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Mortgage company running a 24 hour closing promotion, ROFLMA

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Caterina Platt

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
New Mexico
My favorite talk radio station has had these ads for the past couple days. A promotion this weekend at a local title company for a 1 day close refi. 'Please call 123-4567 for details of required documents'. I thinks to myself, 'Hmmm. Wonder what they're doing for the appraisals??'

Teee Heeee Heee! Well I found out. Got a call yesterday from said lender. 'We're looking for appraisers to work with us'. Reallllly skeptical and slightly amused with this silly prospect knowing the work crush we are all under at this time, I ask 'What kind of report/inspection are you looking for?' 2055 interiors. 'Ok, what kind of turn time?' A solid verbal value 2-3 hours from the order submission with the hard copy delivered within 3 days :!: :?: :!: :?: Can you believe this? In a time when appraisers are quoting 2 weeks minimum backlog, they think this is gonna fly???? The areas they want me to work are 45 minutes drive time one way alone. Never heard of this lender prior to this ad, no clue whether they pay thier bills. Pamela and others quote immediately came to mind, 'Fast, good, cheap. Pick two cuz you won't get all three.'

Thier requirements would basically have the appraiser 'On call at a moment's notice' for Friday, Saturday and Sunday of this week. Ready to roll and wired to produce supportable values in a heartbeat. Mind you, they called me to propose this 'offer' on Thursday. Uh, let's see. Lowest rates in 30 years, you think I've got nothing on my plate already??? What are you smoking???? :roll: :lol: :roll: :lol:
 

wyecoyote

Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
Now that is crazy. No sleep doing inspections and comps at midnight. Do they pay for the lighting crew to set up in front of the subject & comps for the exterior shots? And did they contact the local starbucks to be open all night???
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
:lol: :lol:
Ya know - first I laughed - then I thought:

I can and WILL provide that service on 70% of the houses I could look at around here: FOR A FEEEeee

Like 3 or 4X my current fee structure :twisted: .

SO I work 3 hours to get a number, then verify the heck out of the data over the next day, and refund the addl "rush" charge if I don't wind up with/near my 'verbal ESTIMATE' as proferred 3 hours after lookin at the place.

am I smokin or WHAT?

More time fishin :wink: .
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
I'm with Lee Ann. FOR A FEE !!!!

I've been thinking about when I start to slow down in this business and here's my niche: 24 hours finished appraisal from the time access to the property is possible.

I'll call my new company ZIP APPRAISAL SERVICES. My service will be to provide the same, high quality report they are getting now but delivered via e-mail within 24 hours of when I can first get into the property during daylight hours. (That puts that monkey on the back of the homeowner).

My fee is a flat $500 payable COD or net 10 days from the lender. I figure 3 of these a week and I'll be making enough money to keep me in trout flies and hunting arrows.

I ran this by Judy the other day and her comment was that when I start doing this, I'd better look for another office manager. Guess that idea goes down the drain.
 

xmrdfghap

Senior Member
Joined
Jan 15, 2002
Professional Status
General Public
State
Florida
I like it Richard....except I don't think COD or 10 days net is the answer. How about a retainer of, say $5,000. for which you get 10 appraisals. Each appraisal is billed normally, but when the bills accrue to the $5,000 mark you stop working until bills are caught up......if they pay s they go, you always have a cushion of $5,000.......And then hire two or three trainees to go out and do the work, and you do a desk review prior to the reports going out.
 

Caterina Platt

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
New Mexico
I had thought a bit about a way this would be possible.

First off, the mortgage company would need to give the appraiser a week's lead time before such a promotion so you don't have other inspections, reports you've promised on Monday to other clients, snack day for your kid's soccer game, etc. hanging over you.

Second, I need a lap top with my full MLS download and my appraisal software. I hate to admit it, cuz I'm really trying not to be a technogeek-buy-the-latest-cool-toy type, but the pocket PC version of Athena would really come in handy.

Third, due to the distance from my office for most of these properties, a cheapie motel room to hang in between inspections.

Fourth, and most imporatantly, these would not be $200-300 assignments. I'm thinking at least double.

Lastly, I haven't quite swallowed this one either is the liability. Whenever anyone presents us a super rush, isn't it always one of those properties with underlying major problems they'd hope we'd overlook in a hurry??

Richard, I too proposed this idea to my spouse/assistant before I declined. Kinda got the same response. :lol:
 
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