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Real Small Town Bank Orders an Appraisal

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Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Real small town bank orders and appraisal. I have done work for them in the past and they have always paid. but now:

I sent them a letter of engagement and a fee agreement. They sign it and returned it to me. I proceed with the appraisal, the day the appraisal is completed, they call before I send it and cancel the order. I told the clerk it was completed and ready to send and I need to get paid. She said go ahead and send it and we will pay you. For a week now I have been sending the appraisal by email and they refused to open it/accept it. I called the clerk and she said her boss told her not to accept the appraisal, they were not doing the loan.

Now the owner calls me and wants a copy of that appraisal sent to him for his records. He is not going to do a loan at this time.

Being the bank has not paid for the appraisal, will not accept the appraisal. Do you think it would be ok to send the appraisal to the owner. He is will to put a check in the mail before I send it to him. Would you just rewrite a new appraisal for the owner?

By the way who do you think owns the appraisal and why????
 

Joe Booth

Junior Member
Joined
Oct 16, 2003
Professional Status
Certified Residential Appraiser
State
California
is this a trick question? If the home owner wants an appraisal and is willing to pay, it's a new assignment and you charge what you will. No?
 

BRCJR

Senior Member
Gold Supporting Member
Joined
Sep 20, 2005
Professional Status
Licensed Appraiser
State
Virginia
I think the lender is still the client per the letter of engagement.

You can do a "new' assignment for the owner.

Since you sent it to the lender, whether they "open" it or not, it is now theirs and they just have not paid for it, nor read it.

Just my take on this.
 

appraisalondemand

Junior Member
Joined
May 27, 2007
Professional Status
Licensed Appraiser
State
Ohio
I agree with Joe, but I would also may continue to collect from the bank just out of principle. If you do receive the money, you could donate it to a charity or to Pam. In order to do this I would think that they would have to "accept" the report somehow. Maybe you could send a package to them that they sign for. It is really sad that they are doing this to you. The same thing is may happen to me...will know more by Monday. long time client orders appraisal, I finally finish it up today (only assignment all week) and as I am typing the email to send, I get the call to "hold off"...not what I wanted to hear. So I kinda know how you feel. Good luck.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Why screw with the bank? Just tell the HO you didn't get paid, and if he wants a "new appraisal" you'll put his name on it...Your relationship with the bank is over. They refused it.
Don't joust the windmills. do the obvious
 

Joe Booth

Junior Member
Joined
Oct 16, 2003
Professional Status
Certified Residential Appraiser
State
California
Who owns the appraisal? Or who has a right to have a copy of the appraisal. These days it's grey. A couple years ago it was just the client. But now, can't this client share this information with whom every they please? They can share it with the home owner, I know that.
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
The bank owes you money. Call the branch manager and say, "Hey look, the owner wants this appraisal but I can't send it to him only you can. Can you please collect my payment from the man and send him a copy of the report?"
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
I would do a "new" (since it is technically a new assignment) appraisal for the homeowner that just happened to look very much like the appraisal I did for the bank...someone wants to pay you, so take the payment and just do what you have to do to make it legal. If you want to keep your relationship with that bank, though since they stiffed you, I would not know why you would, then I would let the matter drop. Otherwise, I would sue the bank for the fee and send a letter to the regulators stating that the bank refuses to pay you for the work done. Also, if you want to mess with the bank, print out the appraisal report and send it to them via certified mail, return receipt requested....someone in the mail room at the bank will probably sign that they received it and then the bank will not have the excuse that it is not paying for an appraisal report that it never received.
 
Joined
Jun 3, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
The bank is the client, and they own the appraisal. The homeowner is legally entitled to a copy, if it is requested in writing from the client -- but the client can require the homeowner to reimburse them for the cost of the appraisal if the loan doesn't close.

In this case, I'd recommend getting the check from the homeowner, treating it as a new assignment with the homeowner as the client. That's the simplest way to get paid, get the homeowner a copy, and limit the brain damage caused by a deadbeat client.
 

Thomas Fiehler

Senior Member
Joined
Jun 2, 2003
Professional Status
Certified General Appraiser
State
Ohio
Ray-The bank owes you the money and DON'T send the report to the homeowner. Since it is likely one of teh FNMA forms, they are to be used for lending purposes and not for private appraisals, which this may become. I believe from your prior posts, your State would love for you to do that!
 
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