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Withdrawing an Appraisal Report

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Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
In my not so humble opinion....once you have sent the report to the lender could should not (didn't say can't) try to revoke the appraisal report. Your complaint is with the borrower who issued a bad check. I would advise them they have 5 days to present you with certified funds to include a "bounced check charge" ($39.00 is permissable in my state) and if you don't have the funds you are filing criminal charges with the district attorney.

We are sitting on a report right now that should have been COD but my associate appraiser forgot to get the check. We have called a half dozen times, owner said check in the mail, etc. Told the lender that until we receive the check...no report. They agree!
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
I just had one situation like this.....Got paid C.O.D., delivered report, check came back NSF. Called lender and told them I need certified funds in the amount of my fee + bad check charges. Recieved money order in the correct amount 3 days later....I don't find this to be a huge problem.
 

Frank Bertrand

Junior Member
Joined
Aug 21, 2002
Professional Status
Certified General Appraiser
State
Pennsylvania
I can't see why you can't wait for the check to clear.

If its a local bank, just cash it at the bank, then do the report.

This I agree is a business issue, not an appraisal issue. In your fees you should have a built in per centage for bad debts. Other businesses do. (vacancy & collection loss, right??).

Life is too short to p*ss around with a few deadbeats.

Too bad you didn't get the check by mail. Mail fraud is much better than the local prosecutioon.
 

jtrotta

Senior Member
Joined
Jan 16, 2002
Frank

will agree with the mail issue - more teeth; sorta like when the Lender / LO / Bank orders an appraisal via Fax or Mail and obligate themselves for the Billing aspect, sorta locks em right in fer ya.

Richard, not to get off the subject and I know it's not our responsibility, but if anyone bounces a $275 /$300 /$400+ check and is Buying a property,does it make ay wonder how long their going to own it :?:

secondly, how did they get approved :?: obviously this is not the first check they bounced-

lastly, if you wanted you could be a real pain in the butt and notify the credit reporting agency's and file a complaint for lack of payment, it'll sorta put everything on hold fer a bit :wink:

there are options we can use, just have ta put them into effect - hell they'd do it to you in the blink of an eye.

8)
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Frank

I did get the check through the mail.

And yes, this type of thing does make me think that if they do close maybe in a couple of years I'll get a chance to appraise the property again but for a REO.

We'll see what happens. Like I said, some phone messages and emails out there now and I'll be closed beginning tomorrow until Friday. It will be interesting to hear and read the messages waiting for me when I get back.

Until then, thanks for the input everyone. It's has been an interesting subject. I'll keep you all informed as to the outcome.

Richard
 

Oregon Doug

Senior Member
Joined
Jan 15, 2002
Professional Status
General Public
State
Oregon
Richard - these guys have hit it pretty good - I think that George is right on the mark.

Let me give you a little practical advise on the NSF check issue (handed down by a banker and my state's DA's office).

1) your DA's office ain't gonna mess with it unless it can be made into a big enough case to generate headlines.

2) Once a check is marked as NSF, if you submitt it for collection through YOUR bank a second time and it comes back NSF again - you gonna get charged again, it's a dead check and may not be presented again. Then you be SOL.

Take the check to the bank upon which it is drawn and ask the teller to verify that there are sufficient funds to cover the check, if not just keep it and try again latter - you can try as many times as it takes this way. The bank upon which the check is drawn is required by federal statue to honor the check if the funds are in the account - and you don't get dinged for the NSF charges again.

Been there, done it. (I waited until the 30th of the month when the broker deposited enough funds to cover his office rent check. Yep, his rent check bounced then!).

Ain't running a little business grand.........Oregon Doug
 

Bill_FL

Senior Member
Joined
Aug 23, 2002
Professional Status
Certified General Appraiser
State
Florida
Richard:

"This appraisal is made: #1. As is; #2. Subject to the repairs, alterations, inspections or conditions listed below; and #3 Subject to completion per plans and specifications."

The only problem I see with doing this is that the mortgage can not be sold with an outstanding condition. You would have to go back on each and release the condition when you are paid before they could sell the loan.

Personally, I do not deliver the appraisal until I have cashed the check. After a year or so in business, and a stack of worthless checks, I adopted that policy. I would inspect the property, pick up the check and try to cash it. The appraisal would sit on my desk, un touched until the check cashed. LUckily these were few and far between as most of my clients are long terms, well paying.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
You are exactly right Bill in that the mortgage cannot be sold with a condition. Since it cannot be sold that way, not many lenders are willing to close it in the first place.

That is my reason for thinking that if we could put this sort of condition on it, it would cause the lender to see to it that their bills were paid.

There is a method to my madness.
 

Dale Smalley

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
The olny word that makes them jump is Fraud.

They received this report by fraudlent means, therefore they are party to to this fraud as they are not the rightfull owners of this report stolen from you.
 

Bill_FL

Senior Member
Joined
Aug 23, 2002
Professional Status
Certified General Appraiser
State
Florida
Richard

What I meant was the time it would take your to go back and "release" all of them. I would not do anything other than the inspection til the check cleared.
 
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