• 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.

Tornado Damaged Homes

Status
Not open for further replies.

Debra

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Hello!

Well...we had three killer tornadoes here May 5th of this year. It has been declared a national disaster area and FEMA is here. Now...when I go to a property appointment and they have had tornado/hail damage to the home I have to do a restricted report with repairs and pictures and they almost always cancel the appraisal after getting the restricted report. Therefore...I get paid about 1/3 of what I would get if the appraisal were completed. It's really hurting my income. Has anyone else experienced this kind of thing? I guess this is life for now? Comment? Thanks Debra :eek:
 

David S. Roberson

Senior Member
Gold Supporting Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
How can they cancel the appraisal after it's done & sent to them?
 

Ghost Rider

Senior Member
Joined
Apr 27, 2003
Professional Status
Banking/Mortgage Industry
State
Connecticut
They cant cancel the appraisal after it is submitted.......they pay for an apraisal, you submit it.....something is wrong there
 

Debra

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Hello again!

I must not have been clear the first time. What I mean is that the client requires me to call them if the home needs repairs. Then...when I tell them that they do need repairs/replacements...they have me send them a restricted report containing nothing but the repair/replacement addendum and the pictures. At that point, they decide whether they want to cancel and pay me for what I've done so far...or if they want me to complete the whole appraisal report and pay me the full fee...comment??? Thanks. :rolleyes: :blink:
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Hi Debra,

Tell the LO to ask the homeowner about any damages before you will set the appointment with the homeowner, and tell them exactly why. They don't want to waste their time any more than you do. Let them know that if goes as far as the inspection and there are problems that you will have to disclose them and you WILL charge full fee for the appraisal when it is complete. Better to let the LO break the news that the loan probably won't go through if there are repairs needed first.

Hopefully these homeowners have insurance that will cover the expense of fixing the damages, and you can pick up those jobs later after they are completed.

Sorry to hear that you have to work under such conditions. Lots of stressed out people, but that's the best way I've found to avoid making yourself one of them.

Good luck!
 
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