ERC....Strange Questions

[Charlotte Dixon]

This is the file that never dies. Since my first post, I've had to revisit and revisit, sending them documentation of where I received sfla on comps, and verify comp addresses.<span style='color:red'>This job has taught me that if the "other" appraiser on an ERC job does a half-way job, the appraiser doing all the research suffers.</span> The sfla problem was solved; the other appraiser measured again, like I did, and corrected his to mine. Now they've talked him in to using my Comp 2, which had no sfla on the MLS page. I went to public record for that and had to send my data to the Reviewer. I'll tell you one thing........After working for this company 8 years, I'm increasing my fee another couple hundred dollars on an ERC and will note in the fee quote that extra work over and above (not my fault) = extra fees. Geezz....When will this job end?

 

[Mountain Man]

Just wait until the relocatee starts calling.

 

[Mike Garrett RAA]

Richard, old bean....I hate to tell you this but you have it backwards! In a REO situation the appraiser who is high is the villian.

I just had one where I was the 3rd appraiser. Probably will be a 4th now. The low appraiser was at $389,000...the high was $525,000. I came in at $450,000. The property was listed for $489,000 and isn't selling. We didn't use the same comps either.

I am raising my fee for a typical ERC to $650 and $750 for the complicated ones. If they don't like it they can find someone else! The new ERC form (7) is a #itch.

 

[Charlotte Dixon]

the appraiser who is high is the villian....The new ERC form (7) is a #itch.

You've got that right, Mike! I'm raising mine from $600 to $750 and then it depends on where the job is...maybe a nice cookie cutter in a fast selling subdivision would be fine. Too d--- much abuse went along with this ERC!

 

[Steve Owen]

Mike, it is generally true that the high appraiser gets most of the flack because the re-lo company doesn't want to pay too much. However, Richard is right, they have a grievance procedure for the relocatee. Fortunately, I've never been on the other end of it, but I've heard it's a real #itch.

 

[Doug in NC]

The 2 disputes I have had recently over square footage involved open foyer area and measurement in a bonus room. I left out the second floor area for 2 story foyer, the other appraiser did not. In the bonus room, I measured to 5' wall height. The other appraiser obviously measured to some other standard.

That's the interesting thing about ERC appraisals, you get to find out how good you are. You also get to find out how poorly trained some competing appraisers are. Ultimately, your skill is determined by what the appraised property eventually sells for. Lender appraising provides "the answer" (considering that about 98% of appraised values come in at or above sale price) before you start appraising, making many appraisers lazy and incapable of truly appraising a property for what it's worth.

Doug

 

[Joe Birrell (NY)]

Charlotte:

You have just outlined why I can't be bothered doing relo appraisals anymore. After years of this nonsense I simply removed my name from the directory. They never amounted to much work anyway and would drop off to no work when markets were hot.

Regards,

Ranting Joe

 

[Charlotte Dixon]

Joe..... :lol: Today I killed the beast! :lol: The ERC company called again, yada, yada, yada.....I answered the question, again, and asked when will I get my check? She said 30-40 days, depending upon yada, yada, yada......I said, fine! Take my name off this list. She said....do you realize that taking your name off our list removes you from Cendant Mobility, Prudential, yada, yada, and yada? I said, fine....get me off all the lists! I've had enough! :lol: What a relief!