Why Won’t The AMC Pay Me My Appraisal Fee?
I really don't get it.
To protect all involved, they create this situation where all appraisals for conventional loans need to be ordered through the appraisal management company. Alright, fine, whatever.
Well, also added is the little nugget that an AMC will not order an appraisal until they have been paid. That is fine with me, having been through the collection wars. In fact, it is a damn fine idea.
Uh oh, but wait. So, the AMC has collected their fee for the appraisal, and now ordered the appraisal from an ACTUAL APPRAISER. Hmmm, so now, I've got to get this report done and back to the AMC, and I mean right now! Not next week. Right Now!
Luckily, I'm a very service oriented individual, and since I've built a reputation locally by providing good service and professional work, I'm able to deliver the appraisal to the AMC in a timely manner. Nicely done, appraiser dude.
The craziest thing happened on the way to the bank, though. I don't have a damn check! I completed the report five weeks ago, the loan closed two weeks ago, the borrower paid for the appraisal 7 weeks ago, and I, the ACTUAL APPRAISER, have still not been paid.
This is all really, really screwed up.
I'm out. I've got to create a new life for myself, and I mean NOW!
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