Anybody Get the "STARS" Memo?

[Richard Carlsen]

Anybody else receive the STARS “Best Price” fee structure questionnaire?

In a nutshell, it seems they want to put us in either the “in network” (i.e. low fees) or “out of network” (i.e. regular fees). If you are “out of network” they say…”Placement as an out of network vendor could potentially impact negatively on appraisal volume. (For those in Rio Linda that means you won’t get as many orders)

The refinancing boom must be over. Looks like it’s time to start trying to cut fees and make some money off of the appraisers.

 

[Cliff Salisbury]

Did not receive their memo, but did receive a order from them. They wanted me to do the full appraisal for half price. This morning it came in that they would pay the normal fee. However, that may not matter. This is only the fourth order that I have received from them this year. One in January and one in March and one last week. The ones for January and March have still not been paid.

 

[Anonymous]

I would urge any appraiser who has completed a report at a cut rate fee for STARS to find out what the borrower was charged for your appraisal. This company is currently the defendant in a class action suit for up charging on appraisals. If STARS collects more for your appraisal than they pay you STARS is commiting fraud.

I urge anyone with information about this practice to contact the Guild, your information will be used in the legal action.

 

[Larry Lyke]

The Internet and new software allow the AMCs to keep trolling, then churning appraisal fees, so that the process itself will always make sure the low(est) bidder gets the job as long as she remains on the list for quality purposes and maintains the low fee position.

It has little to do with apppraising per se, but all to do with how software trolling works. Something akin to a telemarketer calling weekly to update their file on your fee schedule -- then intimating in the phone call that "Oh, you're maintaining that position, ... huh? As if others are lowering theirs.

JUST LIKE AN AUCTION WHEN YOU GET SEPARATED FROM YOUR SPOUSE AND THE LADY NEXT TO YOU JABS YOU IN THE RIBS AND TELLS YOU YOU'RE BIDDING AGAINST YOUR SPOUSE (i.e., yourself).

By manipulation the fees can actually be driveN down -- artifically, huh? Has nothing to do with the marketplace. So the thing you have to do is decide what your fees are before the calls start coming in. At least use this as a point of beginning when discussing your fees. Gives you a base.

Just a thought.

 

[Tim Hicks (Texas)]

I received the fax. It took about 30 seconds to hit the trash can. Their fee schedule is ridiculous. $100 for 2055 exterior. I have a friend who works for appraisal firm. He dismisses their low fees because they get "volume". He says they get 10+ orders a day. I wondered if it was really worth it to him at 50% commission, but he does not complain. When it slows down, and it will, he will complain. I receive about four orders a year from them and it always appears to be some outlying area that nobidy wants to visit and certainly not for their fees. How did we as a profession let AMC's take over???

 

[Richard Carlsen]

I actually do a fair amount of work for them but it is on my fee schedule and not theirs. Probibly because they cannot find someone cheaper to do it. The orders that I get are generally good orders and not some of the C and D stuff that come in from some lenders.

I hope this new drive does not take away the business but if it does, that just means I have more time to go trout fishing.

 

[Mountain Man]

"$100 for 2055 exterior." ???!!! :lol: :lol: :lol: 8O 8O :roll: :roll:

 

[Richard Carlsen]

Not me.

$250 for 2055 int/ext and $250 for exterior only. Makes remembering the fee easy.

$100 will not get me out of the starting blocks on an appraisal.

 

[Charlotte Dixon]

We do some work for STARS, but we have our own fee schedule too. Getting paid has not been a problem, either.

It's those low-lifes like Conseco we can't get our money out of. Never again will I do a crumb of work for them :evil: They asked us to do another appraisal for them and still owed us $100 for a trip charge.
Fraud: Then they said, well collect at the door for this next one and add that $100 in. No way...hung up on them on that note. We'll never get that $100, but it's worth it if they never call again!

 

[Doug in NC]

I had been trying to get on STARS approved relocation appraisal list for over 6 months. The guy in charge kept telling me my application was still under review. Recently, I followed up and was told (by someone else in the office) that all of their relo business had been taken over by another company. Is that true, or was what I was told a desperate lie to get me to give up on contacting them?