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Oxymoron II---Appraisal Management (Company)

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Elliott

Thread Starter
Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Ok, First American Equity Loan Services calls on
Monday....we need you, send us fee schedule,
turn times....they fax back 3 drive-bys....
by the end of the day they want a status
report. The fax number to which I am to
fax back status is a wrong number So I leave a
voice mail.

Next morning they call and cancel two of the
drive-bys, but give me a 4th one. But later
in the day they cancel the 3rd one. Then they
finally admit that their client is a little difficult
to work with and wants shorter turn times....I
tell them, can't do, especially since I have other
established clients that don't waste my time.

Why major banks use AMC boggles the mind. Banks
use to have experience, intelligent, efficient processors.


elliott
 

Oregon Doug

Senior Member
Joined
Jan 15, 2002
Professional Status
General Public
State
Oregon
elliot - Would that be First American Equity Loan Services out of Cleveland, OH?

They been drivin' me nutz over here too. They fax'd a couple of 2055 drive-by requests on rural properties. I responded by telling 'em that I don't do 2055's period - drive-by or drive through. And, I aint doin' nutten for the fees that they stated.

End of it - no!

They fax'd a couple more the very next day! Then they requested a full appraisal of a rural, custom riverfront home on ac at a fee that is less than what I charge for a cookie cutter in town. I told 'em no and thought that would be the end of it. Today they called again all in a lather and wanted the status of the appraisal - they seemed to get a little more excited when I replied "what appraisal?"

I let them sucker me into doing a full appraisal at my fee - what do you thing the odds are that I'll get paid?

Oregon Doug
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
I let them sucker me into doing a full appraisal at my fee - what do you thing the odds are that I'll get paid?

Oooooops!!!

Did some work for them when they first started a few years ago. They've tried me a few times in the past couple of years and the fees were so low I just said "NO". Still had to go through the fax, calls, cancelled, calls, faxed update sheets that I'm supposed to fill in and fax back, calls..... :twisted:

I just do not understand any appraiser going along with this BS for such a pittance. If I had to play that game, my fee would double.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
We've done a few for them and payment has not been a problem. Main problem seems to be that their internal communications is terrible. The right hand doesn’t seem to know what the left hand is doing. They have some clients that really want fast turnaround. They do tend to bug you for status reports. However, when we do work for them it is at our fee on our schedule.
 

xmrdfghap

Senior Member
Joined
Jan 15, 2002
Professional Status
General Public
State
Florida

I let them sucker me into doing a full appraisal at my fee - what do you thing the odds are that I'll get paid?


Doug, as a new client, why do you extend them any credit at all? Pay cash or certified funds at the door, at my rate, or find someone else.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Richard,

Sounds like I need to move to a rural area in another state. The cities are full of appraiser wannabes that work for next to nothing. It is interesting that this does have an impact on the fees in some areas. They can't get away with the low, low fees where appraisers are few and far between.

Problem here is that the 'make whatever you want' shops are full of wannabes that are sent all over the state. Being rural won't help here as they accept all jobs - anywhere.
 

Steve Owen

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Missouri
Oregon Doug, It's so nice to hear you say you don't do drive-bys. (I've done a few, but not many.) According to a few of thevery vocal "no-departure, what stinkin' cost approach" crowd you should be out of business by now. lol. Guess there must be a few companies in Oregon that want quality work, just like there are a few in Missouri. Fortunately, there are few enough quality appraisers that the rumors of my demise have been highly exaggerated.

_____

Gator's gettin' closer, hasn't got me yet.

Phil Collins
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
I am leery of all AMC's. They are always out of state and their payment policy is quite different than their "appraisal due and fax back requirements". Now, I just tell them when they call," I am sorry, but your track record for payment does not correspond with you appraiser due date demands and I can not perform any appraisal for your company without payment at the door". If I have never heard of them, " I am sorry. Your company may be fine and upstanding, but you have no credit standing with me and I will not accept appraisal orders from your company without payment at the door. I am sorry if you do not do business this way, but I already have 10 past due invoices from companies who do business this way and my policy is a result of companies similar to yours that do not fulfill their end of the obligation".


Sometimes, I tell them I could have had it back to them within a week, but my no credit for out of state lenders policy is firm and no payment, no delivery.
 
Joined
Jan 16, 2002
Take all their assignments, ignore status request, and file 13 all their assignments, wait until they are totally frantic, and then say what appraisals ? Run the same game on them and see how they like it.
 

Verne Hebert

Senior Member
Joined
Feb 25, 2002
Professional Status
Certified General Appraiser
State
Montana
Good God ain't it the truth.

I have never considered them "AMC's"--I have always considered them brokers, appraisal brokers, there's no management about it; unless you call faxing an order management.

On the fringe of the thread however, I get paid my fee here. I rarely do 2055's and never a driveby. This is both area driven and economics driven. Appraisals here are so time consuming an appraiser cannot stay in business is they do 2055 work, and particularly if they are even slightly discounted.

Most properties here truly cannot be completed "to fund" (an accuracy discussion is not even considered in this thought) on a 2055.

I have nothing for a few months less than $ 800.00. I am working on one now for $ 1,800---AMC.

Hey Doug--keep cuttin' bait and fishin'!
 
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