Can a valuer recall his report from bank ?

[djagan1949]

Dear Members,

If the party does not pay agreed fee within the norms prescribed by bank after getting the report. The bank also not taking interest to credit our payment based on bill telling party has not consented etc. Can the valuer take the course of recalling his report ? This is an academic question to know where a valuer stand in case of non co-operation by both client and bank after completing the work.In case of recall what will be the consequences to all three parties ?.

Regards

djagan1949

 

[garvaibhav]

 I am not sure about the recalling part but it is for sure that the valuer is at loss whether he recalls or not.  if the valuer has prepared the valuation report, he has done his work completely.  if the client or bank do not pay, it is a loss of income for the valuer.

in case, the valuer recalls (if permitted), here also the client and the bank will very cleverly say that since the valuation has been recalled, why should be a payment made for the valuation report.

taking an advance is to an extend some sort of compensation.

[badamsundararao]

 DEAR FRIEND

 

IN MY OPINION RECALLING OF REPORT FOR NONPAYMENT OR UNDERPAYMENT MAY BE POSSIBLE , BUT DEFINATELY THE RELATIONS WILL STRAIN. CERTAINLY CERTAIN PERCENTAGE OF CASES LIKE THIS WILL BE THERE FOR EVERY VALUER. ONLY SWALLOWING OF OUR FEELING IN OUR SELVES.

 

BADAM SUNDARA RAO.

[suchdevs]

we have developed a one page valuation request format, as well as a one page valuation visit record. the first is to be signed by the person responsible for issuing valuation request (bank / individual), while the second is signed by the rep of the owner who identifies the site. while these dont solve the problem completely, they can sometime create a little pressure on the bank to debit the amount in the client account and pay / on the individual to pay up, though that is not the sole intention of developing these formats

[djagan1949]

garvaibhav ji,

You are partly right in telling thet non payment is a loss to the valuer. But at a later day with such defaulting clients the account may become NPA or some enquiry may crop up and we  have to spend our time, money and energy for a case where even we have not been paid our professional fee.

Anyway we are not paid and as you have said they will cleverly refuse to pay for a recalled report. If we recall the report what is the option ? They have to get another report as a sustitute for the  advance given, and that valuer atleast will be paid. They will mention change of valuer in file and it may set an alarm signal about the party when default occures at a later date.

Regarding taking advance  most parties dont like it. All managers say it affects image of bank and bank stand gurantee for fee. We also feel not dignified to ask advance . In one case a party came for starting a teachers training college through one bank. He showed me 5 properties in the forenoon. He was also asking me if I can recommend another bank for loan since he need huge fund to start college. His value projections of properties were consistantly on higher side. These things made me to think whether he is genuiune or not. We parted for lunch and agreed to meet for seeing few more properties in the afternoon.

When we met again I asked a meagre sum as advance which he reluctantly gave. Then he showed a property with some dispute and another which will surely be acquired for road widening. He demanded immediate report and ready to pay fees. But I insisted to first get legal opinion. He complained to manager that valuer not cooperating inspite of taking advance. Manager felt as though I have commted a grave mistake and bank may loose a good party  because of me. Then I expalined the manager that offered properties are that valuable and he is also not so strong as imagined by him. Further I told him that one full day I had spent my time with no use for me or the bank. If everyday such persons come and waste my time how could I survive.

Why I am giving this information is that we should defenitely take advance, especially when we are not sure whether party will complete the valuation process and settle our professional fees.

Regards

djagan1949

[VikramBhatt]

 Dear Sir !

In such matter it is advisable to obtain written letter from the bank for submitting valuation report. So we can submit report directly to bank along with valuation bill and also should get office copy signed from concern bank authority at the time of submitting the report. So that in such situation it will be help full for us to get our fees paid or recall our valuation report in written because of non payment of professional fees

Vikram Bhatt