Q. I do appraisals for some of the nation’s larger AMCs. They do not recognize my experience or my designation and pay me a fixed fee like they pay non-designated appraisers. Should I join GAMco and quit working to the other AMCs?
A. No, not for a while. If you are a highly skilled, designated appraiser, please apply for participation. As GAMco’s volume grows and your GAMco workload increases, you can phase out your other clients. GAMco cannot guarantee any appraiser a specific flow of work.
Q. I am a highly experienced appraiser, but I work for an appraisal company as an employee. Can I apply for participation and do work for GAMco?
A. GAMco’s Vendor Profile does not address an appraiser’s employment responsibilities. GAMco does not want to, in any way, interfere with your responsibilities as an employee. Before you apply, you should advise your present employer. GAMco accepts no responsibility for any appraiser’s obligations outside of that appraiser’s obligations to GAMco.
Q. How do I bid an assignment?
A. Once you have become an approved GAMco appraiser you receive, via email, Requests for Bid. The Request for Bid was sent to you based on your license type, availability, geographical competence and ranking. The Request for Bid will articulate the type of assignment. For example, the Request for Bid will always state the address of the subject property so you can do some preliminary research before you bid. The Request for Bid will also indicate the nature of the assignment. For example it might state: “SFR/Refinance/1004 w/MC”. After you have done enough research to allow you to bid, type in your bid fee and your turn-around time. Please keep in mind that you will be paid based on the previously agreed fee split. If your bid is selected, you will receive an email Order. You can then enter the Order and down load the prior appraisal report (or other documents that have been uploaded).
It is critical that each appraiser update the Order with status changes. If the turn-around time is three days, but the borrower cannot allow you to inspect for several days, you must update the status so that report delivery can be estimated.
Q. How do I submit my report and do I attach my invoice?
A. When the final appraisal report is to be submitted, it must be in pdf format. Your invoice should not be attached to the report, but should be sent in as a separate pdf.
Q. Who pays me, the client or GAMco?
A. GAMco pays you. Upon receipt of the final appraisal report, GAMco submits the report with its invoice to the client. The client has thirty days (30) to pay GAMco. GAMco agrees to pay its appraisers within forty-five (45) days of receipt of final appraisal report.
Q. With an AMC, who is the client?
A. The client is defined as the person or company that engaged you. Therefore GAMco is considered the client. The report should however note that the Intended user is GAMco’s client bank. The name of the bank and its address will be shown on the Order.
Q. Can I show my fee on the appraisal report?