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Comp checks mandatory for split-fee work

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Zavia

Thread Starter
Sophomore Member
Joined
Jun 30, 2004
Professional Status
Certified Residential Appraiser
State
New York
Recently, the owner of an appraisal company responded to my inquiry about her advertisement for split-fee work (salient part in red):

Thank you for responding to my ad. I work with a lender who occasionally requests appraisals in areas I do not cover. I was trying to get together a network of appraisers so I do not have to turn down those jobs. I would like to keep your resume on file and if something comes up in your area, I will contact you.

Usually this lender requires a comp check prior to ordering the appraisal. If you don't have a problem with that, I would email you for the check.

I look forward to working with you.

Obviously this is not ok with me - other than flaming her, any suggestions as to a response? :new_snipersmilie:
 
Joined
Oct 22, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Send a copy of that email to the State Board asking what their official position is on the matter....oughtta be fun!:)
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Recently, the owner of an appraisal company responded to my inquiry about her advertisement for split-fee work (salient part in red):

Thank you for responding to my ad. I work with a lender who occasionally requests appraisals in areas I do not cover. I was trying to get together a network of appraisers so I do not have to turn down those jobs. I would like to keep your resume on file and if something comes up in your area, I will contact you.

Usually this lender requires a comp check prior to ordering the appraisal. If you don't have a problem with that, I would email you for the check.

I look forward to working with you.

Obviously this is not ok with me - other than flaming her, any suggestions as to a response? :new_snipersmilie:

If you like, I will send the appraiser an e-mail message ("chapter & verse") regarding the USPAP and matters related to "comp checks" and contingent assignments.

Seriously.

If you like, provide me with the name and e-mail address of the appraiser; you may reach me (note: remove spaces from the following address) at:
Lansford @ naifa.com

Lee Lansford, IFA
AQB Certified USPAP Instructor
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
If you like, I will send the appraiser an e-mail message ("chapter & verse") regarding the USPAP and matters related to "comp checks" and contingent assignments.

Seriously.

If you like, provide me with the name and e-mail address of the appraiser; you may reach me (note: remove spaces from the following address) at:
Lansford @ naifa.com

Lee Lansford, IFA
AQB Certified USPAP Instructor

But Lee, how is the fee split appraiser to know if he can hit the number or not?:rof:
 

Fred

Elite Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Virgin Islands
I remember reading an Ann Landers thing decades ago exhorting teenagers to be abstinent. One of the lines stuck with me - there will be no going to back to kissing and holding hands. I wonder if technology and habits haven't created the same type of circumstance for residential mortgage appraisers. I don't think there will be any going back to: inspect as long and as many as you like, develop as many methods as you like, rack up as many billable hours as you like, and tell us exactly what you think the property is worth at your earliest convenience.

If Al Gore is right, you may have more luck complaining about the weather than complaining about "comp checks." :)
 

Vegan702

Senior Member
Joined
Feb 24, 2005
Professional Status
Certified Residential Appraiser
State
Nevada
That sounds like the firm in FL with a Larry.
 

JRS at OBX

Elite Member
Joined
Jun 13, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
Just figure out which lender they are talking about and contact them directly!

I hate somebody that thinks they want to get work in my area and have me do it for them. I don't work for my competitors.
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Just figure out which lender they are talking about and contact them directly!

I hate somebody that thinks they want to get work in my area and have me do it for them. I don't work for my competitors.

If I can sell my property down there you will be my preferred appraiser. Have decided to sell instead of rent.:unsure:
 
Joined
Oct 22, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
JRS.Not to hijack this thread - but.

I was down on the banks this weekend in the truck camper just goofing off. What part of the Banks do you live on? I was all over, from the ferry docks in Hatteras all the way up to Corolla.

Place has grown up BIG TIME. Couldn't believe the sheer number of homes between Duck and Corolla. My uncle had a place way up past Corolla (had to drive over the beach in 4WD to get to it) when I was a kid and there were maybe a few dozen homes past Duck all the way up to Corolla - now there are thousands - and all worth millions I suppose. I hadn't been North of the Hwy12 junction on the banks in 30 years or more.

Unreal...must be a pretty interesting place to work. Lucky you.

todd
 
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