Tagged: bidding game

Bid Request to Find the Lowest Bidder Coming Soon to Mercury Network 60

Let the Bids Begin!

Bid assignments are more often than not awarded to lowest bidders… For the past couple of days, we have been hearing rumors about Corelogic beta testing a “Residential Bidding” system for Mercury Network. It is no longer a rumor. It will be launched in late August. It did not take Corelogic long, after it acquired Mercury Network, to implement some changes. The bidding system will allow their customers to request bids from multiple appraisers. They claim that this feature will help their clients find an appraiser faster. Yet, will this be the primary reason it will be used? Based on...

Expert Witness AMC Order Blast & Appraiser's Response 5

Expert Witness AMC Order Blast & Appraiser’s Response

AMC’s order blast for Expert Witness Appraisal Services Before I can offer ANY bid, you folks need to decide whether you want a FNMA 1004 form, a 1073 form or a 1025 form. If the latter is sought, then a 1004MC would not appear to be relevant. I am expert witness qualified in Los Angeles County Superior Court. In addition to the base fee (due in advance) which starts at a minimum of $1,500 for SFR, $2,000 for a condo and $2,500 for a 2 to 4 unit rent controlled property in Los Angeles, I charge $350 an hour for...

Appraiser’s Response to LRES Order Blast 65

Appraiser’s Response to LRES Order Blast

LRES Standard Interior Appraisal Request? Your special requirements and micromanagement of the appraisal process dictate that I charge a fee commensurate with the additional, but typically unnecessary work needed to produce credible results. You are the potential client (agent), so that that is your prerogative and it would be my pleasure to accommodate you as long as appropriate compensation is provided. Respectfully, there is little about your appraisal request that is “standard”. Please explain briefly what you consider to be a ‘standard interior appraisal’. That definition does not appear in The Appraisal Institute’s Dictionary of Real Estate Appraisal. To be...

AMC bidding game 34

AMCs Bidding Game

An appraiser’s response to AMCs bidding system. Recently, we came across an interesting story and thought it’s something fruitful that needs to be shared. If you receive “appraisal orders by email-blast”, you may find the below “template” useful. This was inspired by another appraiser. We encourage appraisers to copy this defacto response or adapt your content to suit your context/circumstances. We need to work together as a group in our efforts to fight AMCs’ bidding system and put an end on low bid appraisal ordering. Dear AMC, If your company consistently calls for bid quotes and is unable to assign...

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