collecting fees
465) COLLECTING FEES
03/13/09
Dear H2,
What course of action do you recommend, and what recourse do appraisers have in order to collect open/past due appraisal invoices -- especially with clients whom we have current business with ?
-Joe
Dear Joe,
I assume that most of your clients are lenders. If so, start by sending a letter to the President of the lending company, telling him or her that you are not getting paid. You can also go to small claims court in many states. You can also turn the collection over to a collection company such as Dun & Bradstreet (aka D&B). I would start by sending a certified letter to the client spelling out in detail just what they owe you. You are going to need this anyway if you actively pursue the collection. Finally, our friend Ann O'Rourke, of Appraisal Today, has published specific strategies for collecting past due invoices. Check her website for details: www.appraisaltoday.com
H2
What course of action do you recommend, and what recourse do appraisers have in order to collect open/past due appraisal invoices -- especially with clients whom we have current business with ?
-Joe
Dear Joe,
I assume that most of your clients are lenders. If so, start by sending a letter to the President of the lending company, telling him or her that you are not getting paid. You can also go to small claims court in many states. You can also turn the collection over to a collection company such as Dun & Bradstreet (aka D&B). I would start by sending a certified letter to the client spelling out in detail just what they owe you. You are going to need this anyway if you actively pursue the collection. Finally, our friend Ann O'Rourke, of Appraisal Today, has published specific strategies for collecting past due invoices. Check her website for details: www.appraisaltoday.com
H2
2) When the Borrowers Pay
10/10/06
Dear Henry,
A mortgage company gave me an order, but the borrower is paying me directly by certified check or cash. The borrower is demanding a copy of the report. Am I correct that he can have a copy from the mortgage company if they agree to give him one (they have agreed), and that I cannot give him the copy myself, even though he is paying me directly? I assume the report belongs to the company that orders it, even though the borrower is paying me, and not them. Thanks, Henry!
Diane Bonjorno dianedsic@comcast.net
Dear Diane,
The 2006 USPAP makes it clear that you must deliver the appraisal to the Client you have identified in the appraisal report. If the appraisal is for a loan from a lender, the lender must order the appraisal, be named as the client, and be the only one that receives the appraisal from you. It makes no difference who pays you.
Yours,
H2
A mortgage company gave me an order, but the borrower is paying me directly by certified check or cash. The borrower is demanding a copy of the report. Am I correct that he can have a copy from the mortgage company if they agree to give him one (they have agreed), and that I cannot give him the copy myself, even though he is paying me directly? I assume the report belongs to the company that orders it, even though the borrower is paying me, and not them. Thanks, Henry!
Diane Bonjorno dianedsic@comcast.net
Dear Diane,
The 2006 USPAP makes it clear that you must deliver the appraisal to the Client you have identified in the appraisal report. If the appraisal is for a loan from a lender, the lender must order the appraisal, be named as the client, and be the only one that receives the appraisal from you. It makes no difference who pays you.
Yours,
H2