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Lo Wants A 1025 With 216

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David Riggs

Sophomore Member
Joined
Apr 12, 2002
I was asked to discount the price for Two 1004's on duplexes because they were next to each other and I could clone the second almost exactly from a 1004. I did it.

Now the LO calls and says he wants 2 1025's each with a 216. He ordered two 1004's and now wants me to rework the entire report!

What would you do?

ps he is a steady client
TIA
david
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
They obviously did not know what they wanted in the first place, which should not be your problem. It is always wise to do the 2-4 family property on the 1025, because few underwriters can handle it any other way. I had one ask for a duplex on the 1004 one time. I told them to call their underwriter and spell out it was a duplex and make sure they wanted it on the 1004. The underwriter asked for the 1025.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Why discount? The borrower is paying anyway...not the LO. Good lesson here...always be the person who decides what is needed. You will learn that fairly quickly. Another thing to remember is ...." your liability is the same on both properties ". Do you think the courts would say, "OK, lets award $10,000 on the first property and $8,000 on the second!:????
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I forgot to add......you don't need a 216 on a 1025 cuz it is built into the form already!
 

David Riggs

Sophomore Member
Joined
Apr 12, 2002
Thanks all!!

I am going to have to rework both 1004's. And I thought I was getting a good deal with two fee's for the work of one. Turns out I should have charged more for both and then given them the 1025 to start with. :(

I have a full load already and now to go back and rework old ones...

Someone smack me :angry: (or have they already <_< )
 

David Riggs

Sophomore Member
Joined
Apr 12, 2002
Well, I did it. I spent 1/2 of friday rewriting the two 1004's into the 1025 w/216. The entire time looking over my shoulder at the "in box" growing. Man that sucked and to think I discounted thoses 1004's because they were easy.....well let's not go there :angry:

I guess you only make that mistake once... :unsure:

david
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
I guess you only make that mistake once...

I'm sorry, but I actually have to laugh at that one because I still make that mistake from time to time. Trying to be the nice guy. It seems like everytime we try to be nice and cut someone a break it turns around and bites us. You should listen to the veterans who are telling you to hang tough on your fees because, for the most part, they're right. In hindsight and as mentioned above, it pays to figure out what the client really needs in advance, rather than just give them what they ask for. In this case, it would have been less work to do it on the proper form in the first place, regardless of whether they're asking for it on the SFR form. There are a few (dumb) clients who prefer the SFR form for small units, but not that many.

We live and we learn. Hopefully.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Thats alright George, you can make up your loses in volume! :rofl: I just did it too, did one for a really good discount because I did it about 18 months ago. Forgot how much work is involved even if you already did it once.
 
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