Appraisal order cancelled and re-assigned to another appraiser

[THZebra]

I received an appraisal order (SFR) from an AMC. Not having had an order from them in some time my fee was too low. I told them due to all the changes (UAD, 4 sales, 2 within 90 days, 2 grided listings and on and on...) my fee is $50 higher now. Verbally said "no problem". In a short time the order was cancelled. Another appraiser I know got the order at the exact same fee I was asking for....NOT cheaper by even a penny. Is that legal per Dodd-Frank, USPAP etc? Seems like that may be a Dodd-Frank violation but not sure.

 

[J Grant]

sorry that happened, probably not much you can do about it. Keep trying to get new clients, even other AMC's...that one sounds like a loser.

 

[NorthTexValuation]

Next time just quote your fee, don't list all the reasons you are increasing your fee.

The clients do not care what the reason is, they care what the fee is.

 

[Roy Courtney]

Sorry that happened to you. When appraisers stop working with AMCs the lenders will too! I hope you (and all of us) can find better clients!

 

[THZebra]

They are a loser. I have done work for them for about 15 yrs. Don't know if we're supposed to mention names on here but Finiti is one of the cheapest outfits out there. (They used to be Chesapeke). I Do a lot of work for various AMCs most are fair, some are good, but a few are lousy.

Thank you for your reply.

 

[THZebra]

Sorry that happened to you. When appraisers stop working with AMCs the lenders will too! I hope you (and all of us) can find better clients!

I spent over 20 years building a decent client base and along comes congress and obama with Dodd-Frank (HVCC prior) and blew that to crap. With nearly all lenders using AMCs how do you suggest we rebuild the client base? Are you talking about attorneys and tax assessment appeal work? I would think that would be a pretty skinny living.

 

[THZebra]

sorry that happened, probably not much you can do about it. Keep trying to get new clients, even other AMC's...that one sounds like a loser.

They are a loser. I have done work for them for about 15 yrs. Don't know if we're supposed to mention names on here but Finiti is one of the cheapest outfits out there. (They used to be Chesapeke). I Do a lot of work for various AMCs most are fair, some are good, but a few are lousy.

Thank you for your reply.

 

[Pat Butler]

You need to return the favor. They apparently think that verbal agreements aren't enforceable. Accept a bunch of orders from them in the future, verbally of course, then don't do them. Stretch them out with phony status updates until they finally get it. Tell them that you found some other clients who pay higher fees.

 

[OSU Beavers]

You need to return the favor. They apparently think that verbal agreements aren't enforceable. Accept a bunch of orders from them in the future, verbally of course, then don't do them. Stretch them out with phony status updates until they finally get it. Tell them that you found some other clients who pay higher fees.

Sounds fair.

 

[CANative]

and along comes congress and obama with Dodd-Frank (HVCC prior) and blew that to crap.

What does the Congress and Obama have to do with this? The lenders don't have to use AMCs and appraisers can charge whatever they want.

Don't do business with lousy businesses.