• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

The Nice Newphew Lo Helping Her Aunt

Status
Not open for further replies.

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
I get the call from the fast talking LO wanting a Form 2055,
(turns out he use to be a car salesman). I tell him my fee
and time frame, and he's just shocked at my fee, which is
$75 higher than California. He wants to negoiate fee, but
I tell him no, that's the fee. He says he has to check around.

Fannie eventually upgrades the report to a 1004, which is another
story, but the kicker is the realtor gets wind of the closing cost,
and the newphew charges a 3% loan fee to his aunt. Total 'lender
charges' are about $7K on a $88K loan, this is stuff that goes directly to
the lender, not pre-paid this and that.

So here is a LO who has to check around for a $25 or $50 item,
while he has no trouble screwing a relative out of $5 to $6K on
a small loan. I'm so glad FNMA, Congress and RESPA are looking out
for the little guy. Sad.

elliott
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
If you had accepted, next thing ya' know, he'd ask you to send in an invoice for the previously discussed amount. ;)
 

Pine Tree

Junior Member
Joined
Aug 19, 2002
Professional Status
Certified Residential Appraiser
State
Maine
Similarly, I once had the "pleasure" of appraising a property for an inter family sale... Brother selling to sister.. he wanted to build a new house.. which was going to cost a pretty penny. Mother is local real estate agent who had faild to sell son's house at the contract price now U/C to daughter... Detect any maternal favoritism? Let us just say this office is not one that real estate agent/mom seeks out to do her sales.. for which we are very grateful. Peace, W :wub:
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks