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Terms of Engagement
Appraisal Fee Schedule -
Payment Methods -
1. Full payment, in advance of any services being provided,
2. ˝ of the anticipated invoice amount paid in advance, with any outstanding paid upon delivery of the written report(s),
3. Full payment upon delivery of the written report(s),
As an alternative, and only upon prior approval by AHA’s management, the following option may be extended:
4. Payment for services can be made within thirty (30) days of delivery of the written report(s).
According to Federal and State Laws and our own Terms of Service, payment for our services can not be based upon the occurrence of an event (such as closing of a loan or sale) or upon reaching a predetermined value.
Accounts will incur an 18% per annum, finance charge for all unpaid accounts that are over 30 days past due.
Payments can be made by cash, cashiers check, money order, travelers check or personal check. If a personal or corporate check is delivered then a holding period will be instituted.
OTHER -
All appraisals ordered through a lender, or it's agent, are property of that lending institution. Appraisal copies will not be given to other lenders unless the original lending institution gives it's permission. The original institution owns all rights to the appraisal.
Appraisal's are ordered, completed and delivered at the request of the lending institution or mortgage broker. The institution or broker is responsible to pay the appraiser - regardless of the loan outcome, status or IF the bank has or has not been paid by the borrower.
If American Home Appraisals accepts money directly from the borrower, the following will apply:
1. A statement will be placed in the body of the appraisal indicating that the appraisal company has been paid directly by the borrower.
2. AHA requests all direct payments be made in the form of Cash, Cashiers Check, Travelers Check or Money Orders.
3. If a personal check is provided by the borrower, then appraisal services will be partially performed while a twelve (12) day waiting period is instituted. This 12 days allows the personal check to clear both banks and the funds to be deposited into our account. Upon the receipt of the funds, into our account, the appraisal services will be completed and the final written report(s) delivered to the lending institution that ordered the appraisal.
It is strongly advised that copies of appraisals should NOT be given to the borrower, buyer, agent, or seller. The appraisal is for the internal use of the lending institution. Copies of the appraisal have been used against the lending institution in frivolous and/or needless lawsuits. If, for any reason, a lawsuit is instigated due to your granting of credit or a loan to a borrower, and American Home Appraisals becomes involved, any additional charges incurred by us will be billed to your company or institution and will become immediately due and payable.
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