BOA appraisal

[Doug Meyer]

Just received a call from a very irate lady. She wanted to know what we would charge to do a full appraisal on her home. I quoted my full fee. She then proceeded to tell me that she just paid $515 for a drive by appraisal for Bank of America!! The appraiser never called her and never did access the property!! WOW She was planning to complain to the bank and of course I told her to also complain to her Congressman and Senator about this. I hope more angry homeowners get involved with this!

 

[Doug Meyer]

Which of you appraisers here in central Indiana work for BOA? Just received a complaint from a very irate lady about BOA charging her $515 for a DRIVE BY APPRAISAL!! I hope each and everyone of you who does this kind of low fee work see what pittance you are being paid and what the lenders and AMC is collecting!!

 

[sunsetvalley]

$515 for a driveby?? Holy COW!

 

[JRS at OBX]

Did you remember to tell her that BOA's appraiser probably only got $200 for the job?

I don't like BOA.

 

[Riick]

Even Steven, 50-50,
That's one for me, annnd one for me, and one for you.
That's one for me, annnd one for me, and one for you.
That's one for me, annnd one for me, and one for you.
That's one for me, annnd one for me, and one for you.
That's one for me, annnd one for me, and one for you.

 

[NC Appraising]

I have the same problem. I get calls on a daily basis asking me what my fee is. Here latley it's been complaints about Landsafe.

I try to led them to my lender that has us on a rotation system.

It's ashame that none of this could turn into work...There goes capitalism.

 

[Michigan CG]

Did you explain to her that her bank is screwing her and not the appraiser?

Did you tell her to call her local bank president and demand an explanation?

Did you tell her that maybe a different bank would be better to use?

 

[lionfish]

The bank has her over a barrel and can charge higher fees for appraisals, credit, etc. because they have given her something that is not guaranteed elsewhere...an approval. Before the loan closes the bank makes coin on prepaid services. The banks have an incentive to take applications, collect fees, even provide approvals knowing the odds against funding are high. This is exactly why banks should not be involved in profiting from related services.

 

[JRS at OBX]

And the board of directors at BOA just can't understand why nobody wants to take the job as president of BOA.

 

[Doug Meyer]

She was a very unhappy clam!! I hope she causes a storm with BOA and her broker (if she had one).