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LO Sends E-Mail this afternoon I have questions.

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Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
A couple of months ago I did an appraisal for a large bank. The appraisal because I covered all bases and my *** caused the bank to reconsided the loan and not do it. A couple of weeks later, I get this call from this same LO that called today wanting to know if I can put the appraisal from the big bank into their name. I says no and gives her the reasons, but I said I would do a new appraisal, an inspections and maybe new sales selected as comps for $250 when I was back into the area which would be a couple of weeks. She said find and sent the order, said a check was coming. Got all done with the appraisal for her and called and said I was sending it in, but had never received the check. She said they didn't need it as one of there regular appraisers from Madison had done it and the loan closed.

Fast forward today:

Our investor has agreed to use the appraisal you originally provided for Big Bank on the above-captioned property. In their review of the appraisal they requested additional information:
1)The appraisal needs to be in our name – xxxxx LLC (see below contact information)
2)They would like to see 2 additional comps dated within 6 months and one must be a log home to further support the value.

We’re thankful that they would use your appraisal! One of our regular appraisers originally agreed to make the trek, but then decided he was too busy so here we are. Also, please forward your invoice and any additional charges for the extra comps and for switching the appraisal over to us, so we can make certain you are paid in a timely fashion. Currently we do not have an invoice with the appraisal that was forwarded to us from Big Bank.

Thanks and please do not hesitate to contact me directly with any questions.

Warmest regards,


xxxxx


They sure don't remember what they tell you from one day to the next. This busy appraiser had two months to drive the 150 miles up to the subject property. I would like to know what really happened.

Its been two months now and no doubt there are additional sales in the resort. So do I charge her for the last appraisal they didn't pay for, then add the cost of this drive time to see if the subject is still standing and for new comparable sales.

All four comps now are log homes that are in the big bank appraisal.


How would you handle it????
 

xmtpedprl

Senior Member
Joined
Dec 6, 2005
Professional Status
General Public
State
Florida
Ray,

Since we don't do invoices any longer (for other than banks) I would suggest that you ask that a check be overnighted to you covering all expenses up to the present. If they do that, well, then they're for real. It is unlikely a corporate check will bounce, so you should be in good shape.

I now have some L.O.'s, just a few, paying us via their own credit cards before I'll do anything on those deals where the owner refuses to pay COD. I wouldn't even do business with an owner who sits in the driver's seat, but I guess the pickings are getting thin for these L.O.'s.

Dave...
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
New job, new appraisal, new invoice. Just don't have to remeasure the improements.
 

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Ray, you have two month old report done and ready to send don't you? Collect the money and send it unless you don't have the additional comps they need. Get the money and send the report.
 

Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Ray, you have two month old report done and ready to send don't you? Collect the money and send it unless you don't have the additional comps they need. Get the money and send the report.



Nope, got to go dig up the two additional ones.
 

Tyler Grundvig

Freshman Member
Joined
Oct 21, 2007
Professional Status
Certified Residential Appraiser
State
Colorado
Well, it all depends on the scope. Did the new client request an appraisal with the effective date that is the same date as the old one, or a new effective date? If it's a new date, then you most certainly have to go back out to the home and check current sales. If the client requested an opinion of value based on the same date as the prior report, then you do not have to revist the subject because you already observed it as of the effective date defined by your client. But, you will have to drive the new comps. That is, if there are any additional comps as of the date of opinion requested by the client.

Now, as for payment, I would ask for an overnighted check before I take one more step. Obviously they were in no hurry to pay you for the last one so what guarantee do you have you will get paid on this one? I would charge more too because of the time required to drive the additional comps, but that's me.
 

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
More work means more cash required.
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
Well you can't do "2", because that is a new assignment.

Get paid in advance for the first one $250, and then the next one $250. Then go out and do the report.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
In your rustic way of putting things, you should tell them to go suck eggs.

Why would you want to do business with this company? I'd just as soon eat the reduced fee they didn't pay me last time and not make life easy for them now.
 
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Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
In your rustic way of putting things, you should tell them to go suck eggs.

Why would you want to do business with this company? I'd just as soon eat the reduced fee they didn't pay me last time and not make life easy for them now.


Sleeping on it last night. You have a good point. I had already wrote off the fee. They are on my A-Hole list. Its a new year, time to wean the egg suckers. To many appraisers bend over in the name of service. So the lenders just go on and keep pulling this crap. I say let there pet appraiser come up and do it.
 
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