Valligent

[Pittsburgh Pete]

This just sickens me. Pro-teck is also doing the same thing... I like what JGrant stated. The bottom line is if you pay peanuts, you get monkeys. I think I will beg for coins off an off-ramp from now on...

I think you'd be more likely to get elephants--although to perpetuate the "monkey" metaphor they'd have to pay bananas. What most AMCs tend to pay does drive the professional appraiser bananas.

 

[Riick]

I think the AMCs are trying to lay off their risk to these new review entities.
They are LLCs, no cap value, that will be the bankrupt fall corporation when the loans go South.
The mortgage business has a long history of creating 'here today, gone tomorrow' companies.

Indeed! I remember the small Mortgage Companies (Brokers) that booked the bet -the wrong way- when interest rates suddenly went up in 80's.
They were on the hook for thousands of dollars on each loan.
Instead, they folded up their card table, and walked away.
After counting their money, they reopened later the same month under a new corporate name.
Buyers who were supposed to go to settlement table and purchase new home - had Tough luck.
No mortgage, Lost prepaid fees, and Mickey Mouse Corporation = go get blood from a stone.

. I'm glad I wasn't owned any money by LandAmerica - Their AMC was located near PittsburgH, PA. -- where else?

 

[Pittsburgh Pete]

Indeed! I remember the small Mortgage Companies (Brokers) that booked the bet -the wrong way- when interest rates suddenly went up in 80's.
They were on the hook for thousands of dollars on each loan.
Instead, they folded up their card table, and walked away.
After counting their money, they reopened later the same month under a new corporate name.
Buyers who were supposed to go to settlement table and purchase new home - had Tough luck.
No mortgage, Lost prepaid fees, and Mickey Mouse Corporation = go get blood from a stone.

. I'm glad I wasn't owned any money by LandAmerica - Their AMC was located near Pittsburg, PA. -- where else?

Don't know of any town in PA call Pittsburg. I believe that is in either Kansas or CA.

P.S. had a former neighbor (didn't know him at all for obvious reasons) who got out of prison on parole and opened a mortgage brokerage. Go figure!

 

[Riick]

Don't know of any town in PA call Pittsburg. I believe that is in either Kansas or CA.

P.S. had a former neighbor (didn't know him at all for obvious reasons) who got out of prison on parole and opened a mortgage brokerage. Go figure!

Pittsburg Pittsburgh
Would you believe I deliberately left the H off in honor of
Harrisburg (no h at the end) the Pa State Capital which is trying to go bankrupt ??

.

 

[Donny1234]

Can someone tell me what exactly they want for $30? Are you just confirming things match off public records? Do you agree or disagree with the comps on this? Its like all they care about is checking boxes, doesnt matter if the value is off by $100,000 or something. Please enlighten me.

 

[Roy Courtney]

Can someone tell me what exactly they want for $30? Are you just confirming things match off public records? Do you agree or disagree with the comps on this? Its like all they care about is checking boxes, doesnt matter if the value is off by $100,000 or something. Please enlighten me.

Donnie, your profile shows that you are a state certified residential appraiser. I am not trying to give you a hard time but were you hoping to earn $30.00 fees when you worked to earn this certification? Why would anyone seriously consider this? The shoe shine guy earns $8.00 per pair at the car wash and most people give him a $2.00 tip. When was the last time an AMC gave you a tip? A $30.00 fee is chump change and needs no further discussion! Just my opinion, all of my competition is welcome to work for that if it makes you happy! While you are busy, I will take the better clients!:new_all_coholic: LOL (Again Donnie, I am not trying to pick on you!)

 

[Donny1234]

Roy, Just because I ask about those reviews, why do you Assume I want to do those? You know what happens when you Assume? (oh but Im not picking on you) I wont touch those things. You are preaching to the choir. I was just curious because I got an email from Valligent today asking me to sign up on their list and was researching on the forum about them. I always want to know whats going on in my industry and what companies are doing what.
Now can we get back to the appraisal topics?

 

[Paul Isolda]

This is from an email I received from them recently:

We have a potential order in your area and wanted to see what your fee’s and turnaround times were? The property address is as listed below and it is a Field Review. Please let me know as soon as possible. Thank you!

Client is paying $200

Enhanced Field Review - Enhanced field reviews require two (2) additional comps with adjustments in support of value. When value is NOT supported, please supply a minimum of three (3) additional comps in support of revised indicated value. Please provide photos of additional comps along with original comps and indicate additional and original comps on location map.

You must be a certified residential or certified general appraiser and carry E&O insurance.


My response, you're looking for 2 assignments that in total are more work than original appraiser did and you want me to do it for $200? No thanks. I can count on one hand how many jobs I've done for them. They don't ask me too often because they don't like my fees. I guess I'm the last choice when someone else around here won't work for the scraps their paying.

 

[Roy Courtney]

Roy, Just because I ask about those reviews, why do you Assume I want to do those? You know what happens when you Assume? (oh but Im not picking on you) I wont touch those things. You are preaching to the choir. I was just curious because I got an email from Valligent today asking me to sign up on their list and was researching on the forum about them. I always want to know whats going on in my industry and what companies are doing what.
Now can we get back to the appraisal topics?

I offer my apology to you! I am sick of watching some of our fellow appraisers accept this type of assignments. Again, I am sorry.

 

[Fritz in NY]

$200. is way too low for a FR. I'm sure the OA did the 1st report for much more than that.
How can you quote a job like this anyway? IF the value is UNSUPPORTED, provide 3 more comps.....How would you know if value is low without see the full report and spending at least 15-20 minutes (If you know that market well) reading the grid, the map etc. YOU CAN'T. I have a feeling there are some that will take the $ 200. shoot original comps and just AGREE with OA.