Everyday appraisers across the country are called by potential clients with offers of work IF they'll just to this one FAVOR!
Yesterday I blogged about my call from a mortgage broker in Chicago. She asked,
"What's your fee for an appraisal in Danvers, IL?" I told her. Then she asked, "How you you feel about charging an extra $100 so that I could make a little something-something on the deal?"
Today I've got a great example of how one broker went Fishing For Appraisers. As you read the letter below, ask yourself: Is the mortgage broker looking for a free appraisal or is he really just shopping for the appraiser with the highest Comp Check value?
After-all, he knows the appraiser ". . .can't hit every one" but if the value "looks good" the appraiser will qualify for their list. Read on!
I am a mortgage banker with XYZ Home Loans and need QUALIFIED APPRAISERS ASAP.
We are a mid-sized lender performing just shy of 1 billion annually in loan volume and have just recently entered your state. We originate mortgages in half the country with over 150 mortgage bankers centrally located in Any-town, USA.
In addition we have just started a sister company XYZ Home Settlement Services that provides title and appraisal services for our company and a list of others.
We have just begun to market in your area, which means at present we do not have any appraisers in your area. We drop over a million pieces of mail on a monthly basis and to test your region we dropped 50K mailers last week with overwhelming response.
For any new area we break into, we must find competent appraisers. Since we do not have any appraisers in your area, you could be the first approved appraiser in XYZ APPRAISAL NETWORK, which could mean anywhere between 10 to 25 appraisals per month.
However, let us go one-step at a time. Let us start by running a comp check. If it looks good, we will go forward.
I also need a copy of your current E&O, appraiser's license, W-9 tax information, area of coverage, and contact information.
If you can legitimately get some values and of course, we know you cannot hit every one but if it looks good, we can get you in as an approved member of XYZ APPRAISAL NETWORK.
Once that happens then all 150 Mortgage Bankers that have workups will call you first because you will be the only one approved in your area.
So let me give you the name and address of the property in "ANYWHERE" County where I already have a deal:
123 Your Street
Any Town, USA
I look forward to doing more business with you in the future.
Have a great day,
Author: Brian J. Davis, RAA - Brian Davis & Associates - Brian has over 23 years of appraisal experience in Central, IL and hosts the Appraisal Scoop blog and the WinTOTAL Users Group an email forum for appraisers.