Are you charging for additional comp requests?

[c w d]

Poll 1234567890

 

[TC]

No, I have too many long time clients that have stuck by me. It's just UWs covering their butts. When the market recovers those stips will go away.

TC

 

[Elliott]

I usually initially pick 6-9 comparables. They can have the ones I didn't use,
they are never better, I don't know why the ask, other than it the
way we play the game.

 

[Richard Carlsen]

I did not vote because "It all depends." There are too many circumstances that will dictate what I will and will not bill.

Most of the time, I have explained within the report that there are not, what I consider to be any more relevant comps, physically, functionally or locationally. My reports typically use a minimum of 4 sales. However, I've had some clients come back a request (sometimes nearly beg), for "just one more" sale. In that case I will find something, put it in the report with a notation that the additional sale is included at the specific request of the client, is not considered in the opinion of value but is included as demonstration and additional support of market acceptance of a house with similar utility and rural location. It is noted in the amended report that since the additional sale is not considered a "comp", the minimum standards of Scope of Work in the FNMA form for an exterior inspection do not apply to this included sale and an MLS photo is used.

 

[RSW]

I usually give at least 4 closed sales, a couple of pending sales or a couple of active listings. Don't get too many requests for additional sales. When I do I usually explain that I used the best ones available. They usually want two that have sold within the last 60 days and that are less than one mile from the subject. I give them the same old reply, "Don't you think I would have used them if they were there? Oh, Yea! I always save the best comps for last so that I can give them to you when you request them."

 

[Edward OConor]

I don't charge.

That said, I have recently started responding to boilerplate requests for add comps with "As stated in the report the appraiser used the best available sales at the time of the inspection. If the lender has knowledge of sales not included in the report that appear to be comparable, please forward them to the appraiser for consideration."

 

[Mr Rex]

Depends on the nature of the request. If it is a reasonable request no I don't charge extra, it means I didn't do quite enough to begin with. If its just a "gimme 2 more" for no good reason, Deam right I do. So to summarize, yes, I typically charge for additional comparables.

 

[The Warrior Monk]

I wouldn't charge if I missed a pertinent piece of data. I would if they were wasting my time.

 

[Ray Miller]

Well Now Lets See: I don't get to many request for additional sales comparables, if I have an extra one or two that I have drove and got the information for but did not use then in the original finial report, then no if it a good client, if it a pain in the rear end client then yes.

But if they request ones that I don't have and or I have got to drive new ones you bet I do. Time is money. You can spend a day or two in the rural area chasing new comparables.

 

[Blueprint]

Where is the "It all depends" answer??? Come on now, we are appraisers!!!

Anyways, it really depends whether or not they did their diligence in reviewing the report. If the request is reasonable, we will not charge them and vice versa. If its a good client, we will not charge them either way.