Investor Giving Me Tons Of Work

[Kate]

No the lender is the client. The appraisal goes to the lender only when the order come in from them.

 

[Pamela Crowley (Florida)]

Originally posted by Kate@Jul 6 2004, 10:02 PM
No the lender is the client. The appraisal goes to the lender only when the order come in from them.

Kate,

The LENDER should be the one ordering the appraisal BEFORE you talk to the 'owner/investor' about doing the appraisal at all.

 

[Chris Colston]

You know, it's just a thought, but you might want to show this thread to your mentor. S/he might be interested in what other appraisers around the country think about the actions of this investor and the cautions and concerns we are suggesting to you.

 

[CANative]

*sigh*

No he calls me to schedule the appraisals before he calls the LO with a new order. Sometimes days before he even calls the LO. The LO laughs about it, so does my mentor.

Sounds like a lot of noddng and winking goin' on. Just be careful and make double damn sure you have followed USPAP to the letter. Don't let any nonsense get into one of these reports.

 

[Kate]

Originally posted by Chris Colston@Jul 6 2004, 09:08 PM
You know, it's just a thought, but you might want to show this thread to your mentor. S/he might be interested in what other appraisers around the country think about the actions of this investor and the cautions and concerns we are suggesting to you.

In the process of that now! You are right.

 

[Kate]

Originally posted by Pamela Crowley (Florida)+Jul 6 2004, 09:07 PM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (Pamela Crowley (Florida) @ Jul 6 2004, 09:07 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-Kate@Jul 6 2004, 10:02 PM
No the lender is the client. The appraisal goes to the lender only when the order come in from them.

Kate,

The LENDER should be the one ordering the appraisal BEFORE you talk to the 'owner/investor' about doing the appraisal at all. [/b][/quote]
So.... in the future, that is if I ever take another order with his name on it, I will tell him not to call again that I only deel with the lender.

Is there a USPAP rule I can back that up with to show him?

 

[Tim Hicks (Texas)]

Darn, I have nothing to add other than ignorance of the law is no excuse in court. If you perform the appraisals with an open mind and don't obtain "projected values" then you should be OK. However, guilty by association can do more to harm your reputation than anything else.

 

[CANative]

You don't have to be harsh Kate. He might be a good and legitimate business contact with lots of real legigitmate work and a need for your appraisal services. Just explain to him that if the appraisal is for a mortgage loan, you need to be engaged by the lender. Tell him you love him to death, but he can't be your client for appraisal purposes. Cite the stuff I posted from AO whatever it was.

 

[Tim Hicks (Texas)]

Kate, the FIRREA rule should be good enough.

 

[Tim Hicks (Texas)]

Originally posted by Doug Bingham@Jul 6 2004, 07:41 PM
Right on Greg!!

Dude, we are totally not in the 1960's anymore. :blueflower: