"enhanced Review"-what Is It

[Tim The Enchanter]

Price it as if you were asked to slay a dragon.
Because it's kinda like that.

 

[Terrel L. Shields]

It's a review with a boob job

The boob being the person who does it cheapest

 

[graindart]

Just received a request for a desktop review. I don't usually do desktop reviews because they usually quote an obscenely low fee of $75 - $100 and tell me how I can easily have it done in less than an hour. I interrupted the AMC sales pitch and asked them the fee ballpark they were hoping for. She said $250, but said we could negotiate if that was too little. Since the fee didn't sound too bad for the address she mentioned, I continued to listen. That's when it came up that it was for an appraisal board complaint that I "might be required to testify at". I kindly turned that one down when I found out the fee was supposed to cover the review and any possible costs associated with the testimony.

 

[Michigan CG]

.............That's when it came up that it was for an appraisal board complaint that I "might be required to testify at". I kindly turned that one down when I found out the fee was supposed to cover the review and any possible costs associated with the testimony.

$250 does not cover the retainer fee for testimony.

 

[gregb]

Just received a request for a desktop review. I don't usually do desktop reviews because they usually quote an obscenely low fee of $75 - $100 and tell me how I can easily have it done in less than an hour. I interrupted the AMC sales pitch and asked them the fee ballpark they were hoping for. She said $250, but said we could negotiate if that was too little. Since the fee didn't sound too bad for the address she mentioned, I continued to listen. That's when it came up that it was for an appraisal board complaint that I "might be required to testify at". I kindly turned that one down when I found out the fee was supposed to cover the review and any possible costs associated with the testimony.

Just wondering how the AMC suspected that an appraisal report review was for an appraisal board complaint prior to the appraisal review completion? And then there is the question of why the AMC engaged an appraiser who appears to haven fallen below the standards of the AMC and the state board.

 

[graindart]

Just wondering how the AMC suspected that an appraisal report review was for an appraisal board complaint prior to the appraisal review completion? And then there is the question of why the AMC engaged an appraiser who appears to haven fallen below the standards of the AMC and the state board.

I asked a couple questions in the middle of the conversation. The AMC wasn't involved in the origination. The bit of information I received in the brief phone call had to do with default / buyback. The desk review order they were trying to place supposedly wasn't the only review completed on it. They said the complaint already had charges of fraud involving a few different things, including who actually inspected the subject. I wasn't paying much attention after finding out what they wanted done for $250.

 

[Deleted member 128537]

I did lots of enhanced reviews that were forensic in nature during housing crisis. Point: Some appraiser better have good E&O. As Marion said above you include everything you can, and typically it will be a list of things from the lender. Charge an enhanced fee, because it will take longer than a typical appraisal. I probably wouldn't charge less than $700.