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Fee For 1004d

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norapp

Member
Joined
Jul 11, 2016
Professional Status
Certified Residential Appraiser
State
New York
What is the most you have asked for and received for a compliance inspection? I have a home in C5 condition where the repairs required were substantial. I called for an inspection with a licensed professional/home inspector for the structural issues. Home was built in 1905 and has not had any upgrades or routine maintenance since the 1950-1960's. There were water stains (warped walls) on every visible wall and ceiling. Homeowner stated roof was put on 10 years ago but it must have leaked for years with this amount of damage. This was just the first of many issues and I have spent at least 2 hours on addendum's, emails, phone calls etc since I turned in the original report. Now they want me to go back to inspect even though most of what I called for has not been done. Joe Schmo handyman issued an invoice stating the home was free from all defects and structurally sound and the lender seems inclined to accept it. I told the management company I am going to write a lengthy addendum covering my *** if they decide to accept this. Either way, it's a 2 hour round trip and much more work than checking off the box on the 1004D form. Just curious what others would charge.
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
From what you describe, probably at least in the $200-250 range; minimum
 

norapp

Member
Joined
Jul 11, 2016
Professional Status
Certified Residential Appraiser
State
New York
From what you describe, probably at least in the $200-250 range; minimum
I was thinking $225-$250 but was not sure. I've never had this type of situation. Thanks
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
(y) My thought process was the 2 hr drive round trip, the added time typing up the damn thing upon returning...3-4 hrs total @~$75/hr give or take ...

I'd throw it out to your client. If they accept it, nice and worth your time. If not, and they want to farm it out to someone else for $125...no skin off your back
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
What is the most you have asked for and received for a compliance inspection? I have a home in C5 condition where the repairs required were substantial. I called for an inspection with a licensed professional/home inspector for the structural issues. Home was built in 1905 and has not had any upgrades or routine maintenance since the 1950-1960's. There were water stains (warped walls) on every visible wall and ceiling. Homeowner stated roof was put on 10 years ago but it must have leaked for years with this amount of damage. This was just the first of many issues and I have spent at least 2 hours on addendum's, emails, phone calls etc since I turned in the original report. Now they want me to go back to inspect even though most of what I called for has not been done. Joe Schmo handyman issued an invoice stating the home was free from all defects and structurally sound and the lender seems inclined to accept it. I told the management company I am going to write a lengthy addendum covering my *** if they decide to accept this. Either way, it's a 2 hour round trip and much more work than checking off the box on the 1004D form. Just curious what others would charge.

What type appraisal?

VA has stated amounts. FHA, not sure.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
VA fee IN MY MARKET is $150.
 

Vermonter

Senior Member
Joined
Mar 21, 2007
Professional Status
Certified Residential Appraiser
State
Vermont
Minimum $225 for a 1004D in my coverage area....work completed or not. Goes up with mileage, complexity, etc.
 

graindart

Junior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Montana
For me, the 1004d fee can often depend on the client and / or the fee from the initial appraisal. If it's a good client that is easy to work with and provides a decent amount of business at decent fees, the fee for the 1004d can be lower than I'd normally like to make for my time expended. If it's a client that orders a few appraisals per year and has a ton of extra stipulations, the fee is going to be a whole lot higher.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I received a call the other day asking if I would do a final on new construction since the original VA appraiser was away on vacation. I agreed to do it and, since it was new construction, took a full set of photos, both exterior and interior. I was also careful to see that the contract requirements were met.

I billed the lender $150 which is the current VA inspection fee for this area. Today I get a check from the title company for $100. Needless to say...I'm not a happy camper. Will be calling the lender tomorrow requesting the rest of my inspection fee!
 
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