Ask & You Shall Receive – VaCAP
- Federal Valuation Agency Impact on Appraisers & the Public - July 22, 2022
- Is Georgia Going Rogue? - June 13, 2022
- Bias in Automated Valuation Models - February 28, 2022
Smoke & Mirrors? Could it be as easy as updating your fee schedule?
I got an email from an appraiser today. The only thing the email said was “Call Me 804-XXX-XXXX”. The email had a read receipt attached to it . My first thought, “What did I do now?”. With hesitation, I called the number. The appraiser said, I have to share something with you, but you have to promise not to mention my name or the AMC. I agreed.
The appraiser received an order request from an AMC for a fee that was low, but not nearly the lowest we have ever seen. As Virginia just passed the Veterans Administration Fee Schedule as a base guideline for determining customary and reasonable fees, the appraiser accepted the order and then called the AMC. The discussion went like this:
Appraiser: My base fee is $XXX. What do I have to do to get that fee?
AMC: You just need to update your profile to reflect the higher fee.
Appraiser: That’s all? How do I do that?
AMC: Log into our portal and update your fee schedule.
Appraiser: OK. Thanks
The appraiser logged into their portal and updated the fee schedule. Within a few minutes, the order was changed and the new fee was reflected on the engagement letter. Could it be true? Ask and you shall receive.
There is only one way to find out!