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"the Lowest Fee Appraiser"

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Julio E. Sune Jr. (FL)

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Florida
While getting rid of some old files—I ran into some letters from a former client.

SOURCE: 1998- Major lender-who now does not exist

“When requesting an appraisal order, the lowest fee appraiser on the list will be contacted….If that appraiser is not available then the next lowest fee appraiser will then be contacted”……

No wonder they no longer exist!!!


B) :ph34r: :usa:
 

Lee SW IL

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
:rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl:



That should be copied and paste onto the lenders forum board.


:rofl: :rofl:
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
When accepting an appraisal order, the highest paying client will be serviced first...clients seeking the lowest possible fee will not even be given the courtesy of a return call as that would require letting go of my fishing pole.

"Ya wanna pay peanuts?...hire monkeys!

Those looking to pad the fee are invited to shop elsewhere,

-Mike
 

Michael Giampa

Freshman Member
Joined
Dec 14, 2002
had a lender i used to work for who said, "could you lower your fee from 325 to 300, were looking to get into that action" i actually said, "are you high???" :silly:
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Just had one hang up on me today because my fee was too high.

"This is a small house and we're borrowing less than 50% of the value. This should make the appraisal really easy to do!"

"I'm sorry, but your loan amount doesn't have anything to do with the appraisal. I still have to do the same amount of work no matter how much your borrowing."

click
 

Wally Jones

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Julio,

Sounds like it was a guv'mint outfit! :lol:

My daily dose came from a buyer. I did an appraisal for the owner nine months ago and he gave the buyer's mortgage company a copy of the report. The buyer calls and says since I did the report so recently, all I have to do is change the name to his mtg. company. He was stunned that I would even consider charging anything since I had already done all the work! Sigh. His mortgage co. was more understanding.
 

Frank Bertrand

Junior Member
Joined
Aug 21, 2002
Professional Status
Certified General Appraiser
State
Pennsylvania
I like the call I received the other night.
HE: "hello, I have a trailer on a half acre of land and I want to buy the land. Can you tell me how much its worth?
ME: "Yes, I can do that, in about 2 weeks."
HE: "can't you tell me over the phone? It's only a half acre."
ME: "No, I have to do a report on it, and it will cost $zzz.XX"
L O N G P A U S E
HE: "You can't just tell me how much its worth over the phone, I mean it's just a half acre?"
ME: "Sir, I operate a business, and the law prevents me, as does common sense from giving you a
value sight unseen. How do you think I earn a living? Giving free valuations over the phone? Do you want to order an appraisal now?
(Click)
So it goes
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Guy is getting a divorce. Home is 6000 square feet with barns, ect on appx 30 acres. Now, in some areas that's just a farm. In this area, the land can be as much as $150,000 per acre. So, I'm looking at a H&B study, Land Appraisal, then appraisal of the property with the improvements based on the H&B use. Not a simple appraisal. I quoted zzz. Guy says, thanks but that's too much. I really hope that he gets the report he's paying for. :p
 

tedflanders

Sophomore Member
Joined
May 29, 2003
My question is..........since the mortgage companies/LO's/etc. are not paying for the appraisal anyways, why are they so concerned about how much an appraisal is? Or why do they always want a cheaper rate? The homeowner or buyer will be paying the fee anyways. Or am I completley missing something here? It kills me when I know how much a loan officer is making on a loan, but yet they will haggle with you over $25 on something they are not paying for anyways.

Lost in Minnesota,
Ted
 
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