Turn Times

[David Beasley]

Is it unethical to offer appraisals with a turn time a bit less than the standard to gain more business? If so, why?

No, not so long as you are putting out the same quality and compliant product that the appraisers that work to the "standard" turn time are producing.

Besides, "ethical" implies more about compliance than it does quickness anyway. Can you perform an ethical appraisal in 24 hours? Sure, but for me it would need to be the only case I was working on at the time. With our current volume, the best we can do is turning one around every 3-4 days (since we're measuring 2-3 a day, which limits our office time to complete them).

I'm with Tim, turn times are not that big of a deal if you genuinely know and are very experienced in your market...but they (turn times) are often more affected by external forces than the appraiser's own personal time line, like appointment scheduling, pre-payment when required, etc. It's hard to turn even a VA (with set deadlines) around quickly if you get it on Monday, call to schedule for Tuesday, and the owner/builder/someone wants you to "hold" on it for 3-5 days to a week for something or another...That stuff is completely out of our hands. When it comes to those sorts of delays, I just report in and let the LO/VA/whomever sort it out.

 

[Mike Boyd]

Define "standard" turn time. Years ago one lender told me I could not date (date sent) on the same day of the inspection. I didn't argue. LOL

 

[incognito]

Tim posts:

I have 24 hour turn times right now. If the borrower returns my calls. If the listing agent gives me access. If the lender doesn't cancel first. If I can actually get access. If it is not some broker who will not allow pay at the door.

I do to. Interesting thing is that, under those terms, I have not provided a 24 hour turn time in months!

 

[Elliott]

larryr said, this whole thread is pointless

I agree.

 

[Smokey Bear]

I mean, do you finish it, and then just let it sit there for a day or two?

Of course not. But I'll put it aside while processing new orders, or while waiting for return calls or just doing data entry on another report because I'm too tired and crosseyed to proof read, and I want to do it the next morning.

Life in the appraisal world doesn't give you one order at a time, and then wait til you're done and then give you another. It's a juggling act, and sometimes things outside your control, i.e. getting info from an agent, just don't work on your schedule.

 

[OSU Beavers]

I agree with Smokey.

 

[Mike Garrett RAA]

Depends on the assignment. Some I can turn in one day, others take 10 days. I seem to work faster when it's cash at the door.

 

[Mztk1]

Does anyone actually take more time than they need to finish an appraisal?

Yeah. I'm guilty. When I am slow I am lazy and take breaks. I've had two to write since 12 PM today and have decided I'll write them tomorrow before I leave for three inspections at 1 PM. I hate being "totally caught up" unless I am leaving on vacation. I just like having something do in case I get bored. So when I am slow, I procrastinate.

But when it is busy, I go nuts and never stop.

I bet I'm not alone.

 

[Mike Garrett RAA]

You are not alone...7 on my desk right now, 4 have been inspected. Will start writing reports at 5am tomorrow.

 

[aussie ken]

Is it unethical to offer appraisals with a turn time a bit less than the standard to gain more business? If so, why?

An international observation Elliott............and the answer is NO. I see nothing unethical at all. Only healthy competition. However, from my own experience I would suggest that that the additional business that might be gained by chasing work from a Financier who wants quicker turn-arounds might be off-set by extra queries and stipulations........be careful.