8)
Terrell has some good thought on this, and our obligations to a client. However, there are many reasons to decline an assignment, some and not the least of which have been stated already. I will decline an assignment for example when it does not meet the minimum property requirements(MPR's) required by FHA or VA and there is no reasonable way through repair, rehabilitation, or otherwise to do the things necessary to meet the MPR's. Example, I went out to do an FHA appraisal. Could not find the house on the street it supposedly was on. Looked on the other side of a new Interstate connector and there it was. It was now the only house on that portion of the street. To 2 sides were huge oil storage tanks, 1 side was commercial property, the other side was the interstate. Just to be sure I called FHA and they said no, we will not insure such a loan as it has lost it's residential characteristics. Told the lender I must decline. They had a hissy fit. Sorry, I must decline. In a VA case I went out to do a refinance on a "house". It was a very small old portion of what was to become a very large house. The kitchen had been removed, had a 1/2 bath, and 3 people were staying their while they were to build a new structure. No central or any kind of heat. No cooking stove. No bath facilities. Sorry says I, no can do, Not suitable for refinance, may be suitable for financing as per any plans & specs. Lender says "Oh my God". I will also cancel an assignment of I have a conflict with a property owner. Lot's of reasons to cancel or decline an assignment. BTW, clients have no reservations about cancelling an assignment regardless of the stage you are in. If I cancel, I don't charge. If they cancel I charge in proportion to how much has been done.
Don