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Just got my first non-lender assignment!

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Tim Schneider

Thread Starter
Member
Joined
Feb 8, 2007
Professional Status
Certified Residential Appraiser
State
Wisconsin
Luckily I was in my office to answer the phone, and booked a private party appriasal to determine market value for FSBO pricing! How cool is that! I plan on using the GP form in wintotal.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
I would say welcome to the apprasial world without lenders, but a FSBO is pointing you in that direction. None the less, move forward and learn to enjoy BS calls from a FSBO!!! :)

OH, cash that check!!!! Dont deposit it, get cash! Then deliver the report.
Document ALL calls and communications with the FSBO! you might need it later in small claims court.
 

Sid Pachter

Sophomore Member
Joined
Feb 26, 2008
Professional Status
Banking/Mortgage Industry
State
Florida
You may want to try marketing your services to accountants and attorneys that specialize in family law and estate planning.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Luckily I was in my office to answer the phone, and booked a private party appriasal to determine market value for FSBO pricing! How cool is that! I plan on using the GP form in wintotal.

Do you have your "Letter of Engagement" (the contract between you and your client) ready to present to your client for signature?
 

Judy Whitehead (Florida)

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Also remember if you don't bank at the same bank, then be sure the check is made out to you personally, or their bank won't give you cash...:)
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Be sure to put bold letters across top of title page......This Report Not For Use in Mortgage Lending.

Your personally-crafted order-and-engagement document which the client signs should be crystal-clear about the Intended Use and this (one) Intended User. Express the client's own words describing their applied "purpose" of this report as they state that when you call to set the appointment. Mention the key rudiments of an expected S.o.W. for the assignment. Consider carbon paper between two original pages and hand the client their page after they sign.....or ask if a photocopy of this order you drafted is adeqaute, and then state that THIS order page WILL be stapled within the finished report. If they nod their head affirmatively then perhaps all is o.k.

When setting appointment you might clarify their payment source, i.e whether their check is from a bank and account located in YourTown, WI, or nearby. When the interior lobby teller looks at you and asks.....Do YOU have an account with us ?....Simply state that you do not (unless you do !), (momentary hesitation)...but THEY do....as you point toward the check the teller is holding. Get your index finger ready to dab the inkpad and put your "mark" on the front of that check.

This could be one of those opportunities to present your opinion as a $-range with a reasonable (limited) spread between two numbers. Being absolute with one number is less necessary when this party is about to enter a situation with an evolving negotiated approach to some purchase contract. You can not mind-read the offer of a currently unknown buyer in a market that might be feeling downward forces.
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
As well as what Ross has suggested make it perfectly clear in your conversation that they are the client and intended user and only them. Make sure they know they can't take the appraisal to Joes Bank and refinance or use it to finance a sale for an interested buyer.

I find it imperative to take a few minutes before I start to get this understood. It sometimes takes a little while to get an ordinary citizen, someone not used to our nomenclature to understand, but it's very very important.

Oh, cash the check BEFORE you deliver the appraisal!
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Congratulatons........welcome to the Real World.
 
Joined
Feb 16, 2003
Professional Status
Licensed Appraiser
State
California
Private Parties

As well as what Ross has suggested make it perfectly clear in your conversation that they are the client and intended user and only them. Make sure they know they can't take the appraisal to Joes Bank and refinance or use it to finance a sale for an interested buyer.

I find it imperative to take a few minutes before I start to get this understood. It sometimes takes a little while to get an ordinary citizen, someone not used to our nomenclature to understand, but it's very very important.

Oh, cash the check BEFORE you deliver the appraisal!

I do a lot of machinery and equipment appraisals for private parties, attorneys, CPAs, etc. - I get 1/2 up front, 1/2 before delivery and always cash the chex BEFORE begining or delivering. Believe it or not , that's what is expected - only MBs want credit!! You need a good engagement letter, one written by an atty. is worth the $$$.
TN
 

kregan

Freshman Member
Joined
Dec 22, 2007
Professional Status
General Public
State
Illinois
And I thought the TSA people were paranoid

You all make the TSA folks look welcoming. I never knew this profession was so mistreated. Anybody want to comment why they stay in it and feel this way towards their customers?
 
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