Does anyone else shun "collect at the door"?

[Willie]

Ben I like your idea. I must be likeminded w' you on several subjects. The client is the client. Who gives a flip what the do with it or who buys the loan if anyone. That's not your problem. Just do the appraisal right. Per USPAP, you put who the client is, ie. John Doe. Then you put who the intended users of the report. John Doe and his mortgage company, Sleazy Mortgage, are the intended users of the report. This should suffice.

 

[Rob Bodkin]

We have one client who does quite a bit of FHA deals here in Seattle but they are based out of N.C. and we have always been pay at the door. They order the report and are fairly good (90% of the time) about making clear to the borrower that the fee is collected at the door. When we set the appt. it is one of the items that we cover and so if it is a surprise then the rep gets to make a call before our inspection.

The other hard and fast rule is once my inspection is complete and I am driving back to the bat cave I always stop at THEIR bank and cash the check. We NEVER deposit a borrowers check in our account, that could be a real nightmare if it were to bounce or if they decided a day later to bail and stop payment or whatever.

After dealing with Realtors and borrowers for as long as we have we are quite at ease with telling the borrower who calls and says "but I paid you for it and I want my copy or information" you need to direct this call to your lender and get that from them. We've never had a significant issue with this in the last 12 years.

Besides on days that I do a cash deal I usually end up at Orvis or REI getting a new piece of gear.

Life is good.

 

[Mike Garrett RAA]

Rob...you must have them make the check out to you personally. I have tried to cash checks payable to my company and the bank won't do it. We deposit them right away (same day usually) and don't send the report until we know the check has cleared. Only been stuck twice. One of those made me so mad I took the check to the District Attorneys office. This was an investment property owned by an oriental woman (Korean, I believe). She stopped payment on the check because I gave the lender a verbal (their request) and they called her right away. She said...."appraisal no good, you no come in at my value so I no pay!" I think I still have that check in a file somewhere just to remind me...."I no tell lender value till checkie clear!".