• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

"Conditions"

Status
Not open for further replies.

ral182

Freshman Member
Joined
Mar 4, 2002
I did a simple residential appraisal for Lender A about 3 months ago...Borrower decided to go to Lender B instead. Lender A released the appraisal and I transfered it to "B" at the borrower's request. So far, so good. Lender B now has underwriting conditions they want me to address..."Give us a fourth comp"..."Jump through this hoop", etc...I have tried to work with them as much as possible, but they have become a pain in the butt. What am I obligated to do for them? They are now working with an appraisal that they got virtually for nothing. (Original lender paid me) I would like to tell them to take a flying jump at a rolling donut...Advice appreciated :roll:
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Additional work = additional fees, paid up front - as in, you get the additional paperwork asked for AFTER I get my money. This usually ends all requests/requirements.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Ditto X 3
More comps? Sure, at $ per comp. 8)

P.S. I'd bet the next thing they want is a "recert". :wink: Well, since you are not the original client, no can do per USPAP 2003.
 

Will Trueheart

Sophomore Member
Joined
Feb 18, 2003
From my point of view, your obligation is to your client and NOT to who ever they assign the report to.

Lender B can either accept the report as is or order a new one from someone else.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Will, that's true. But if I can SELL them some more data, all the better. After all, I am in a service business.
 

Willie

Senior Member
Joined
May 30, 2002
Professional Status
Certified General Appraiser
State
Tennessee
Will you have been given excellent advice. Charge em if they want more, but get you money upfront.
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
ral182, .....Interwoven in your posting is the very nature of the Use, User, Scope, Update and, o.k., Recert debates which have passed throughout the Forum for many, many months. You state so clearly what the "sting" is to your situation with that other client B......as you say, "they are now working with an appraisal that they got virtually for nothing". This new client is making demands upon you as if they had the full "rights" as your first client A had. The release document is the trip-up. We all have done it, and we all can effectively be put in the position to do it again. When that new client starts getting full "use" out of that same appraisal report.....they should as well be paying full fee for it too. I certainly do not know what arrangements you made. Fortunately, as you said, client A paid you and that is good. Does client B know you have been paid for original report ? To apply the data and depth of that report to client B's uses now, they are just as worthy of paying the same (full) fee as client A did. Their greater advantage now is NOT waiting 5 or 7 or 9 days to get the report. They could have it within 2 hours (EDI) ! Somehow, Client B has the instinctive tact to express that all you are doing is changing a client name (and referecing date of earlier report for client A) and therefore they should get it, with full demands in place, for "a few bucks". If client B wants to argue about the (full) fee, then they can get another appraisal from someone else......and maybe wait many more days or weeks to receive it. Read up more on Intended User / Intended Use and see that it now puts us in better negotiating positions.
 

Bill_FL

Senior Member
Joined
Aug 23, 2002
Professional Status
Certified General Appraiser
State
Florida
Lender B is now your client.

However, if they want more data, sell it to them.

Here is the thing, if lender A could not do the loan, chances ar they are a high risk borrower. They want to make sure the appraisal is not inflated. The best way to do that is to provide additional comps that support the value.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks