Receipt for COD appraisals-input wanted

[Blue1]

I never give a receipt to the borrower. They have their check ready for me when I show up. The check stub and (eventually) their cancelled check is their receipt. I give a paid invoice to the client, it is important for the client to have that invoice at closing so the borrower isn't charged twice for the appraisal. Works for me......

 

[Tim The Enchanter]

I only give a receipt when they ask, and then it's the biz card with date, check #, $ amt, and my sig on the back. This doesn't happen often, and even less often / almost never, do I need to give them the page from the Office Of Real Estate Appraisers that explains who is the client and how they can get a copy of the appraisal. I'd rather not open that can of worms unless the bwr does first. mho. 8)

 

[Richard Carlsen]

Jeff

Maybe what you need to consider using is a brochure like we were discussing in another post. I have one that is in the form of a Q&A format. It is printed 2 sides on a letter size piece of paper and folds making a small booklet. It covers, I think, what you are trying to cover in the receipt.


I made this offer on the other post and I'll make it here also.

If anybody wants a copy of our brochure, just send me an email via this BB, and I'll attached the .doc and send it back.

It is a Word (.doc) file about 125kb. It may help. So far I've sent out 2 copies already this morning and it is just 5:36am.

 

[sam strahan]

i just recently sold a home and purchased a new one. the whole process was scary. the escrow, surveys, termite inspections, home inspections, appraisals- i was a basket of nerves. not only were we talking a lot of money. we were talking more money than i had ever spent. how many people actually buy and sell homes more than once in a lifetime? cant blame them for asking questions. i have closed loans for 10 years, and i still wasnt comfortable being on the other side of the table. especially when it came time to lookover my expenses. lets be patient. lets consider receipts cheap advertising. dont get me wrong i believe in sticking to your guns about who the client is. remember this as appraisers we are one of the first humans these people see in the whole process. thanks to todays technology people can start the loan process and move towards closing with a phone and a computer. glad to be here!

 

[Mike Garrett RAA]

I think youse guys are missing the point. He wants something that explains the report belongs to the lender...not the home owner who is paying for it. I carry a one page letter receipt (created by our state board) on my clip board just in case. It works wonders.

Again I will say....it is not professional to hide behind caller ID. If you have such distain for your clients that you won't even put out your phone number..you are in the wrong business! No wonder the lenders want to get rid of appraisers!

 

[Pat Butler]

Mike-- I'm talking about not having a phone number of a business card that is given to the homeowner. When was the last time that your cable installer or any other utility company gave you a card with their personal phone number on it? Just doesn't happen- they give you the phone number of the utility company itself. Just like the borrower should be calling the lender when they have any concerns with the appraisal- not calling us. If you want those sorts of calls then give the homeowner your number. But for those who complain about such interaction, why make it easier for the homeowner to call you and make it more confusing by giving them pages worth of information that they just don't understand?

 

[Jo Ann Meyer Stratton]

When the home owner asks the question about a copy either when I make the appointment or while at the property, I explain that Federal regulations prevent me from discussing the report with anyone except the client and those Federal regulations consider the lender the client regardless of who pays the bill. Also those same Federal regulations require the lender to provide a copy of the appraisal to the borrower if they have paid either the lender or me for the appraisal and they should call their loan officer immediately to make the arrangements for a copy. They should call their loan officer immediately even if the appraisal is being provided free and request a copy anyway. But Federal regulations have my hands tied and I cannot discuss the report or provide a copy. It is kinda nice to hide behind the Federal government at times! Occasionally, when they do ask for a receipt, I have one typed up on my letterhead with the following statement at the bottom: "In Compliance with the Uniform Standards of Professional Appraisal Practice, I cannot discuss or disclose any information in the appraisal report for the above property to anyone except the client named above. Contact the client for a copy of the report and any questions you may have regarding information in the report."

 

[Jeff Horton]

I think youse guys are missing the point. He wants something that explains the report belongs to the lender...not the home owner who is paying for it.

Exactly! And it also gives them the option to pay by credit card if they so chose. And to tell them that if there check don't clear they ain't getting on appraisal!

As I told a homeowner the other day. I have been cheated one too many times. Nothing personal but I require this of everyone now!

 

[Larry Lyke]

It only takes the briefest moment to direct the Homeowner to the right source of information. In 20 years I've never had a single problem regarding dispensing information politely and send the Borrower to the source of all their happiness and grief!

I'm not that adroit in my handling of all relationships, but the Borrower-Lender one is so simple you don't have to improvise. Just repeat the mantra: 'THE LENDER IS THE CLIENT and you are THEIR customer!!'

THE ANSWER TO ALL OF THE BORROWER'S QUESTIONS can be gotten at the one-stop shopping source ... DA LENDER.

NOW,.. I have had a few nasty calls from Borrower regarding my Opinion of Value -- BUT, that's usually because the Lender sicked the Borrower on me after tiring of upholding his responsibilities.

Cheer up!

 

[G-man]

Our company has had a reciept type form for the last three or so years that explains who our client is, that the report goes to them and not the homeowner who is paying C.O.D., and that they paid us zzz amount of money at the time of the appointment. I give one copy to the owner and keep one for our records. We had some ugly scenes before this when we were doing alot of work for some, what we euphimistically call, sh*t brokers, scary stuff. Since that time, not one single phone call as far as I know and the homeowners appreciate the information. Just my little ole' $.02 worth. Back to work now.