Reinstating an equity line of credit

[Dennis J. Black ASA IFAS]

Jay,

What about "Intended Users"?

 

[Wendy]

I've run into this in the past - each time was for a LOC and was from a major bank.

If you push hard enough, you can get the lender to send out the order and cut the home owner out of the loop (remaining COD to the ho of course). The easier & smarter way is to just do it on a GP form and clearly state the intended use.

 

[Mike Boyd]

why are ya'll trying to be "Lenders" ??

HO calls wants an appraisal; the work is for the individual, write the report as such and move on. They can tell you anything they want - Does Not matter, your job ifn you accept it, is to provide a view of the "Market Value" - "As Is" and as of a specific date.
What the homeowner wants to do with that report is totally up to them - get your Fee and go to the next job.

Once your job is completed, who cares what they do with it; actually go get more of those jobs, drop your "E & O" and you just created a well paying end of the biz and got a raise on top of it all.

Good Luck

I agree with Jay......except the part about dropping your E&O. Homeowners can also sue...justified or not. Use a general purpose form or the old URAR.

 

[Karl]

why are ya'll trying to be "Lenders" ??

HO calls wants an appraisal; the work is for the individual, write the report as such and move on. They can tell you anything they want - Does Not matter, your job ifn you accept it, is to provide a view of the "Market Value" - "As Is" and as of a specific date.
What the homeowner wants to do with that report is totally up to them - get your Fee and go to the next job.

Once your job is completed, who cares what they do with it; actually go get more of those jobs, drop your "E & O" and you just created a well paying end of the biz and got a raise on top of it all.

Good Luck

I agree with everything except WHY/What is your reasoning to drop E&O?? I'd think that makes you more valuable as a professional.

I think many of you are not grasping what insurance is for; I know you all think it never pays & drops you IF you have a claim. Well IF you believe that; Drop all your insurances & then see where you are when either your home burns down, have a car wreck or someone sues you.

I too hate paying Insurance premiums BUT I have gotten enough in return, over the years to justify paying them & YES even my E&O; the letters they have written on my behalf PRICELESS!!..