Stop Accepting Unreasonable Fees

[Zee_in_AZ]

I just got a request from Hometap for a conventional 1004URAR at $385.00. It's time everyone stopped accepting below market fees. They took it away and placed it somewhere else when I asked for $100 more. What desperate soul is willng to put up with this job for $385???

I had a lot of faith in this profession 15 years ago when I started--I have lost it all over the past 3 years.

Luckily I have another business building and growing that has nothing to do with appraisals. I can't wait for the day I can pull a Terrell Shields and walk away from this.

 

[Tim Hicks (Texas)]

I still do some appraisals for a 20 year customer for $525, but that is as low as I will go. With 3.6, $700 should be the minimum,

 

[glenn walker]

I just got a request from Hometap for a conventional 1004URAR at $385.00. It's time everyone stopped accepting below market fees. They took it away and placed it somewhere else when I asked for $100 more. What desperate soul is willng to put up with this job for $385???

I had a lot of faith in this profession 15 years ago when I started--I have lost it all over the past 3 years.

Luckily I have another business building and growing that has nothing to do with appraisals. I can't wait for the day I can pull a Terrell Shields and walk away from this.

You answered your own question "who accepts $385.00 conventional orders ? Thousands do and that's why they didn't accept your asking for an additional $100.00.

The issue is there are many that are barely surviving and they have bills to pay and until there's a shortage in your market area that's the C&R fee and so work cheaper or build the other business it's not gunna get any better and may get worse.

 

[chad hampton]

That’s not c and r. What it is, is the lowest fee an appraiser within 100 miles will accept.

It’s the exact opposite of a customary and reasonable definition.

that’s fine and all. But don’t pretend that was the intent of the c and r definition.

 

[Airstream]

I just got a request from Hometap for a conventional 1004URAR at $385.00. It's time everyone stopped accepting below market fees. They took it away and placed it somewhere else when I asked for $100 more. What desperate soul is willng to put up with this job for $385???

I had a lot of faith in this profession 15 years ago when I started--I have lost it all over the past 3 years.

Luckily I have another business building and growing that has nothing to do with appraisals. I can't wait for the day I can pull a Terrell Shields and walk away from this.

Then they wonder why all the appraisers are old....

 

[glenn walker]

That’s not c and r. What it is, is the lowest fee an appraiser within 100 miles will accept.

It’s the exact opposite of a customary and reasonable definition.

that’s fine and all. But don’t pretend that was the intent of the c and r definition.

C&R is based on what appraisers are charging or fee's their accepting on orders in a market area. Not what we feel they should be.

If $385.00 for Conv was not C&R there wouldn't be others accepting the fee and like the OP they would counter back at a much higher fee.

 

[Tawfik Ahdab]

Glenn seems almost giddy to see appraisers squirm when bullied by the politically or financially dominant.

 

[Tawfik Ahdab]

C & R is the standard of what quality clients pay, not that set by bottom feeders.

 

[glenn walker]

Glenn seems almost giddy to see appraisers squirm when bullied by the politically or financially dominant.

No I believe fee's are stuck in a 20 year time warp but unfortunately if lenders or AMC's send out orders and there's no shortage of takers then it becomes the market.

I've always known that bankers and lenders are cold blooded and your interest isn't theirs so all you can do is protect yourself because there's nobody falling on a sword for the profession.

 

[chad hampton]

C&R is based on what appraisers are charging or fee's their accepting on orders in a market area. Not what we feel they should be.

If $385.00 for Conv was not C&R there wouldn't be others accepting the fee and like the OP they would counter back at a much higher fee.

Appraisers or a single appraiser? It’s the exact opposite of the intent.

If the intent were as you say, then it would have written as such. First off, bidding on a standard appraisal is a violation in and of itself. If the lowest bidder was the definition of c and r, it would have been written as such. And there would be no debate.

Feelings don’t matter. The words in the law do. Or should. But they don’t.

There is a very legitimate reason c and r was written into law and why they didn’t want this profession to turn into the lowest bidder out of 100 wins.