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 we also eat the entire appraisal fee every time a transaction does not close, for any reason.
We do this as a service to buyers and Realtors b/c we know how much more competitive offers are with very short appraisal contingencies. We also know that every transaction is contingent upon the appraisal and we want to address all related issues up front.
We are able to order the appraisal before sending out disclosures b/c we make it abundantly clear in all of our emails and disclosures that buyers will not be charged for any appraisal fee whatsoever if their transaction does not close for any reason.
This is necessary both for compliance and good conscience. It also makes our service levels the best in the business.
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646