Tag Archive for: rush appraisals

Why We Pay Rush Fees To Appraisers for Slow Closes Too; Appraisers Are Underpaid

We received a tremendous amount of positive feedback in response to yesterday’s blog about ordering appraisals immediately; we will definitely continue the practice. Some agents said that our appraisals come back before other lenders even get around to ordering them (a huge frustration to say the least). Others asked if and why we pay rush […]Read More

Condition Issues Again; Inspect The House Prior to Appraisal; Fast Appraisals

ORDERING RUSH APPRAISALS TO SPOT CONDITION ISSUES UP FRONT One of the reasons we order ALL appraisals as a “rush” (and eat the rush fee :)) is b/c it allows value and condition issues to surface right away. If we get the appraisal back within five days, we have ample time to address problems, or […]Read More

How Fast Appraisals Can Equal No Appraisal Contingency

Our appraisals are completed within four business days of the time we receive a ratified purchase contract, on average. Getting an appraisal back so quickly benefits everyone b/c it eases minds and cements transactions. There is another benefit, however, that many of our referral partners take advantage of – they waive the appraisal contingency altogether […]Read More

Appraisals; Turn Times; Rush Fees; Tracking; Herculean Effort

We take appraisals far more seriously than most lenders. It costs us dearly, but it is well worth it. Rush Fees: First of all, we order every appraisal as a rush, and we eat the rush fee. We do this b/c we have discovered that paying the extra fee to appraisers helps get much higher […]Read More

Why and How We Order Appraisals Immediately; Huge Monthly Expense

Heejin and I personally eat over $15,000 in appraisal fees every month. This is b/c we order every purchase appraisal as a rush as soon as we get a contract, before sending out disclosures and before charging the buyer. We eat ALL of the rush fees that appraisers charge us (never charging the borrower), and […]Read More

Why “Rush” All Appraisals? 5 Day Contingencies; Value

At JVM we order every purchase appraisal as a “rush” and absorb the rush-fee ourselves. There are two reasons for this: (1) 5 Day Appraisal Contingencies: We typically get appraisals back in 3 to 4 days, and this allows us to always remove appraisal contingencies in 5 days. We know that doing so makes purchase […]Read More