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RubberStamp

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Reply with quote  #1 
Mid Atlantic VA, non-complex appraisal C&R is now $525.  Basically, that is what the typically cheap and over managed gov't would be paying us if we got orders directly from them, who end up holding the note anyway - rather than this whole, crappy lender system. 

Try and swallow that pill the next $300 order you accept.

So he who is accepting that work saying at least they are sending me work..  At the typical 400 orders per year you are leaving at least $90,000 on the table.  Or put another way - AMCs are allowed to make 90,000 off our heads.  I still see crapola coming over at $225 that gets gobbled up.

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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Meatloaf

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Reply with quote  #2 
The problem here is that an AMC can get a better quality report for $300 than what most VA appraisers produce.

I am not saying all VA appraisers are lax, but the vast majority of VA reports I have seen are pieces of SCHIT! when compared to the vast majority of low fee work I have seen that goes through an AMC.

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RubberStamp

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Reply with quote  #3 
Well I'm definitely not referring to quality - as the only reason why a VA appraiser would lack quality is that they have grown complacent and/or are probably on the way upper end of age and possibly less technically savvy.

One thing gov't does do well is adjust to inflation.  A VA appraisal has probably half the stips of an AMC order.  So adjusting for inflation which has been taken out of the hands of the appraiser and adding scope creep of 5-6 comps per order, 1004MC, additional maps, photos, farm lists...  etc..   Appraisers are making about half of what they deserve.   We make it up by working more hours.  Most professions would not tolerate that unless they had the chance to make double their money, not work twice as hard to make what they used to make... adjusting for inflation.

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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Meatloaf

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Reply with quote  #4 
I just wish the VA would crack down on some of the VA appraisers and demand better quality.  Some of these reports that are provided to the VA are absolute CRAP and everyone knows it.  Our veterans deserve better appraisers.
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RubberStamp

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Reply with quote  #5 
As long as they have E&O nobody cares which is why we are in the mess we are in.   But I don't see how it can ever change unless everyone was forced to hold onto their own paper.  Then you'd see a rush toward competence and professionalism.  The VA/gov't is where the buck appears to stop and they should care...   but that is the weakness of Gov't.  No accountability.  So ultimately they will just hit up the tax payers if they screw up and those responsible will get an early retirement with full pension, severance..   if not a promotion.
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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Meatloaf

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Reply with quote  #6 
The area where I see the VA appraisers screwing up is under-valuation.

This never makes it to the VA.  The deal is killed and the appraisal trashed.  The appraiser is paid and has no liability.

I have heard from some agents that 30 minutes after inspection, the appraiser hits Tidewater on every assignment.

Many of the reports I have seen would't be allowed to leave my office.  What is the VA stance on this???? They don't seem to care.

Its not just limited to one or two appraisers, its the majority of VA reports I have seen that are crap.  Maybe I only get to see the bad ones.  

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Lobatt

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Reply with quote  #7 
I just looked over an appraisal for two agents on a $1.5 million house in Druid Hills that came in low. 4,500 sf 5/5.1 with finished basement.  

Appraiser fee $450. Solidifi AMC for Chase.

Agents are making 2% or $30,000 each and both drive new Mercedes SUV's.

Y'all appraisers keep on keeping on out there. Be sure to change the oil in your 12 year old Honda on a regular basis.
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RubberStamp

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Reply with quote  #8 
Quote:
Originally Posted by Lobatt
I just looked over an appraisal for two agents on a $1.5 million house in Druid Hills that came in low. 4,500 sf 5/5.1 with finished basement.  

Appraiser fee $450. Solidifi AMC for Chase.

Agents are making 2% or $30,000 each and both drive new Mercedes SUV's.

Y'all appraisers keep on keeping on out there. Be sure to change the oil in your 12 year old Honda on a regular basis.


Talk about putting things into perspective.  Meanwhile this appraiser will have his license threatened with real and executable threats.   We are not paid nearly what is necessary to endure the stress we encounter every day.  

I was just talking with an agent taking the rest of the summer off ..  because she had 10 closings and over $75,000 in the month of July. 

Meanwhile I'm trying to get an AMC to eat their own $10 technology fee and they found another sucker to pay it.


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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Meatloaf

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Reply with quote  #9 
Quote:
Originally Posted by Lobatt
I just looked over an appraisal for two agents on a $1.5 million house in Druid Hills that came in low. 4,500 sf 5/5.1 with finished basement.  

Appraiser fee $450. Solidifi AMC for Chase.

Agents are making 2% or $30,000 each and both drive new Mercedes SUV's.

Y'all appraisers keep on keeping on out there. Be sure to change the oil in your 12 year old Honda on a regular basis.


The grass is always greener.

Those agents have office staff, advertising, NAR DUES!!!!!, etc.  Not to mention they are at the mercy of US!!!  They also have payments on those big benzes they are expected to drive.

My honda is paid for.  Its been paid for since I drove it off the lot.  Sure they may make $30G in a month, but I don't have to worry about losing that kind of money by one buyer walking.

I grew up in a house of brokers.... Trust me we have it good.  You just have to go get it.  If you can't be successful as an appraiser, you sure as hell couldn't do it as an agent.

And believe it or not.... Their liability is actually pretty high.  


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Bobby

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Reply with quote  #10 
Quote:
Originally Posted by Meatloaf
The area where I see the VA appraisers screwing up is under-valuation.

 


I've seen and experienced this.  It disgusted me with this old low number appraiser and that she never got challenged.  I gave the seller clear evidence and the seller didn't have the backbone to call out the appraiser.  Oh well...

What are these mythical qualifications that a VA appraisers have that we don't? 

Being an agent must be a pain in the ass.  Look at the amount of people that get licensed.  How many actually are working agents within 2 years?  Just guessing, but maybe 1 in 50?  Without that Union, agents would be out of a job.  Just look at what Zillow is doing, letting people list their property for nothing.  The landscape is changing for them also.
https://www.zillow.com/for-sale-by-owner/


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RubberStamp

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Reply with quote  #11 
Meanwhile back on topic:  How can any AMC bottom feeding argument for C&R fee amounts beat an independent 3rd party government instructed fee analysis in the court of law?   We should class action these bastards.
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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Meatloaf

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Reply with quote  #12 
Simple.  Supply and demand.

All appraisers can do work for an AMC.  Only the chosen ones are allowed to work for VA.

In my area less than 10% of the appraisers are on the VA panel.  I can't compete for their VA slice of the pie, but they still compete for all of my pie.

Therefore, their fee should/could/would be higher than the standard non-VA appraisal.

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nogava

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Reply with quote  #13 
Quote:
Originally Posted by Bobby


I've seen and experienced this.  It disgusted me with this old low number appraiser and that she never got challenged.  I gave the seller clear evidence and the seller didn't have the backbone to call out the appraiser.  Oh well...

What are these mythical qualifications that a VA appraisers have that we don't? 

Being an agent must be a pain in the ass.  Look at the amount of people that get licensed.  How many actually are working agents within 2 years?  Just guessing, but maybe 1 in 50?  Without that Union, agents would be out of a job.  Just look at what Zillow is doing, letting people list their property for nothing.  The landscape is changing for them also.
https://www.zillow.com/for-sale-by-owner/



It won't happen real soon, but I bet Zillow & other outlets will force most brokers, specifically agents, to re-think how they do business, IMO. Ironically, many agents think Zillow is essential to their business & marketing.  And for now it is, but I think they're being sold out.  The days of 3% a side are numbered.  Not sure why NAR isn't stepping in to stronghold the MLS services to preserve the stream of data.  Generally speaking, I think my generation will be among the last to contract an agent at traditional fees.

Feels like Redlink/Corelogic for appraisers & UAD?  At some point, we may have to adjust with lender work as well to stay relevant given all the data we've fed Fannie. 


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RubberStamp

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Reply with quote  #14 
Does anyone know the connection Realtor.com is to Realtors?   If I had to guess it is a direct response to Zillow to give Realtors a place to market directly to the public while cutting Zillow out of the deal.

If I'm correct - it won't be about Realtor.com being the winner out of it all...  but to just keep Zillow weak enough so that they don't have the money to innovate.

In other words..  This is exactly the type of response appraisers should have had when AMCs hit the scene.  We should have united and created other options for ordering cutting the AMC out.  Now the AMC has grown much more powerful to us and we are the slave.

Although it is somewhat satisfying to see another major industry suffer the same pain we've had to endure I do not like the movement of tech companies coming into an industry and completely sucking all of the profits out of it.  They are all leaches.  And if we can no longer appraise I'm sure more than half of you will have to sell real estate..  so this is a back up career for most of us. 

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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Lobatt

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Reply with quote  #15 
Quote:
Originally Posted by RubberStamp
Does anyone know the connection Realtor.com is to Realtors?   If I had to guess it is a direct response to Zillow to give Realtors a place to market directly to the public while cutting Zillow out of the deal.

If I'm correct - it won't be about Realtor.com being the winner out of it all...  but to just keep Zillow weak enough so that they don't have the money to innovate.

In other words..  This is exactly the type of response appraisers should have had when AMCs hit the scene.  We should have united and created other options for ordering cutting the AMC out.  Now the AMC has grown much more powerful to us and we are the slave.

Although it is somewhat satisfying to see another major industry suffer the same pain we've had to endure I do not like the movement of tech companies coming into an industry and completely sucking all of the profits out of it.  They are all leaches.  And if we can no longer appraise I'm sure more than half of you will have to sell real estate..  so this is a back up career for most of us. 


If real estate is out for everyone except Silicon Valley types then I'm going to move to the beach and sell tacos. Folks still gotta eat.
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Chuck_Schick

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Reply with quote  #16 
Quote:
Originally Posted by Lobatt


If real estate is out for everyone except Silicon Valley types then I'm going to move to the beach and sell tacos. Folks still gotta eat.


We don't need any more stinkin taco salesmen at the beach.[biggrin]
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