Who do you charge for more comps?

[Elliott]

1. The Loan Broker: 7 Appraisers don't charge. Neither do I, but most of
the time they get the leftover comps, they don't support much of anything.
There part of the initial search for comps, but didn't make the final cut.

2. The Borrower: I paid $350, I should have gone with the 'no appraisal fee'
thing on TV. I did this years ago, I compared par rates with the TV company
and the 'no appraisal fee' was getting about $6000 more for the life of the
loan. There's a bargain. Oh, and my fee isn't $350.

3. Direct Lender: 2 Listings and 1 Pending. I ask at the time I bid the
assignment, "So how many comparables do you require, listings, pendings?"

We don't live in a Zaio world where one size fits all.

 

[Mike Kennedy]

"I ask at the time I bid the assignment, "So how many comparables do you require, listings, pendings?"



The Winner.......Scope of Work Issue. Fee Quote commensurate at Request.

 

[starmansf]

You ask your client how many comparables to use? Do you also ask them which sales to put on the grid? Do you get their advice as to the final opinion of value too?

Something is very wrong here.

 

[Doug in NC]

It makes perfect sense that the lenders would want 4-5 comp sales on each report. They finally figured out that we have been holding back the 2 best sales from each report just in case they happen to call for more. :icon_mrgreen:

 

[Riick]

They finally figured out that we have been holding back the 2 best sales from each
report just in case they happen to call for more

YUP! ...I always keep 8 or 10 better comparables in my hip pocket for backup
and send them a report with the ratty ones.
Says so right in my Certifications:
"I selected and used comparable sales that are locationally, physically, and functionally sort of similar to the subject property."
.

 

[Webbed Feet]

To All,

I've said it before, I'll say it again.... all of this could be solved with properly written and signed engagement contracts ahead of time. ... When is the entire residential appraisal industry going to wake up and decide that not only is this not Kansas, but it's not 1990 to 1999 anymore.

Webbed.