Charging For Revisions

[ncal]

Hello, recently I've been bombarded by revision request that were not in the original assignment, such as adding borrower names, another address for the lender, and even report assignment type change from REO to Collateral Valuation or some such thing that does not impact value or form use. I've also had a revision a request for a report which was over three months old due to purchase contract changes. I charged $100 for the over 3 month report, however I find these revision request that depart from the assignment order provided to me very annoying and time consuming. Anyone charging for these? I understand about taking care of my client, but this is getting a bit out of hand from a variety of clients that seem to throw anything into the order and then expect my time to change it after they get it right.

 

[bnmappraisal]

I don't charge for revisions. I may as was in your case for that "over 3 month" request.

At the end of the day it becomes a business decision. Personally, I am of the opinion that these requests will happen, so I make sure my fee covers them. If I notice a certain client requesting more and more (or more and more often) I would simply increase my fee with them to cover said request(s).

 

[Elliott]

Charging for revisions? That's not the way the game is played. I price appraisals knowing AMCs are like a box of chocolates, you never know how many revisions until they close the file. "Easier" AMCs get a little better rate of $25 or $50. More difficult AMCs are charged $25 to $50 more than my standard rate.

 

[miktay]

Try giving a revision to your plumber, CPA, building contractor or attorney.
See what happens most of the time.

 

[Terrel L. Shields]

Just write it in your report, you charge...

I correct mistakes on my nickel. The rest are on theirs.

Appraisals are based on the data available at the time the assignment is completed. Amendments or modifications to appraisals based on new information made available after the appraisal is completed will be made, as soon as reasonably possible for an additional fee. The appraiser can develop a new appraisal in a new relationship of the same piece of property during the same time so long as the original client-appraiser confidentiality provisions are not violated.
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If some really easy "fix", then the fee may be zero, but it's not my problem when they want major rewrites. I base it on $1 per minute of my time.

 

[Jerry Bone Jr]

You are an appraiser, in business to make money. Say "yes I can", it will cost this much.

 

[Tom4value]

Depends on the revision. Here in MA, I get the order most of the time with just the offer to purchase. A week or two later, I get a request to revise the report with the fully executed purchase and sale. Takes 2 minutes out of my life, no charge. Same with an additional borrower. Being from the loan business, I know this happens unintentionally. Again, 2 minutes no charge. Appraisal too old because took to long to close and need update, $150.