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Any mortgage surveyors out there?

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(@steve-gardner)
Posts: 1260
 

About the only survey I can do for around $1000 is one that's near the office and there's good control on a map done by somebody that I know does good work. Even an "easy" survey generally takes a whole field day to do it thoroughly, some office research and calcs and some follow-up drafting & correspondence. That's going to cost close to two grand. Hard to say what the market will bear around here because the phone's not exactly ringing off the hook for residential surveys right now. I hardly ever get low-balled out of a job though.

The "mortgage survey" I got the call about was a 2-hour drive away in a city and county I'm not familiar with and there was no reason for me to accept a job like that just to spend more in wages and gas than I would make.

 
Posted : December 5, 2010 8:35 am
(@dave-karoly)
Posts: 12001
 

I could see, on a subdivision lot, where if you were reasonably sure the corners are available and prominently visible you might be able to do the job of measuring the house and fences in a couple of hours on-site and a couple in the office if all the research material were available on-line (not usually the case). If we had a system where all the research material was quickly available for free and we use field to finish it might be feasible to cut down on the drafting time somewhat. Suppose you could download a DXF file from an accurate GIS system then that would help the drafting time. This whole paragraph is a fantasy, mind you.

The reality is, the best we can usually hope for is the centerline control might be easily available (such as flush pipes or monument wells). We might have the maps on disk and might be able to get the Deeds (if recent) from an expensive on-line service.

 
Posted : December 5, 2010 8:42 am
 JB
(@jb)
Posts: 794
Registered
 

I think Merlin is correct

As sometimes context is lost on these boards, please don’t let this come across as an angry note, just a few words about what I am doing, and not a slam on whatever anyone else has going on…
I am in my 17th year of a business primarily focused on "mortgage" surveys. I catch a lot of grief from fellow surveyors about not being a "real" surveyor. North Carolina has standards for boundary surveys which must be met on EVERY boundary survey, including mortgage surveys. I have never issue a plat that I could not stand before the Board and defend . In busy times I can do two a day at a comfortable pace and once, in the summer with the long daylight hours, I got 4 done. Started and finished in the dark. In doing volume like that, I would be willing to bet that I solve more boundary issues than many of my Brethren have the opportunity to even look at. Let alone actually go in the field to examine first hand. Years ago I was the field manager for a larger firm and ran up to 6 crews, so I have had a taste of that side of things. I do all my own work from field to finish. When I say I found an iron at a particular location, it’s because I was the one who found it. No, I don’t have 15 crews and multi-million $ highway contracts, I do have a business that nets me a comparable income however. I know my limits, I am pretty efficient up to about 10 acres, then I pass it off to some of the larger firms who can dedicate a crew to the job. I even do some contract work for some of my competition when they are too busy and need an extra “crew”. I am incorporated and insured.
I am near the top in my area in terms of the fees I charge, and have NEVER reduced my rates, even in these difficult times. There are some in our area who charge half what I do. I don’t even consider them my competition when I have a chance to present my work side by side with theirs. It’s the difference between Crayola and CAD.
I have NO business debt, so I don't need to chase work. If there is nothing to do on a particular day I am, strangely enough, ok with that.
I do outreach work with a couple of Attorneys by offering a presentation for local real estate offices to educate the brokers as to the ramifications of not having a NEW survey made when they bring a buyer into the RE transaction. This is an effort to bring work to the entire surveying community as well as educate the public.
I love what I do. I am proficient, professional and make a good living from it. I work for myself, not to make 40 hours for someone else. If creating work for others is what you enjoy, then do it, do it well, treat your workers fairly and give me a call if I can ever help you out in any way. In the meantime I’ll be happy working with,and educating the many people I get to meet in the course of my business. Land Surveying

 
Posted : December 5, 2010 9:16 am
Wendell
(@wendell)
Posts: 5783
Admin
 

I think Merlin is correct

Dang, I really need to implement that "Like" button. 🙂

 
Posted : December 5, 2010 9:20 am
(@just-mapit)
Posts: 1109
Registered
 

I think Merlin is correct

I agree Wendell.... because I would clicked "Like" on JB's post!

 
Posted : December 5, 2010 9:45 am
(@peter-ehlert)
Posts: 2951
 

I think Merlin is correct

ditto with the Like!

Very well written JB, you are providing a true service to the community. Thanks for that.

 
Posted : December 5, 2010 9:51 am
(@deral-of-lawton)
Posts: 1712
Registered
 

Well here is the Okie 411 on these types of surveys.

They are regulated by our BOR and called Mortgage Inspection Certificates (MIC) but I call them Mickey's for slang.

There is a special certification you put on them that says they are clearly not a boundary survey but they have to be sealed by a surveyor.

For the most part those in Oklahoma that do these do a full blown survey on them but just do not show fences or anything other than the lot lines and the houses. Mostly for the lending companies to verify that a house of x square feet is actually located on a lot/block and it a certain subdivision.

It's not a boundary product but a lending product so the product is not intended to be used by the purchaser although they get a copy at closing and tend to rely on them as a survey product. That is the disjoint.

If only the lender would get them then I see the value in them but when a land owner comes out waving one then it's a disservice to the land owner.

The term drive by or windshield survey comes from our companies that do tons of these and have for many years. Some over 50 years. They do a full blow survey the first time on a new lot but then only need to do a quick update with subsequent sales. In our military town then many properties change hands every 3-4 years so a company might have done the same property 10 or more times. With old plan in hand then a quick check is all that might be necessary to change the date and put out a new MIC.

Personally, I think they are a very viable product for the real estate lending industry but should not be given to the land owner. The lender basically wants to know if they are lending $100,000 for a 2,000 sqft house or just an empty lot. Who better than a surveyor to find this out quickly and correctly?

And in Lawton (urban) a fence is just a temporary thing so not really a problem if it's over or under a property line. It's the substantial house that a company is lending on.

For the most part the surveyors in Oklahoma are like JB and do a quality job on any MIC. They may take a hit on the first trip but the subsequent trips are where they make their money. I've heard of several doing 10-15 in a day in areas that they have years of records.

You do not always need a 10 pound sledge when a tack hammer will work. Just saying.

 
Posted : December 5, 2010 10:39 am
(@6th-pm)
Posts: 526
Registered
 

JB-

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JB -

My hat goes off to you.

You are surveyor's surveyor -

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Posted : December 5, 2010 12:20 pm
(@butch)
Posts: 446
Registered
 

I think Merlin is correct

> I am incorporated and insured.
> I am near the top in my area in terms of the fees I charge, and have NEVER reduced my rates, even in these difficult times. There are some in our area who charge half what I do. I don’t even consider them my competition when I have a chance to present my work side by side with theirs. It’s the difference between Crayola and CAD.
> I have NO business debt, so I don't need to chase work. If there is nothing to do on a particular day I am, strangely enough, ok with that.
>

:good: Thanks for this post JB. If only the remaining 95% of those in this line of work could understand this logic! :bye:

 
Posted : December 5, 2010 1:30 pm
(@kris-morgan)
Posts: 3876
 

We do surveys for mortgages, but they are all boundary surveys per the state of Texas.

 
Posted : December 5, 2010 4:14 pm
(@merlin)
Posts: 416
Registered
 

Very well put and I agree 100 percent.

 
Posted : December 5, 2010 5:01 pm
(@a-harris)
Posts: 8761
 

Well said JB

and I thank you for saying so

I cannot see how those that charge $300-$400 per lot survey are able to do so without padding someone else invoice to make up the difference.

It just cannot be done and adhere to the BOR requirements to be make a proper survey without taking too many factors for granted or simply not doing what is required.

 
Posted : December 6, 2010 8:18 am
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