Fernando
Elite Member
- Joined
- Nov 7, 2016
- Professional Status
- Certified Residential Appraiser
- State
- California
I'll take the order at $3,000 without hesitancy.$3,000 and 2 weeks.
I'll take the order at $3,000 without hesitancy.$3,000 and 2 weeks.
Offer it up, all they can say is no.I'll take the order at $3,000 without hesitancy.
You have a good business mind. I would have just moved on.Offer it up, all they can say is no.
I have no problem walking away from potential tickets to appraiser jail. I also have no problem quoting a fee that is high enough to make me want to do a difficult assignment. Its all a business decision. Its not all about the money its about your time and expertise. I have had very few reconsiderations, one or two over the previous 15 years. I have had requests for clarification, but few reconsiderations. If you know your stuff, it isn't a problem. Pain in the butt, but not a problem.It's usually not about a monetary claim, more likely if review finds a high value appraisal flawed it is a ticket to getting put on a do not use list of a lender or a complaint to state board.
It is common for large jumbo loan amount properties for a lender to order two appraisals, and compare the two - if there are any substantial differences between the two appraisals, be it value or other info, it becomes a real nightmare. . Land values are typically much higher as well so the land valuation and/or cost approach becomes more critical too.
No matter how tempting the fee, only take a very high $ value assignment if feel competent for it - they also can end up being so time consuming that doing 2 or 3 regular orders instead turns out to be a better use of productive time.
Bid it accordingly based on your estimated time it will take you to competently complete it. If your bid is accepted by the client, take the assignment. Do it correctly, make sure you have a compliant work file with support for your adjustments and then feel confident in your well thought out and well reported report. I always learn something when completing these high dollar and complex assignments. It will make you a better appraiser and you will have been compensated fairly in the end. Just make sure to take whatever your bid was going to be and add another 10-20% on top of that; I sometimes feel I didn’t get paid quite enough when done and find the extra 10-20% policy works well.I got this order and not sure if I should take it.
The value is $5 million. My E&O doesn't go that high. It's a super jumbo loan amount.
I forgot if there was a question during renewal asking appraising over certain amount.
I don't like to do high end but the appraisal fee is good about twice fee of my normal appraisal fee. Should I ask more or not take it?
You're right. I forgot about lenders having 2 appraisals for high end appraisers.It's usually not about a monetary claim, more likely if review finds a high value appraisal flawed it is a ticket to getting put on a do not use list of a lender or a complaint to state board.
It is common for large jumbo loan amount properties for a lender to order two appraisals, and compare the two - if there are any substantial differences between the two appraisals, be it value or other info, it becomes a real nightmare. . Land values are typically much higher as well so the land valuation and/or cost approach becomes more critical too.
No matter how tempting the fee, only take a very high $ value assignment if feel competent for it - they also can end up being so time consuming that doing 2 or 3 regular orders instead turns out to be a better use of productive time.
Why does your client want to pay you to do that? I just had a client save themselves a lot of fee by providing the original plans, others by providing the surveyors measurements. It is a waste of time and money to have you do it when the other professions are more accurate.I hate measuring these 4,000+ sf 2 storied homes.
That's only when you have the original plans.Why does your client want to pay you to do that? I just had a client save themselves a lot of fee by providing the original plans, others by providing the surveyors measurements. It is a waste of time and money to have you do it when the other professions are more accurate