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I don't understand how you can take the job on Thursday then be too busy next Tuesday. Or, if you're busy, you're busy. What can you do? Skip someone else's house to do mine?
I don't know about your appraiser but mine told me that he normally does not work evenings or weekends but that he was so busy recently that not only is he working nights going to people's houses but he had to go into the office both Holy Saturday and part of Easter Sunday.
I don't know about you but if I had to go into work on Easter Sunday, instead of spending the day with my family, I would charge an extra $100.
But, I don't know if your situation was a scam or not a scam.
I do not know if your situation is a scam or not, but I recently needed an appraiser in Wisconsin.
I called several different companies and every single one of them were quoting me times that were much, much longer than usual. Such as three weeks instead of their usual three days. And, at least one place said that they weren't even taking any new clients.
How can YOU be calling appraisers? I thought that they were assigned by the lender through some automatic, non-selecting process?
Think about how your appraisal will turn out if you balk at paying it. Any flexibility will disappear and it might just end up being so conservative your loan won't float which could cause the need for another appraisal.
Kind of like messing with the person cooking your food...
Last Thursday the company handling my mortgage arranged for an appraisal. The cost was $475. Today I got a call from the mortgage guy who said because there are a "shortage" of appraisers in the area, it will cost another $100 to get the appraisal done by the 6th. Otherwise not till after the 20 th. This is in CA.
Thoughts?
Quote:
Originally Posted by CCbaxter
I don't understand how you can take the job on Thursday then be too busy next Tuesday. Or, if you're busy, you're busy. What can you do? Skip someone else's house to do mine?
By what I bolded in your OP, it does sound like you're paying a "rush" charge of $100 and yes, it's likely your house would be made a priority since the 6th is only one week away.
You could elect not to pay the $100, but then you'd have to wait three weeks for your appraisal - jeopardizing your closing date.
I do not know if your situation is a scam or not, but I recently needed an appraiser in Wisconsin.
I called several different companies and every single one of them were quoting me times that were much, much longer than usual. Such as three weeks instead of their usual three days. And, at least one place said that they weren't even taking any new clients.
Quote:
Originally Posted by Jkgourmet
How can YOU be calling appraisers? I thought that they were assigned by the lender through some automatic, non-selecting process?
I hired an appraiser to get the fair market value of my condo. I may attempt to do a private sale.
It doesn't sound like an appraiser issue at all. It appears that your lender simply didn't know what the appraisal would cost and quoted you the wrong fee in the beginning. If you are using an attorney then talk to them to see if this is a RESPA violation. There are complex rules concerning the disclosure of fees to you and some of those fees are not allowed to be changed after the disclosure, while other are.
During the downturn many appraisers turned to new occupations. Now the economy and home sales have picked back up but people arent exactly anxious to jump back into it.
I've been appraising homes in Los Angeles for 25 years and I can assure you that 6-7 days to complete an appraisal is not a RUSH around here. When I get a rush order, it means that I'm seeing the property today and you'll have it late tonight. The issue may be that where you live there are few appraisers available so the turn times are (vastly) extended. It could also be the case that your particular lender has a bad AMC with a small appraiser panel. Either way, it's the fault of your lender, not the appraiser. In all but a few cases, we no longer dictate the fees. We either accept or reject the order at the fee offered. If turn times are typically long in your area, it could be that a rush fee is needed to get it done in a week. However, your lender should have known that and charged you properly up front.
Where in California do you live? I may have to move there.
We are dropping appraisers from the ranks at about a 5% annual clip.
This has been going on since the AMCs came into power.
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