargo charges $350 to the borrower (in our area) and pays $210 for 1004. Same with Valueit. We don't do them, we get full fee or pass.

The question is, if the LO in the branch orders the appraisal direct, and pays the appraiser a reduced fee, what happens to the rest. One X-LO told me that they were told to negotiate the fee with the appraiser and they could keep the rest, I didn't believe her until their own appraiser told me the same thing, that he was getting $200 a pop and paying rent.

And your govenrment at work wants to regulate us out of business and give the underwriters the authority to evaluate properties from their desktop. Makes you wonder if the Fox is haeding for the henhouse.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
:lol: John you have the right idea, but the fox is IN the henhouse, has a mouthfull of feathers and theres red stuff dripping from it's jowls!

Even HUD cannot get past the racketeering and big boys. So whats an honest appriaser who signed a "I won't discuss fees supposed to do"?

When directly approached, I simply state, "Whatever you are paying is NOT what I get, and I am contractually forbidden to disclose that amount. I am offended by this entire process, but please feel free to discuss this with your loan officer or the lender. As a consumer it is MY opinion that you should have the right to this information" :twisted: No lies, and I didn't discuss the fee - exactly.
 

Verne Hebert

Thread Starter
Senior Member
Joined
Feb 25, 2002
Professional Status
Certified General Appraiser
State
Montana
Lee Ann--

You nailed exactly what was implied (and for a reason) in this post. And on a COD, this becomes very evident.

And by the way. The fox is gettin' fat on the extras!
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
I know of one AMC that charges as much as $485 but pays less than half that. Wells Fargo/ValueIT just wants its piece. If you want additional work from them, send them the $$. If you don't, just tell them that this was not part of the deal and to stuff it.

Roger
 

Verne Hebert

Thread Starter
Senior Member
Joined
Feb 25, 2002
Professional Status
Certified General Appraiser
State
Montana
My associate go another one today; same thing she said COD is the terms.

Booked the appointment.

Got a call from the out of state buyer-check is in the mail.

10 minutes later VIT clerk calls...cancel the order, the LO will not authorize the fee.

I told the clerk, the LO is not paying for the appraisal; the borrower is; it is the borrowers transaction not the LO's and not VIT's.

She said, "oh this is a COD, this is a problem." Put the order on hold.

I said if it is on hold we are filling the appointment time with another file.

5 minutes later we get an order from the Wells Fargo LO. order is a go.
 

Eric Boggs

Sophomore Member
Joined
Feb 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
All of the upcharging in the industry is one of the main reasons I am leaving the "profession." Our fees have been stagnant/declining the past 10 years. I am sick and tired of working my fanny off and watching my income drop while the amount of detail required keeps going up. I see the trainees coming into the "profession" and are happy as clams at fees of $220-$225 when we were charging more than that 10 years ago. Thay have no idea how nice it was to make a livable income doing 6 appraisals/week, when now I have to do 10-12/week to make comparable money. It is really heartbreaking when my son comes to me (seeing only the back of my head most of the time) and wants to kick the soccer ball or ride his bike with me and I have to tell him that "I have 2 reports due tomorrow and I really need to get them done, son." This 5 day turn around time stuff IS FOR THE BIRDS! What has happened to us, as a "profession" that we have reduced ourselves to these (I think) unreasonable terms. YOU CAN HAVE IT - I QUIT!
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I am sorry that you feel necessary to leave the profession. I still haven't found anyone who will pay me what I make appraising. Agreed, our fees have been relatively stable for a very long time while some costs have increased; however, my volume of work has steadily increased. Use of technology has made my job easier...I can do an appraisal and report the results in much less time than it used to take. Electronic transmission of reports and digital photography as reduced my costs and improved my timeliness.

Perhaps you don't remember the "good ol days" when we paid $3,000 for a computer and simple form filling program. Running to the photo lab two or three times a day, buying film by the case, and spending lots of money at Forms n Worms for tractor feed forms. Then there was a $20 to $25 charge for overnight delivery of the report.

Sure we are in a period of "heavy competition" but what do you suppose is the reason? The job is much better than flipping burgers at Mickey D's or sitting on a roof in 110 degree heat.

We need to adapt or die...personally I prefer adapting!
 

jtrotta

Senior Member
Joined
Jan 16, 2002
The word "Profession" has been misused, I think we're a mixed bag; needed to conform to specific requirements set up by the gomnt. & state, yet you cannot (or have few choices to exceed) buck what the "Lenders" are willing to pay.

The problem is that we do not control anything, the appraisal industry is run by the "Lending Community", therefore, your Fee's will be the same for the next 20 years, unless you expand into a different avenue of the business. So quit grippen and go ta work or git another job, just means more work fer ME and isn't that what we're all about (greed) :lol: :lol: :lol: it's the american way 8O

8)
 

Eric Boggs

Sophomore Member
Joined
Feb 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
J.

There are lotes of jobs that pay way more than appraising for the same amount of stress. I am not complaining and I am in the process of re-educating myself to enter another venue of work. Next year, after 20 years, will be my last. Eric
 
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