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HELLO!!! This is a bandwagon we need to jump on!

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Frederick R. Ruffell

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Jan 21, 2002
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Certified General Appraiser
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California
I guess I am just lucky, careful, persistant or just too dammed annoying as I have never been stiffed for a fee, Knock wood. Ther have been some late pays but eventually I have been paid.
 

Oregon Doug

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Jan 15, 2002
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Oregon
Pam - thanx for the heads up on this - a topic near and dear to many an appraiser's heart and wallet.

Oregon Doug
 

Head Surfer

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Class Action: Attorney To Gather BPO Nonpayment Complaints

http://list.realestate.yahoo.com/realestat...206/20030206601

I'm going to call her tomorrow and ask Wayne to allow her access to our Deadbeat Lenders.

Sorry I can't give access to DeadbeatListings.com to anyone but licensed appraisers and also ONLY for the purpose of evaluating whether or not to extend credit to an unknown client.

Subscribers are prohibited from sharing the listing information with anyone, INCLUDING those listed within as Deadbeats. We are not acting as a collection agency.

To give access to the information to a third party for the purpose of a class action lawsuit would make me liable and would also violate the trust of the appraisers who submitted the information.
 
Joined
Jan 13, 2002
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Retired Appraiser
State
Florida
That make a lot of sense Wayne.

I've been thinking on this article. Appraisers have been complaining for years about not being paid or payment being very late. Not one appraisal organization has done a thing about it. This forum is the only place we've had any kind of relief.

Think about this. If 50,000 appraisers are stiffed $1,000 per year - that's $50,000,000 put in the pockets of the banks, mortgage companies and mortgage brokers pockets!!!!

Put into the 'upcharging' scenario:
Take 1 mortgage broker upcharging the appraisal by $100 on 1 deal per week per year. That's an extra $5,200 in his pocket per year.
Take 1 lender upcharging for the appraisal by $100 on each deal and closng 10 per week. That's $52,000 per year. Some of these lenders are closing hundreds per week - some are upcharging a lot more than $100 per deal.

Add on those that not only upchaged - they didn't pay the appraiser at all!

I really don't care about the upcharging as long as the appraiser is paid their full fee. It's no wonder why so many big lenders own their own AMC. I don't even care about them owning their AMC, just actually pay the appraiser at full fee.

Those figures above are coming out of your pocket.
 

Carnivore

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Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Pamela,

Its much worse than you realize. I have talked with surveyors, termite inspectors, home inspectors any one who provides a service for a mortgage origination and they all say the same thing. They are getting stiffed in large numbers. HVAC, Plumbers, contractors have the law on there side , but the remainder of us donot. Attorney are in the enviable position of holding the closing up if there fee is not paid right then and there at the closing. Credit reporting comanies can take the ultimate revenge so they always get paid.

We need to form an alliance with other serive providers so that we can shut them down when they try to cheat us out of our due rewards.
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Andy,

Appraisers are the worst do-nothing-but-===== group I know of.

The problem you speak of is real. What I want done and have proposed on several ocassions to legisltors is that:

ANY and ALL third party fees must be collected in advance at the time of loan application AND placed in a TRUST ACCOUNT.

The only other option would be for the LENDER to place thier own funds for these items in the trust account and then THEY can collect (as a reimbursement) at closing if they so desire.

At any rate these third party fees need to be in a TRUST ACCOUNT....who puts the money there is not my concern.

Third party fees that come to mind for services provided IN ADVANCE would be appraisal fees, pest control fees, survey fees, home inspection fess etc.

If the lender is so sure these fees will be paid (even if the loan never closes) they can fund the trust account out of their hip pocket.

Legislators don't listen to one person....they want to see LOTS of people (voters) asking for the same legislation.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
That's why I'm hoping this attorney will be interested in making this into a really huge class action for all service providers and name all lenders. The total of fees kept by these lenders is beyond enormous! I wonder how much of it they show as 'income'?
 

Austin

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Virginia
I use to have trouble with lawyers calling for appraisals, wanting one done fast, and then never receiving payment. Local appraisers talked about it and someone told us what to do and it worked. I put this statement on the billing: “This appraisal and report are not valid for the purpose and intended use until the appraiser has been paid in full.” That got their attention. Haven’t lost a payment since. They can’t close the loan or settle the case until the appraiser has been paid.
 

Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
statement on the billing: “This appraisal and report are not valid for the purpose and intended use until the appraiser has been paid in full.” That got their attention. Haven’t lost a payment since. They can’t close the loan or settle the case until the appraiser has been paid.


Hmmmm..... :twisted: I wonder if we could put that statement under "Conditions" in the appraisal report...i.e. This appraisal is subject to: 1) roof to be replaced 2) appraiser to be paid in full for appraisal report
Hmmmmm........
 
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