Appraising in Delaware, the Blog...

Cancellation Fees - Are They Important?
July 22nd, 2021 11:19 AM

There is not much worse than doing all of the prep work and driving to a home for an appraisal only for the borrower/owner to say they don’t want to move forward with the appraisal and the bank or AMC should have notified you. Things slip through the cracks from time to time for sure but in my time as an appraiser's employee I have seen it happen enough to know that you have to have a plan in place to figure out what to charge. 

It is totally unfair to yourself and your company to quote a number that is lower than the manpower you put in. Think of it this way, you can’t just go into a lawyers office and ask them to draw up a document for you and back out halfway and not pay. The lawyer will ask for payment for what they did at the VERY least - and that's if you are lucky. Sometimes they ask for a certain amount up front and you won’t get that back. 

Why are we different simply because we are in a different business. The prep work for an appraisal which can include pulling information on the home, entering it into your accounting, pulling comp information, doing data entry with information you were able to find, etc. can take up a good chunk of time. Add in the driving time that you may have saved - which will include gas and wear and tear on your car and if you aren’t charging for the work you put in you are losing out on money that is rightfully yours. 

Don’t be afraid to ask for what the work was worth. Appraisers work hard each and every day and it is truly a disservice to your business, yourself and any employees you may have to not be paid for the work done. 

Posted in:General
Posted by Patti Persia on July 22nd, 2021 11:19 AMPost a Comment

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