Appraisal Firewall offers you the ability to request a price change after you have accepted an appraisal order and the price has been set. You often encounter this need when you perform a re-inspection or discover there is more work required on the report than first anticipated.
Appraisal Firewall makes it easy to communicate directly with your lender about the price change amount, and reasons why a price change is needed. Your lenders can work with you to either accept or decline the request.
Performing a Price Increase
If you decide a higher price may be warranted on a particular order (i.e. complexity of property, FHA conversion, supplemental forms), you can request a price increase by opening the order, selecting the Billing Details tab and clicking the Change Price option along the right.
In the Change Price window that appears, click on the pencil icon to access the amount in an editable mode. You can enter the new amount you are requesting, as well as add an explanation for the increase. Please note entering a Comment is required. After you enter a price and enter a comment, click Send Price Change.
A prompt will ask you to confirm the new amount you are requesting. Click Accept to send the Price Change request to the lender. Selecting Cancel will take you back to the Communication Log.
Once a price change request is made, the order in your Order List will display a Price Change indicator ($ will be highlighted), meaning that the price change request is still pending. You can view orders with an outstanding price change request in any order list.
If your lender accepts the price change, the updated price will be reflected within the order and the change is tracked in the Communications Log of the order. You will also be sent an email informing you that the price change request has been approved.
Reminders:
- If your price change request is declined, you are encouraged to work with your client to come to terms and agree on a solution – then you can request another Price Change.
- You can request a price change or perform a price decrease at any time during the order process once it has been accepted.
- You can request multiple price changes from your clients if the previous price change has either been accepted or declined.
- Price increases must be approved by your lender. Price decreases can be performed by you without the approval of your lender.
- You can cancel your request for a price increase by using the Cancel Price Change request within the Change Price screen.
- Appraisers are notified via email when their price change request is accepted or declined.