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My First Time

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David Riggs

Sophomore Member
Joined
Apr 12, 2002
I did the inspection at 9am Saturday morning. It was COD and I took a personal check. The home owner called me at 8PM Saturday night to have the results. I thought this was a little weird, but told him it would take several days for the value. I then noticed that the home owners home and work number were the same. Also the cashout refi “requested amount “ was 200k and the loan amount was 195k. Sunday I did the work and it came to 194k. Actually a very easy report, several very good comps very close within 6 months.

Monday morning I get a call from the LO wanted to know the ball park figure.

(I did the inspection at 9am sat, they want to know the value on Monday morning? DO they think we always work all weekend, or that we should? I guess I did work all weekend, but I don’t like them expecting me too!)

Monday at lunch I saw the home owners bank. I thought to myself, lets just pop in here and cash it…..IT BOUNCED!!! After all that work OVER THE WEEKEND. :angry:

Other than requiring a cashers check, (that they sometimes resist) What do the appraisers out there use?

Thanks!
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
David this might be like closing the barn door after the mule escapes, but in hindsight you should have given this assignment to Goodpasture and kept that commercial assignment for yourself. :)
 

Willie

Senior Member
Joined
May 30, 2002
Professional Status
Certified General Appraiser
State
Tennessee
Cash or cashiers check, or check from a local bank you can take it by right after inspection, and cash. I don't do anything till their check clears, if I take one at all. Tell them it's company policy and you've done work for free in the past but won't do it in the future.
 
Joined
Jan 16, 2002
This is yet another reason why writing the report does not start until check clears, don't give a damn when they want it done (should have ordered it two week earlier if it's a rush). Cash would be good next time B)
 

liznindy

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Indiana
Call the LO and tell him you need paid. He is the client, is he not?!

The client is responsible for payment (at least that's the way I see it).
 

Patricia Dominguez

Freshman Member
Joined
Dec 30, 2002
Definately call the LO, I have seen my mentor get paid from LO where the homeowners check bounced. But if it is a new client it might be hard to get the money out of them having a good relationship helps.

For future reference cash check ASAP, and wait for it to clear before giving the report or even a verbal.
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
MAN!!!

This topic has come up several times in the past...will probably reappear sometime in the near future as well.

On those occasions that I collect at the door (COD)--I verify funds first! If I'm unable to verify funds (bank policy) I don't even begin the report until the check is cashed!!!

This cute little stunt was pulled on me some years in the past. Same day--one cancelled the check before I got back to the office, the other had insufficient funds in their account. When they called for status I said; "Status is your checks no good--I'll proceed once you give me a cashier's check for the appraisal + $50 for my time!!!"

I don't get burned anymore (not this way), I can actually smell them coming now.

-Mike
 

Devin Wallace

Freshman Member
Joined
Jul 19, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
I have done several COD deals lately, mostly I have them write the check to me personally. I inspect, and then unless I am way out, I go to their bank and cash the check. If they write it to my company, I deposit it. If it bounces, I send certified letter, if they have not complied with cash or certified funds within 10 days, I have a warrant sworn out on them. Would be a shame for some of these people to go to jail over an appraisal fee.

Had one even forged a check in his girlfriends name. What a looser.
 

Rene Mata

Freshman Member
Joined
Apr 28, 2003
I heard on the radio once, that if a customer paid a check with no money in the bank, them it is a fraud and you could file a police report.

What you could do is tell the customer or better
leave him a message that you will file a police report in
case that He will not paid.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Call the bank again and see if there are sufficient funds. You can also have the bank put a hold on the account until your check clears. In any event, the lender owes you the fee if you gave them the report. You could file charges with the District Attorney's office if you wanted to. I would call the L.O. and the borrower and tell them the check must be made good immediately or you are going to file charges.
 
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