Payment Method and Late Fee Policy

As the Client for the appraisal assignment, the Company is responsible for payment regardless of the method selected for payment.  The Company agrees to pay for the appraisal should any payment problem arise.   The Company further agrees to pay any late fees, collection fees and court costs associated with non-payment of the invoice.

The fee is not contingent on any loan closing and the fee is due once the report is delivered.
Full payment is due within 30 days.

If after 45 days late, then a late charge of $25 will be added.  An additional $10 will be added for each subsequent month the invoice is unpaid.

Cancelation Policy

We offer the highest level of customer service possible and if the appraisal order is cancelled prior to the visit, then there is no fee to the broker or borrower. 

After the visit, if the broker or borrower cancels the appraisal then there is a 50% cancellation fee due. 

The reason for a cancellation fee is because reports were purchased to pull comps, time to input and evaluate the comparables, drive time and gas money was spent, and measuring and inspecting the property was completed. 

There is usually plenty of time for a broker or borrower to cancel an appraisal prior to the visit because we email upon the order recept and again once its scheduled.  Our goal is to finish the inspection and deliver the report very quickly and a cancellation of an appraisal after the visit has caused us to lose money. 

We discuss COD fees with the borrower up front prior to the visit, and will contact the loan broker prior to the inspection if there is any conflict regarding the fee.  If the borrower does not honor the COD request upon inspection or cancels the appraisal during the visit inspection, then the broker will be invoiced for the cancellation fee.  It is the broker's responsibility to cancel the appraisal appointment when they learn the borrower is cancelling the loan.

We believe this is a fair policy because of the advance cancelation courtesy given to clients.  We are charging a fee after time and money is spent on an doing work on your appraisal, because the visit could have been stopped by the client.