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When is it really due?

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Laurie Collins

Thread Starter
Member
Joined
Dec 18, 2004
Professional Status
General Public
State
Pennsylvania
.............
 
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Ted Martin

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Kansas
You are asking a client dependent question, there are no appraiser standards for your question.

I use to work on Guam in the early 1990's and really loved the place. It use to drive me nuts when a contractor would charge mileage to build at the end of an island that was less than 30 miles long from tip to tip. And I really hate those tree snakes and the power outages they would cause. I noticed that the Marines are going to station another 8,000 troops on the island in the next few months.
 

Virgil Brown

Freshman Member
Joined
Nov 16, 2006
Professional Status
Certified Residential Appraiser
State
Delaware
Just get it done in 4 days and you can't be wrong.
 

Rice Brewer

Member
Joined
Dec 14, 2004
Professional Status
Certified Residential Appraiser
State
Arkansas
You have an assignment that says it is due in 5 business days. No time of day is noted on the due date. On day 5 if you send it in anywhere from 12:01am to 11:59pm is it late? If your peer sends it in on day 3 are you late?

I love it when client sends over an order that says: Due Date 03/06/200X at 9:31:42 am!

Me: You will get it on the due date unless I inform you of a delay. As to a particular time, I can't commit to such a constraint. If you want that much control, put me on the payroll with full benefits (btw, you can't afford me...)!
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
Typically, a lender has an appraisal due date because a lock will expire at a certain time. Once received, they will want to review it before sending it to underwriting. The underwriter will spend anywhere from a hour to 2-3 days reviewing before sending out stips or approving. Once approved, the whole package (credit package, title report, extra sumissions and the appraisal) might go to a loan committee or maybe just the manager for final approval. Loan documents will then be drawn and sent to the title company to get the borrowers signatures which have to be notarized. Only then can it fund, close and record.

As you can see, it is imperative that the appraisal report be received by the lender in time for all the other proceedures to take place. A competent lender will anticipate how much time will be needed after receiving the appraisal report to meet the lock limits. They will allow extra time to correct mistakes for each function. BUT, if one mistake occurs, there is usually no time left to correct any other mistakes. Time is of the essence. It can be costly and it can kill a deal. By far, most lenders and staff quit working at 4:30 to 5 PM. So, if you send the appraisal at 5:01 PM it will not be looked at until after coffee, sometime around 8:30 or 9:00 AM the next day. 12:01 AM should not be an issue unless you have signed a penalty agreement and they want an excuse to ding your fee.
 
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Pat Butler

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Then there's the issue of time zones. I argued with one AMC years ago and finally won the argument when I started calling their borrowers (my local zone) at 6am because that was the same as 8am their time. They learned really quick that way.
 

Ted Martin

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Kansas
Good point Laurie is on the other side of the international date line so she has to have todays orders done yesterday, or the day after they say they are due, I always got confused when I was out there.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Ascertaining Due date and time are a Scope of Work Requirement. If an Appraiser fails to solicit the exact terms UPON RECEIPT OF THE ORDER - that Appraiser is incompetent.
 

Pat Butler

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
USPAP does not require perfection :new_llying:

That's one of the many reasons I no longer do AMC work. How can someone consistently guarantee 24hr turn times? I'd rather be late on order with a client then strive for meeting their deadline at any cost, including not being able to verify some of my data. Then again, that's why I rarely have drop-dead due dates unless they are maybe a week out.
 
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