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REO FEES

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Dale Smalley

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Our company pays $350 but expects a good quality REO report with repair addendum x-tra pics and 3 Listings. So far it has been going ok with not too many compliants. The guys whith the higher fees don't get much from us. It would have to be something really special to get those kind of fees.

If you guys want this kind of work send me an email and I will pass it on to the people that order the REO's. ( This is not for everybody. Most are not in good areas or in good condition ) This way you can bypass the AMC's
 

David S. Roberson

Senior Member
Gold Supporting Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Here in the real world a real REO requires twice the real work, and we charge twice the real fee. Really.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
My question to you would then be....."how many assignments do you get at those fees?"

I am usually able to get a slightly higher fee ($50 to $75 more) from conventional lenders but VA and Fannie Mae REOs either pay the normal fee or slightly less..in the case of Fannie Mae.

I guess it has to be a management decision on your part if you want to do this type of work. I received 7 REO appraisal request so far this month from Fannie Mae and I predict we will see an even higher volume in the future.

It is more time consuming, and time is money! Really no additional cost in doing extra photos of the subject. Listings are not a problem either. They are willing to accept MLS photos of the listings. For me, the big issue is making a more complete inspection to determine what repairs are necessary and then determining the costs of same. Sometimes it is a wild A** guess.
 

David S. Roberson

Senior Member
Gold Supporting Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
To be truthful, the fee is not twice as much. It's $500 as opposed to $300 for a regular old URAR. I get about three or four a month at that fee, which may not be that many. But if I am not doing an REO, I can be doing two URAR's, so it doesn't bother me if they get someone else to spend all their time on it for a lower fee; I get the orders they can't get to because they're spending all their time on more work for less fee!
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
I add $75/100 to the report for the REO. It really doesn't take that much more time in most areas we work. If it's too bad, we stop and require professional bids.

Roger
 

C. Kevin Bokoske MAI

Junior Member
Joined
Jan 30, 2002
Professional Status
Certified General Appraiser
State
Florida
I am a long-time lurker. This is my 1st post to this forum. Also, I do not have a dog in this fight, as I no longer do fee appraisals. My comment is simply that I am surprised that the Forum permits the discussion of appraisal fees. This is flat out forbidden on most appraisal forums, lest the Forum and its posters be charged with price fixing by the FTC. Don't laugh, it's happened before.
 

George W Dodd

Senior Member
Joined
Jul 9, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
"price fixing" already exists and it is from the client and/or AMC company.
 

Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
I do V.A. repos and the fee is the same for one of those, as for a standard V.A. appraisal. More work? Yes! ....3 listings with photos and listing location map, cost to cure, and a statement saying when I got the report, and a running time line as to what occurred after I received it. i.e. no phone # provided, visited property and it was vacant, etc. Flat fee....All the time! I've heard some people on here chime in about "gravy train" V.A. appraisers. Little do they know that we are "authorized" to charge X amount. The X amount comes from the V.A. In other words, we take the bad with the good.....all one fee, even 2-4 family appraisals and condo appraisals carry the same fee as a standard URAR report.
 

Verne Hebert

Senior Member
Joined
Feb 25, 2002
Professional Status
Certified General Appraiser
State
Montana
Garrett-

If you are asking me, I do 6 to 12 a year. This area is non-disclosure, you are generally on gravel, there will be 200 to 300 miles in the report and time, the data is ****ty.

Let's remember here, this is a government buy. In my market, if this value is not nailed; and believe me it is rarely easy, you and I the taxpayer are paying to hold this property.

I wouldn't do them for any less in this real world, at any price lower, they would be a loser. I run a business.


I love the price fixing comment. I bought gas the morning; and in that part of the real world, I could see three gas station signs-all the same price. The attorneys I work for all charge about the same fee.

Apparantly USPAP has many appraisers so "brow beat" that they are questioning their ability to research and establish fees to compete in our great American society.

God Bless America!
 
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