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E-mailed Appraisal Order?

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Chris Harrison

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Utah
Received this e-mail

message: Hi Chris,
I will be doing a refinance in Orem here really quick but I really have no idea
what the market is like over there. The borrower states that similiar homes are
selling at 160-168k. Borrower has done numerous upgrades.(around 15k-20k)Can
you please comp this subject property out for me. It's located at zzz Money
Drive, Orem, UT and let me know if the value of 160-168k give or take will work.
Let me know ASAP, then I will fax the order in.

Thanks for your help.

Gabe

My reply as follows

"Dear Gabe,

Don’t know how I can give you any market information based on an address only! That’s much like calling the credit bureau with a name and asking for an “approximate” credit score. What would they tell you if you gave them the name, social security number and date of birth, then told them you would order the report only if the score was above 730?

I prefer to follow the Uniform Standards of Professional Appraisal Practices which requires me to make a file on every opinion, weather it be a range or precise market value. All these files “must” contain certain documentation to justify my opinion and failure to abide by these rules could be grounds for my appraisal license being revoked.

My present back log of work is about 3 weeks but if you would like to fax an order for a drive-by the fee will be $300 and the full summary appraisal will be $350."

Ya gotta love it!!
 

liznindy

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Indiana
This line always gets me..."Don't know what the market is like...."

Yep, that is why you need an appraisal!

Too many LO's think the fee paid is for the paper report, not the opinion of value.

Many we should all rephrase our fee schedules to say "the appraisal is $zzz, the report is free!
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
I really let loose on one Friday. Newer mortgage brokerage in town has been calling and faxing to me for about 3 months now. They 'have to know if it's going to appraise for what we need first'. Same ole, same ole line..... 'we'll have lots of orders for you!!!!' Do they practice how to sound so excited? Anyway, I've been nice all along and explained USPAP, etc., which they couldn't care less about.

In comes this fax that says "Appraisal Request" at the top.
next, it has a box checked that says: 'Look up only'
give me the info with an 'Estimated value $140,000

Near the bottom, in the larger bold print it says:

"Please call me before scheduling appraisal if you have a problem finding at least $135,000 in value."

That's it! I called asking for the owner. Mr. Hammond is not available. So I ask for the LO. This poor kid, new to the biz, got my full wrath and told to please pass it along to Mr. Hammond. "I pay for my programs and he can pay for his own to get a 'guess' and I'm damn sure not doing any guesses for him or anyone else since I don't do free appraisals and that's what a value guess is!!!" I ended with asking him to make sure no one else from that company calls me or sends me any more 'comp checks' and that I was sending the order I already have in to the State Dept of Banking & Finance. Added that if he really wanted to stay in the mortgage biz he ought to look for someplace legitimate to work.

:twisted:

I really hate those kind of jerks! What I hate even more are the jerk appraisers doing these stupid comp checks!!! A sting to catch them would be so easy!
 

Judy Whitehead (Florida)

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Unfortunately I keep wasting my time explaining everything to them. Today I got a call from a mortgage broker that wanted to know what our fee was...I usually say, give me the address...it depends....rural, etc.

Then he gives me an address that I have seen at least 3 or 4 times before... owner in debt....mfg home on 1 MOL acre, rural, "needs to borrow" $91,000. I tell the guy, I have seen this request before. "quote" I have no sales in this area within 5?..7? miles in that price range. "unquote"

I'm really sorry, but I live in a relatively small community. I'm not going to take my fee from somone whose mortgage broker has led them to believe they can fund the loan. Most of the time I spend just a few minutes on these stupid requests....Just like Bobby Bucks said the other day...those appraisers that take anything are frantic. I turn down the ones that are doing everyone a disfavor and robbing the poor homeowner. Now before everyone gets all over me... I do NOT give a value on the phone. I do make one simple sentence and ask if they want me to continue.....

I don't waste a lot of time on them, but I figure I'm doing the poor homeowner that borrowed from G-tee (???) at a high interest rate a favor. By the same token, they got into the home for next to nothing.

It only took me a week to p-off WF. I knew I wouldn't last long with them.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
The best line is:

"If value is not coming in, stop work as we may not want the appraisal."

My answer goes something like this:

"When I know what I think is the value of the property, all that is left to finish the appraisal is putting on my digital signature. You will know the results of the appraisal report when you open the attachment to my e-mail. The invoice will be faxed separately."
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
I received a phone call a couple years back...didn't recognize the number so I let voice mail take a message. Some dipsy-doodle says he's heard a lot of good things about me (yikes...what did I do wrong--the kiss of death), and wants to send a bunch of work my way. A few minutes later & my fax rings--by the time the fax ends I've 25 request for 'comp searches.'

I faxed him back a bill for $10,000--my fee for the 25 'comp searches,' which I required to be paid in full before I'd proceed. I should've found out where he got my name & number first--never heard from them again...bet they were making loans on 'comp searches!'

-Mike
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Mike

I like that one.

Appraisals - Interior 2055 $250
URAR $300
Comp Searches $400

Looks good to me. Now all we have to do is make comp searches USPAP compliant.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Now all we have to do is make comp searches USPAP compliant.
Maybe you can...... if you can reduce the fonts to a 1 or 2 for the cert and limited conditions. :p
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
I recently got one that requested an in-house pre-inspection report prior to the field inspection request.

Here was my response:

We are in receipt of your request for an in-house pre-inspection report prior to the field inspection request.

As a mortgage professional you have rules that govern your profession that you must abide by. The same is true with Appraisers. We have the Uniform Standard or Appraisal Practice (USPAP) that we are bound to follow.

While your request is not disallowed by USPAP there are certain rules we must follow. To paraphrase the rule that applies to in-house pre-inspection report prior to the field inspection it simply states that if an Appraiser gives any indication of value of any type he has performed an Appraisal. It also states that all appraisals must have a work file with documentation showing how the Appraiser arrived at the value conclusion. In order to perform an in-house pre-inspection report prior to the field inspection I must do an in-house pre-inspection appraisal prior to the field inspection appraisal.

While I am perfectly willing to perform an in-house pre-inspection appraisal prior to the field inspection appraisal. I think it is only fair to your client to point out that if the we perform the in-house pre-inspection appraisal prior to the field inspection appraisal and this looks favorable then there is a second fee for a field inspection appraisal.

As one professional to another the reason you and I work is it to make money. Because of high default rates I require payment up front for in-house pre-inspection appraisal prior to the field inspection appraisals. The fee is $150. Please note that this fee is not applied to the field inspection appraisal fee.

May I suggest that it would be simpler, cheaper and faster to do things the old fashioned way and dispense with the in-house pre-inspection appraisal prior to the field inspection appraisal and just perform the old fashioned appraisal and determine the estimated markets opinion of value. This is faster, cheaper and much more accurate all be it a bit old fashioned. Please let me know which way your client prefers and then we will be most happy to proceed accordingly
 
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