Customary and reasonable fees - 90 days

[GCJim]

......."lenders have been collecting $450 to $600 for the appraisal for several years. I mentioned the other 'third party' fees, but the $450-$600 I cited was just the appraisal fee - line 804. .................

I second that.
For several years, Line 804, 'the appraisal fee', has been between $450-$600.
Must be in the ballpark of the reasonable & customary fee range for your area. The central tendency would likely fall around $525.

 

[Karl]

All of you in favor of having "Set Fees" Remember IF you allow them to comntrol your income, they'll be allowed to control your expenses.

 

[GCJim]

All of you in favor of having "Set Fees" Remember IF you allow them to comntrol your income, they'll be allowed to control your expenses.

Much prefer to set my own fee, which I do!, However, while no one can be sure how this will ultimately pan out, my bet would be that if the bankers have to pay a FAIR (reasonable & customary) fee, above board, the demand will quickly move toward quality, given the existing supply of appraisers. (At least, that's what I would think that most sane business people would demand). I believe skippy's days will soon be numbered. I would like to think that any game-playing with appraisers' expenses, new, artificial fees to the appraiser, and such, would be spotted quickly for what they really are, with the supposed new & stronger regulatory avenues to deal with future creative banker abuses.
More eyes are on various aspects on the industry. When it hits the fan with F & F, which will be soon, (did anyone notice how the Fed abandoned course yesterday? They will buy MORE from F & F, further propping them up with more billions), even more eyes will be focused on the sheer idiocy that has been foisted upon us all. I am hoping that the outrage from various sectors has only just begun.

 

[rescom]

All of you in favor of having "Set Fees" Remember IF you allow them to comntrol your income, they'll be allowed to control your expenses.

This new law is not "setting fees". It is simply determining the MINIMUM fee for your area. How can this possibly not be a good thing? You are more than welcome to set your fees as high as you want, as long as they are above the minimum.

Understand?

 

[Non Sequitur]

This new law is not "setting fees". It is simply determining the MINIMUM fee for your area. How can this possibly not be a good thing? You are more than welcome to set your fees as high as you want, as long as they are above the minimum.

You were more than welcome to set your fees before the new federal law. This mess is going to backfire, and unlike the HVCC there isn't a sunset. Don't kid yourself. There's nothing in this bill which can stop an AMC from broadcasting and asking for TAT and a price quote. And there's nothing in this bill to stop the ding-dongs who have been working for $150-175 a pop from quoting the same.

Understand?

I don't think you understand. Like most appraisers you're blinded by the fee issue and are ignoring everything else in the bill concerning appraisers.

 

[Deleted member 128537]

When the government can set fees and police fees I see a problem with that. The more power we give government the more leverage they have over us. Companies should just pay our fees. All they need to do is ask, "What's your fee?" Why do we have to have an agency to enforce that? Why do we have to do all these surveys? Isn't that collusion. If the car companies did that they would break anti-trust laws. And remember once fees are regulated by the government are they going take into consideration inflation? Get the government the heck out of my business!

 

[rescom]

So we have a choice. Continue on with the way things are currently, with our own peers, undercutting each other to the point of BPO fees, no hope for recovery, and AMCs running this profession into the ground. Or accept some help from someone who we asked for help from.

Appraisers: "Please help us. We are being abused by AMCs. Please pass some laws to stop this."

Government: "Ok. We will pass a bill to attempt to prevent AMCs from taking your fees."

Appraisers: "Oh great, now you're setting our fees. Government sucks. We don't want your help."

Government: "Thats the last time we try and help you. Good luck."

Appraisers: :new_all_coholic:

 

[rescom]

When the government can set fees and police fees I see a problem with that. The more power we give government the more leverage they have over us. Companies should just pay our fees. Of course they should, and unicorns should just appear magically. All they need to do is ask, "What's your fee?" Why do we have to have an agency to enforce that? Maybe because they don't care what our fee is when they have 500 other appraisers in the area competing against each other for work? Why do we have to do all these surveys? Isn't that collusion. If the car companies did that they would break anti-trust laws. Do car companies have an oligopoly controlling the industry? And remember once fees are regulated by the government are they going take into consideration inflation? Is the current environment taking inflation into consideration? Get the government the heck out of my business! No government help equals no help for the residential side of this profession. Pick your poison.

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[Deleted member 128537]

I didn't ask for help from the government before the HVCC. Isn't that the problem with our society; we all want help from the government. Let the free market dictate the fees. There were AMC's before the HVCC, and there will be AMC's after the HVCC. Heck why don't we all just get together at some CE courses agree about the fees and then go to jail for breaking antitrust laws. Setting a minimum fee is just as illegal.

 

[Michigan CG]

In five years many appraisers will not like the enforcement of Reasonable and Customary fees. The fees will not rise.

The government setting fees is socialistic and that is what the new law does........sets fees. Now that the idiot who accepted $175 fees is getting $350 he will be inclined to hire a "trainee" so he can make more. No need to visit the property (his "mentor" didn't). No need to visit the comps (his "mentor" didn't).

Appraisal fees are low partly because of supply and demand (the MARKET), partly because a former trainee can make the same or more working independently than they did in their mentor shop and partly because some appraisers are simply stupid.

The government should not be regulating fees although the bankers and scum AMC people deserve what they are getting.