 Electronic Transmission of Reports
We currently transmit the majority of our reports to clients via email in a PDF format. All reports contain digital signatures which are password protected and meet stringent security measures. Our preferred protocol for sending reports electronically is for the client to have a designated e-mail address for receiving appraisal reports. If you have any technical issues, please contact Mike Armentrout.
Value Checks
There has been a lot of debate about performing value/comp checks in the appraisal industry over the last several years. Our official policy is that we can run a list of sales for our established clients but we cannot offer any exact or range of value since that could be perceived as an oral report and therefore an actual valuation. We must also note that our official requests are our top priority so sales searches can take several days to complete. We do reserve the right to implement a nominal fee. Please refer to Advisory Opinion 19 (AO-19) of USPAP for further explanation.
Transfer of Reports
When our firm completes an appraisal for "Client A" and then later receives a request to "re-issue" the same report to "Client B", we can no longer complete this request. Advisory Opinion 26 (AO-26) of USPAP advises that the request can be accepted as a new appraisal assuming conditions are met to qualify the new assignment as an appraisal. We have adopted the policy of accepting these assignments as new appraisals but must complete another physical inspection of the subject property with a new effective date. This condition may warrant a reduced fee at our discretion.
Accounts Receivable
All open cases are billed with a due date of 20 days. Payments other than those collected at the inspection will be invoiced at the time the report is completed. If fees are to be paid from closing, and the date is projected to be beyond the 20 day period, please contact us to arrange payment options. Payments beyond the 20 day period are subject to a late penalty unless prior arrangements have been made. Please contact Mike Massey with any billing questions. |
