• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Ever try to revoke appraisal because you weren't paid?

Status
Not open for further replies.

rcwessel

Thread Starter
Freshman Member
Joined
Apr 13, 2002
How about it? Has anyone tried this? If so, what were the results? How did you handle it? Whom did you contact?
 

xmrdfghap

Senior Member
Joined
Jan 15, 2002
Professional Status
General Public
State
Florida
<span style='color:brown'>How would that work?

"Oooops, I didn't get the money due so the value is no longer there?"</span>
 

Paulette in Texas

Sophomore Member
Joined
Jan 24, 2002
Personally, I love the idea. It has nothing to do with the value and everything to do with my money. So what's the problem? The only thing I can see is making sure that the lender/client who actually loaned on it is served notice that due to non-payment, the value is hereby resended(?sp)???
I suspect, that the broker won't actually kick it up the food chain to those that have money on the line. But I don't know why it wouldn't work.

Think about it? I have before. If somebody put in a new A/C system and then didn't receive the money, they would just come over and rip it out. Where's the difference? It is theft of professional services. Works just fine. Let's find someone who has done it and then go for it.
Rotts rule, Shih tzus fine too.
Go w...
 

Austin

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Virginia
Put a statement in the appraisal saying: "This appraisal is not valid and cannot be used for the intended purpose until the fee is paid." I had trouble getting paid by lawyers once and did that and got my money fast.
 

rcwessel

Thread Starter
Freshman Member
Joined
Apr 13, 2002
"]How you gonna revoke it, it's a bearer instrument.

Wrong.

A bearer instrument is "A negotiable instrument which is payable on demand to the holder, regardless of whom it was originally issued to."

A negotiable instrument is "A transferable, signed document that promises to pay the bearer a sum of money at a future date or on demand. Examples include checks, bills of exchange, and promissory notes."
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
Right, rewessel --

The Bearer is the recipient holder of the negotiable instrument and that is the reason it only has value in use.
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
I have had occasion to call a client and inform them their borrower didn't pay my fee or their check bounced. This occurs on COD orders from time to time. Banks are usually very interested in borrowers who would try to stiff an appraiser. I guess the philosophy is that a borrower who views appraisal fees as an optional payment might consider loan payments in the same way. Once I sic the bank on them, most of these borrowers cough it up quick. Since I don't work with mortgage brokers very often, I don't lose but maybe one fee a year, if that. That's an acceptable loss ratio in my book. I'm not sure what I would do if I had to rely on mortgage brokers (as a group) paying all their fees on a timely basis.


George Hatch
 
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
inserting some verbage like trotta did may work. semi-quick story. i have this problem with a small-time mortgage company in my area. loan officer called and said because i came in below THEIR estimated value, the loan is dead and the appraisal is no good. he asked me to reconsider and i asked him if he read the report. i asked him if the pictures of the 1/2 inch cracks in the brick exterior or the "tarp" that covered the roof to the utility room bothered him. he called me unprofessional because i would not reconsider and insisted that he is not going to pay for the appraisal. my response was "fine, you can deal with the collection attorney." i do not care if i collect one dollar. as long as i know that he had to cut a check to somebody for the appraisal fee will be satisfactory enough for me. 8)

p.s. i am sending the fax order with his estimated value and his handwritting stating "we need this figure to make it work" and a letter explaining the issue to the proper state regulatory office (once i figure out who that is). i would to see this guy get audited.
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
I am happy to say that my collection rate over the years has been good.

I've only not collected one group of fees back in '94 for a little over a $1,000. Obtained the judgment in '96. It's in my nest-egg drawer earning 6%. Forgot about it for several years.

Been too busy to bother, but I have to serve it for collection within 10 years or go back and do 'whatever' to keep it alive.

I know where the deadbeater lives (out of state) and have obtained all the interstate documents to serve it. Do you think he'll be surprised? Hope so. I want him to think I forgot.

Just when prosperity is rife, his credit report shows this little, red-blinking light from this 'bad-***' appraiser in Minnesota who is so wimpy he had to hire the big-bad sheriff to collect his money. ["He's not like a real man."]

Well,.. Sir, I didn't pay the sheriff to do the collection -- You did!
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks