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Another twist to 'Who's the Client?'
- Thread starter Caterina Platt
- Start date
- Status
Lee SW IL
Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Illinois
I agree with Brad. Have the NEW client (lender) order a NEW appraisal.
Except for confidentiality of the previous report your obligation to the previous client is over.
Re inspect the home, new photos, date, ect, take no information from the old report into the new report.
I never request a lender give me a letter of release, it is not required, as long as your doing a new appraisal.
Except for confidentiality of the previous report your obligation to the previous client is over.
Re inspect the home, new photos, date, ect, take no information from the old report into the new report.
I never request a lender give me a letter of release, it is not required, as long as your doing a new appraisal.
Pat Butler
Senior Member
- Joined
- Jan 17, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Illinois
Brad has brought up the most relevant point. The lender/client has established an agency relationship with the AMC. They (lender) have chosen to have the AMC represent their interests. You accepted the appraisal order based upon the fact that the AMC was representing the lender. That's why they directed you to report the lender's name as the client.
You should continue to honor that agency relationship by listening to the AMC's directions as if though they came directly from the lender. Common law dictates that a principal (lender) can usually be held responsible for the actions of their agents (AMC.) Once you decided to accept an order based upon their relationship, you should then continue to honor that relationship.
Pat
You should continue to honor that agency relationship by listening to the AMC's directions as if though they came directly from the lender. Common law dictates that a principal (lender) can usually be held responsible for the actions of their agents (AMC.) Once you decided to accept an order based upon their relationship, you should then continue to honor that relationship.
Pat
Richard Carlsen
Elite Member
- Joined
- Jan 15, 2002
- Professional Status
- Licensed Appraiser
- State
- Michigan
The rules of the house apply here:
UNDER NO CIRCUMSTANCES WILL WE CONTACT A CLIENT, EITHER AMC OR DIRECT LENDER, AND REQUEST RELEASE OF AN APPRAISAL TO ANOTHER LENDER.
This is pure unadulterated bad business practice and in doing so, involves you with the lending process.
If the borrower wants to use the report somewhere else, let them have the courage to call the original lender and request it. Or let the new lender call the original lender and request it. In no way am I going to my client and request that they do something to help a competitor with my report. That is not part of the appraisal process and releasing it is none of my business. Let those involved work it out and then let my client send me a signed letter or fax granting permission to release the report to the new lender.
This one is easy!
UNDER NO CIRCUMSTANCES WILL WE CONTACT A CLIENT, EITHER AMC OR DIRECT LENDER, AND REQUEST RELEASE OF AN APPRAISAL TO ANOTHER LENDER.
This is pure unadulterated bad business practice and in doing so, involves you with the lending process.
If the borrower wants to use the report somewhere else, let them have the courage to call the original lender and request it. Or let the new lender call the original lender and request it. In no way am I going to my client and request that they do something to help a competitor with my report. That is not part of the appraisal process and releasing it is none of my business. Let those involved work it out and then let my client send me a signed letter or fax granting permission to release the report to the new lender.
This one is easy!
Mike Garrett RAA
Elite Member
- Joined
- Jan 14, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Colorado
Caterina Platt
Senior Member
- Joined
- Jan 17, 2002
- Professional Status
- Certified Residential Appraiser
- State
- New Mexico
Mike!
Good to hear from you! How's the home office? Thanks for the feed back. I tend to heartily agree with you. Chile is still in the freezer, Bud!
Was thinking about you the other day when I went out to the shed and started taking inventory of what's the freezer in prep. for a trip to the $200 club. (my nickname for Costco. Hard to get out of there without spending that much!)
Catch lotsa fish and I hope to hear from you when you make it to Elephant Butte. We miss you former King of the Postings! :lol:
Take care
Cat Platt
Good to hear from you! How's the home office? Thanks for the feed back. I tend to heartily agree with you. Chile is still in the freezer, Bud!
Was thinking about you the other day when I went out to the shed and started taking inventory of what's the freezer in prep. for a trip to the $200 club. (my nickname for Costco. Hard to get out of there without spending that much!)
Catch lotsa fish and I hope to hear from you when you make it to Elephant Butte. We miss you former King of the Postings! :lol:
Take care
Cat Platt
- Status