Regardless of if and when the HVCC will be placed into existence (in January 2009, March 2009, July 2009? Ever?), many appraisal management companies have done their due diligence of marketing to lenders that they will have to go through a middle-man such as themselves in order to conduct business in 2009.
‘And why not start today?' they will say to their potential new clients. And their potential new clients will say ‘Why not?'.
Once the lenders start their contracts with these management companies they will discover that what they are used to might be a thing of the past. ‘No comp searches? Really?' the lenders will say.
This is when these lenders will search out you and me. We are the potential* suckers that will give them the ranges of values that they seek... that bit of confidence that will push them forward with the appraisal process. But will you and I receive the order for our troubles? Heck no. They now have a contract with this appraisal management company who will dole out the appraisal request that should have been ours to one of their desperate minions.
Will we turn into these desperate minions? Perhaps (let's face it, these are tough times). But in the meantime why give away the milk for free?
‘And what if this is a lender that has not signed on with an AMC... a potential new client?' you say. Just require an appraisal order prior to any work on a property is done. Many of us have made that our practice for years.
* I am not accusing any of us of doing free comp searches or being suckers in general.