Late Appraisals

[sandpiperapp]

When does an appraiser get paid? Usually after they turn in the report. So, if an appraiser cant get paid until they turn in the report, why would they let it sit on their desk?

I do not understand the reasoning.

 

[JasonHaskell]

As an appraiser in Oregon myself, here is my perspective. I am currently bidding new work for November 24th and have been 6 to 10 weeks out on appraisals for the better part of 2 years now. I work 80 hours a week most weeks, sometime more if someone begs me to take a rush assignment. When trying to manage 8 weeks of appraisal orders it is EXTREMELY difficult to anticipate what is going to be happening that far into the future. Often delays caused by borrowers, AMC's, lenders, realtors, etc. significantly alter my ability to meet a due date I quoted 2 months ago. In these situations however, I always give the client as much of a heads up as possible if it looks like a due date will be missed. I get calls every week from clients who say "our appraiser stopped answering our calls and has gone AWOL for weeks, can you take on a rush assignment as he dropped the ball". I don't understand how those appraisers stay in business, and it certainly gives other appraisers in Oregon a bad name.

What I can tell you is that most appraisers I know in Oregon are literally killing themselves to keep up with the workload. Many are shrinking there coverage area in order to maintain a few week turn time, while I have done the opposite (zig when others zag!). I am taking on the assignments that no one else seems to want to touch, extremely rural properties, odd properties, etc. That is the reason I am out 2 months and still getting work. What would be most helpful is if all clients would realize the situation and stop trying to cram what is going to be a 2+ month process into a couple weeks, it's just not realistic in any way in Oregon right now.

 

[gregb]

With the high demand for appraisals why would an appraiser choose to work with an AMC, unless it is not possible to work directly for banks?

 

[timd354]

When does an appraiser get paid? Usually after they turn in the report. So, if an appraiser cant get paid until they turn in the report, why would they let it sit on their desk?

I do not understand the reasoning.

Some people (including appraisers) for whatever reason, just constantly miss due dates and are constantly late. It does not make any sense, but that is just how some people operate. Additionally, some appraisers just cannot bring themselves to turn down work, so even if they are very busy and operating at full capacity, they will continue to accept orders even though they know full well that they won't be able to make the due dates

 

[Terrel L. Shields]

just constantly miss due dates and are constantly late.

I rarely am late but when I see I am going to be, the client is notified. Mostly now I simply tell them I don't know how long each assignment will take and there are X people ahead of you and I think I can finish within 30 to 60 days. No complaints yet. I usually run about two weeks out. They are always happy to get the report early. If they are in a big rush, then find someone else to do your mineral rights

 

[timd354]

I rarely am late but when I see I am going to be, the client is notified. Mostly now I simply tell them I don't know how long each assignment will take and there are X people ahead of you and I think I can finish within 30 to 60 days. No complaints yet. I usually run about two weeks out. They are always happy to get the report early. If they are in a big rush, then find someone else to do your mineral rights

That seems reasonable. You are upfront with the client and they can decide whether or not they want to use your services knowing that you cannot commit to a specific due date.

 

[Terrel L. Shields]

You are upfront with the client

When I worked with a VA/FHA appraiser training back in 92, she was often four weeks out and they had to tolerate it because so few were on the rosters. VA finally opened their roster up and FHA gave up the roster system. It got better but for the first few years, two to three weeks was common and yet even then you rarely got paid within 10 days, and 90% of banks and MBs were sending out checks directly from the title company that closed the loan, usually in the name of the title company. So they were not waiting on the appraisal but waiting on other things like title opinions to close.

 

[spittman]

A few times after quoting 2 weeks out, I have literally called the very next day after receiving the order to set up an appointment and been told they have been waiting for me to call for the past two weeks already and are suppose to close this week. Sometimes I just want to ask them if they want the lender to have it reassigned to one of those 48 hour TAT appraisers. I just hate having to explain that the appraisal is not for you, it is for the lender's benefit and they just got you to pay for it.

Now I know why I read stories of people living in hotels while waiting for appraisal.

If a loan is contingent on an LTV% and the appraisal comes under I guess it's our fault too that they gotta stay in that hotel right?

When does an appraiser get paid? Usually after they turn in the report. So, if an appraiser cant get paid until they turn in the report, ...

Call me unprofessional if you want to, but that right there has the opposite affect on me. I typically do the appraisals in the order that I received them, but if I get an order from a client that I know will pay me within two weeks [at full fee too], then of course that client is going to get a little faster service than a client that pays a lower fee and in 30-45 days.

...why would they let it sit on their desk?
I do not understand the reasoning.

I do not understand the reasoning of holding payment for 45 days yet wanting the appraisal back in less than a week.

 

[JasonHaskell]

With the high demand for appraisals why would an appraiser choose to work with an AMC, unless it is not possible to work directly for banks?

Two of my largest bank clients went to using AMC's a couple years ago, other than that there really are just too few direct order clients in my local area. They account for about 5% of the total work in this market. Nearly all sales and refi's are AMC driven. I have some private client attorney's and CPA for estate work but that's not even close to enough work to keep me busy.

 

[Mr Rex]

Two of my largest bank clients went to using AMC's a couple years ago, other than that there really are just too few direct order clients in my local area. They account for about 5% of the total work in this market. Nearly all sales and refi's are AMC driven. I have some private client attorney's and CPA for estate work but that's not even close to enough work to keep me busy.

Ditto. I don't remember the bank robbers name, but when asked why he robbed banks responded "That's where the money is." Want to be a RE Appraiser in 2017, you deal with AMCs. Those lucky enough not to venture down that trail are the exception to the rule and need to tone down their arrogance and thank whatever God they pray to.