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Predetermined Value

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Patrick W

Sophomore Member
Joined
Nov 23, 2002
Professional Status
Certified Residential Appraiser
State
Michigan
Get order from good client, call homeowner and she tells me she had 2 other appraisals, 1 within the last 6 months for $$$$$$ and she needs to know if my appraisal will come in at least within $5000 of the others. She says I don't want to pay for something I can't use. I tell her I can't guarantee any value, don't know if these other appraisals are any good, plus the market is soft at this time, I'll have to see. She says I'm very argumentative and she doesn't think she wants me doing her appraisal. I tell her I think she should get someone else also. I call lender and tell them after the conversation with borrower I won't do this appraisal because it might appear that I was biased if I come in low after my conversation with the homeowner. Give it to someone else. Person in appraisal dept. gets mad, says you mean you're refusing to do it, I say because of the circumstances yes, person slams phone down. This is how you lose clients. Maybe this client wasn't so good after all.
 

Randy Beigh

Senior Member
Joined
Jan 16, 2002
Allan

I am going out to dinner tonight and have a margarita and it sounds like you can use one, too. :beer:

Next week will be better. Thank God it's Friday.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Hi Allen...

I'd let that one marinate and if you lose the account go see if you can speak to someone in the upper echelons. Sometimes you CAN win.

or if you are far from hungry and sanguine about the immediate future let it go.

Unfortunately, in this profession we often find that we are considered "only as good as our last appraisal" per a cynic on this very forum...

However I have seldom found it in my best interests to permit such a coda to similar interactions... sometimes those things are like making hte Medusa mad: they come back to bite you somewhere else...

It is definitely Miller/Margarita time... have a great weekend and let it go for now.
 

Richard J. Glesser

Junior Member
Joined
May 16, 2002
Professional Status
Certified General Appraiser
State
Michigan
Allan,

All of the previous posts are correct - blow it off. Monday someone at the mortgage company will be less stressed than on Friday afternoon and listen to what actually happened. But you're also dead right in not doing this assignment because it has now become a no-win order. I find I end up losing $ on these because they take longer and inevitably an underwriter will ask for additional comps, comments, and clarification at which time you'll then wish you'd have blown it off. Move the keyboard, push back your chair, turn up the music, and put up your feet on the desk - it's weekend! :usa:
 

jtrotta

Senior Member
Joined
Jan 16, 2002
Allen

I'm here ta spoil yer weekend; right after she told you she had two other appraisals, I would have said;

excuse me Mrs. X - I cannot discuss that information with you, would you please pass the rest of this conversation on to your mortgage broker. The reason I would suggest this Mrs., is because we cannot discuss the other appraisals, as it would a violation of my "Standards of Professional Practice" and after you discuss this with your Borker, have him call me back and I will be more than happy to schedule our appointment.

Now you've placed the ball in "their" court; you dont loose yer client; the customer has no where to go but to her lender and yer free at last, free at last B) plus you'll pick up a check :p - thats money you don't have now (from your initiation of this thread) and yer weekend would be much happier :mrgreen:

:ph34r:
 

Rich Hahn

Senior Member
Joined
May 2, 2003
Professional Status
General Public
State
Colorado
Did one today
Had to meet the Realidiotor at the place.

Finished what I had to do(2055).
She asked me what I thought?
"about what?"
the house
"oh the house, well I wouldnt buy it and its pretty average for its condition, but Im here to do the appraisal not give my personal opinion"
I bet that went over like a lead ballon.

But that was what I was thinking at the time and she wanted to know..
 

Pam Wyant

Senior Member
Joined
Feb 12, 2003
Professional Status
Certified Residential Appraiser
State
West Virginia
I had a somewhat similar experience, only it was over the appraisal fee. The appraisal was ordered by a management company, and the homeowner wanted to know how much I was getting. Of course I told him I wasn't able to discuss that, and he got mad. Said he "didn't want to do business with someone who was afraid to tell him their fee". I said I'll let the lender know. Which I did.

Anyway, my suggestion the next time is just to tell your client that the customer said she/he didn't want you to do the appraisal. They can't very well get mad at you if the customer is the one not wanting you! And you don't end up looking like you are taking revenge on the customer for being nasty, you are just being agreeable in the procedure. (Wouldn't we all like to let a few select homeowners & mortgage lenders how we really feel - unfortunately after a while we might never work again!)
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Pam:

Try the line:

I am contractually forbidden to discuss my fee with you. I am SO sorry! :( I would much prefer that you did know exactly what I was paid, as opposed to what you get charged <_< . There are always middlemen involved :angry: in things these days.

I have never had a homeowner nor buyer get upset at me after that little statement.

Interestingly, have never had adverse feedback from anyone else either :beer: but it would be hard to say that I broke the contract! everything I said was TRUE!
 

Pam Wyant

Senior Member
Joined
Feb 12, 2003
Professional Status
Certified Residential Appraiser
State
West Virginia
The really weird part was that the homeowner was actually paying much less than my fee. It was a four unit building, which in my area is almost impossible to find comps for, so I was charging a huge fee that the client was willing to pay - I guess they were planning to make up the difference in closing costs.

So the homeowner actually got mad over nothing!
 

xm39hnu

Senior Member
Joined
Jul 10, 2003
Professional Status
General Public
State
Florida
Lee Ann: Contracturally forbidden?
Is that really true? Do you actually have a contract or regulatory obligation not to disclose your fees?

I've had AMC's try to pull that crap on me, stating that I "must not disclose my fee" to the borrower. They promptly get notified that they enjoy no right to regulate the manner in which I choose to advertise my services, nor to whom I advertise them, and that advertisement includes what I charge for various services.

As long as it's a standard fee, and not some special arrangement, I tell'em what I charge. If the mortgage company is sticking it to the borrower, the borrower should know it.

At a USPAP course this spring, the instructor told us about a "collect at the door" order he received. The HO paid him $500 for a $300 appraisal, because that's what the MC said the appraisal fee was. He put the check in the bank and delivered the appraisal. About a week later, the MC called him, wanting their cut of the fee. The instructor indicated that he was a selfish and mean-spirited person, and not inclined to share.
 
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