Important Payment Terms & Collection Policy In Effect- Please Read Signature Is Required

[Terrel L. Shields]

A- I trust my clients or they are not my clients

B- I don't do business with bidding portals nor AMCs

C- I ask for a retainer before I accept a large assignment from a private party.

 

[Elliott]

My policy manual on page 74 requires a full retainer at the time of inspection or in advanced. I've never been stiffed for appraisal work. Sketchy clients usually go away or I make an excuse why I can't do the assignment (Usually say, "I'm sorry, but I have a conflict with that property.")

 

[Surf Cat]

Well..... it appears things have improved immensely since mortgage brokers have not been able to order appraisals where we collected at the door....sheesh

 

[gbrown]

A- I trust my clients or they are not my clients

B- I don't do business with bidding portals nor AMCs

C- I ask for a retainer before I accept a large assignment from a private party.

I don't trust anybody, I'm not in the trust business, furthermore I don't know them personally. Ask them to loan you $600+ dollars and see what they say. That's what you are doing is my point

 

[Terrel L. Shields]

furthermore I don't know them personally.

I know everyone of my clients as I come from the pre-HVCC time when we actually talked to loan officers, and now many of those officers are VPs and even bank presidents. Among my lawyer and CPA clients I've met almost everyone and/or I have had repeat businss from them. As a result the last $500 I lost on an appraisal was over 15 years ago and that was trusting the guy because I had dealt with and trusted his brother. Later found out they didn't get along that well in the first place.

 

[Tom4value]

I understand this is my policy. I go by the company who orders the appraisal is the responsible party for the payment and anyone who has authority can sign since the debt goes to the company and not to the individual. The decision who has rights in a company to occur services is determined by the company policy. This is just an acknowledgement that the appraisal is a debt. You can customize it anyway you want. My intent is to help others who maybe having issues with non payers and to discuss what we should do to protect ourselves.

Sounds like pushback from clients is not an issue. That’s great. How is it working? Have you had any clients who didn’t pay and if so, did the letter help get the money?

 

[Surf Cat]

I know everyone of my clients

This is another one of the things I miss most about the mortgage broker days. I mean, aside from getting full fee at the door. The person or relationship deal cannot be understated.

I know you had to go through a few scumbags, but when you found ones who understood that appraisers had limitations, who cared about their reputation, and wanted to provide a service that garnered them referrals, they were great to work with!

Working with AMC's is soulless....