Anyone Doing Commercial Work With Lres?

[PS111222333444]

I recently started receiving email bid requests for residential from LRES and asked them to take me off their list. They replied saying they have a lot of commercial work and would I like to receive bid requests. They sent me a link to add my E&O, W-9 and to set up a profile. They recently acquired InsideValuation.

Anyone working with LRES or comments?

Thanks for the input.

 

[miktay]

I took the bait once.

 

[Pittsburgh Pete]

I took the bait once.

If they were looking for commercial appraisers, they were fishing in the wrong pond?!

 

[miktay]

If they were looking for commercial appraisers, they were fishing in the wrong pond?!

" Anyone working with LRES or comments?
Thanks for the input."

Read slowly, Pete.

 

[JTip]

The AMC disease is spreading.

"Hello. We are looking for an appraiser to do a coal report. The fee is $350 and require a 3 day turn. Is this something you can help us out with?"

 

[Meandering]

The AMC disease is spreading.

"Hello. We are looking for an appraiser to do a coal report. The fee is $350 and require a 3 day turn. Is this something you can help us out with?"

Why yes,
I have some coal, and am happy to report it burns fine

My bill for $300 will be in the mail.

Have a nice day.

.

 

[PL1957]

The AMC disease is spreading.

"Hello. We are looking for an appraiser to do a coal report. The fee is $350 and require a 3 day turn. Is this something you can help us out with?"

We do work for commercial AMCs on a regular basis. They pay us our regular fee and the appraisals are reviewed by real live appraisers. Not sure what the problem is ...

 

[Michigan CG]

I have gotten three e-mails for commercial work from a notorious residential AMC where they simply seen not to get it. Their engagement reads like a 2011 engagement from RRR or one of the others that have no respect.

The first one I thought I got because it was in my community. It was for lender X and it stated that this particular lender was very time sensitive and that the inspection must be scheduled with-in 24 hours of engagement. They also required regular updates which between the lines seemed like they wanted daily updates. I deleted it knowing the complexity of the property.

Then I got another, not in my community and the engagement was the same but it was a DIFFERENT lender who also was very time sensitive and expected the inspection be scheduled within 24 hours of engagement (they didn't want the property inspected in 24 hours but a date set within 24 hours). Regular updates required. I deleted that one also.

Then I got a third one for another different lender with all the same language. This AMC thinks that the commercial world works the same as the residential world and that they can claim that all three of these lenders require inspections set within 24 hours. It is kind of obvious that they are trying to mimic their residential practices which I don't think will work with commercial appraisers.

 

[PL1957]

I have gotten three e-mails for commercial work from a notorious residential AMC where they simply seen not to get it. Their engagement reads like a 2011 engagement from RRR or one of the others that have no respect.

The first one I thought I got because it was in my community. It was for lender X and it stated that this particular lender was very time sensitive and that the inspection must be scheduled with-in 24 hours of engagement. They also required regular updates which between the lines seemed like they wanted daily updates. I deleted it knowing the complexity of the property.

Then I got another, not in my community and the engagement was the same but it was a DIFFERENT lender who also was very time sensitive and expected the inspection be scheduled within 24 hours of engagement (they didn't want the property inspected in 24 hours but a date set within 24 hours). Regular updates required. I deleted that one also.

Then I got a third one for another different lender with all the same language. This AMC thinks that the commercial world works the same as the residential world and that they can claim that all three of these lenders require inspections set within 24 hours. It is kind of obvious that they are trying to mimic their residential practices which I don't think will work with commercial appraisers.

Making contact with the borrower within 24 hours isn't an unreasonable request - it's our internal standard. I've seen several bank clients include this in their RFPs as well. It's good client service.

 

[PS111222333444]

I would have to agree with PL1957, I contact the borrower sometimes the same day as the award - helps to get in front of scope.