Normal and Rush fees

[Fernando]

With speedy appraisers in demand, lender asking me for normal and rush fee.
I hear lots of complaints from borrowers taking several weeks to get an appraiser.

 

[Chandler]

I never overburden myself with so many orders because I know there's an easy rush around the corner that pays $175 per hour. I love when lenders get themselves in a bind and other appraisers are too busy with their $500 assignments. Just take the easy stuff in the meantime.

 

[Terrel L. Shields]

Which opens us up to claims of gouging. But the real issue is that there are a lot of appraisers who simply won't work for certain AMCs, or perhaps not any. To me, the "shortage" was created by the banks themselves greedy to squeeze every dime from the lending process and the AMC who helps them do it. Why would anyone want to do $325 appraisals for the likes of Clear Cap, etc. etc.

 

[Chandler]

Which opens us up to claims of gouging. But the real issue is that there are a lot of appraisers who simply won't work for certain AMCs, or perhaps not any. To me, the "shortage" was created by the banks themselves greedy to squeeze every dime from the lending process and the AMC who helps them do it. Why would anyone want to do $325 appraisals for the likes of Clear Cap, etc. etc.

Gouging? Nah. Plumbers call it "Emergency Response" if you want them today instead of next week. Even municipalities charge fees to have documents "expedited".

 

[Terrel L. Shields]

Plumbers call it "Emergency Response" if you want them today instead of next week.

They still claim it is gouging...especially when they are twisting in the wind waiting for a report to come back. I just turned in a report this morning. I started on it yesterday. I got the assignment yesterday morning because someone forgot to send it. It was a very simple bare land tract. The engagement letter was dated May 16. The contract? It was dated March 6th. Guess who is blamed for the delay by the seller? There is no use trying to convince the seller that I didn't work directly for the bank and therefore knew about the assignment for weeks.

 

[Fernando]

After seeing the house, borrower wanted report done end of this week. I said I'll try being diplomatic.
She would call be reminding me of the urgency.
The AMC said borrower contacted them also about the urgency. She will be going on vacation this coming July 4.
If it was such an emergency why didn't they asked for rush order.
If borrower at time of appraisal gave me money to rush the report, would that be a bribed?
Otherwise, I am not obligated to rush the completion of the report.

 

[Tom D]

fernando be right. her going on vacation doesn't have anything to do when appraisal completion/delivery is, as long as you saw it. i will tell the home owner that i will get it to them by usually the same day, but the lender might take a day or two to get it from their web site, then give it to somebody. then, well you know, lenders are kinda overwhelmed with the low interest rate. and the holiday is coming up, most mortgage people have started drinking already, haha we all laugh, etc, etc.
there are all appraisers here, but a lot of yous don't run an appraisal business. and many of you work for an AMC, which is just working on the appraisal plantation, with an overlord.

 

[Vermonter]

I never overburden myself with so many orders because I know there's an easy rush around the corner that pays $175 per hour. I love when lenders get themselves in a bind and other appraisers are too busy with their $500 assignments. Just take the easy stuff in the meantime.

I did that (unintentionally) this year for the first time.

Wife had to use her vacation this week for some office construction, so I took it with her. I don't actually tell clients I'm on vacation, but basically schedule around one. Of course they delayed construction so the wife wanted to work and I picked up some rush assignments having already scheduled the next few weeks.

A very profitable strategy

 

[Dublin ohio]

I did that (unintentionally) this year for the first time.

Wife had to use her vacation this week for some office construction, so I took it with her. I don't actually tell clients I'm on vacation, but basically schedule around one. Of course they delayed construction so the wife wanted to work and I picked up some rush assignments having already scheduled the next few weeks.

A very profitable strategy

Don't see the strategy part. Just dumb luck.

 

[Chandler]

Don't see the strategy part. Just dumb luck.

It's not dumb luck when you have a few clients with a track record of sending rush opportunities every single week. It's recognizing a pattern and "holding out for something better". By being very picky with the assignments I take, that usually leaves room to take some of these 3-day rushes