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  #1  
Old 09-19-2004, 02:49 AM
Pa'akai Pa'akai is offline
 
Join Date: Jan 2004
Location: Tellico Plains, TN
State: Tennessee
Professional Status: Certified Residential Appraiser
Posts: 458
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Has anyone lately tried to raise their fees.
A year ago I was only charging $300-$325 per appraisal. During this time I was reviewing appraisals for a major lender and they were sending the whole appraisal including invoices. The appraisers in most of the reports were charging $400-$450 per appraisal.
After that I then told all my lenders I was now going to charge $350-$400 per report and not one balked at the new fee.
Since then my normal fee is typically $400. and still no decrease in orders from the lenders I value most. I've had good relationships with these lenders and they trust my work and have had no problems with any of my appraisals.
Looking at a lot of posts in the forum I believe we are short changing ourselves when it comes to market pay. Granted theres a lot of skippys who will except lower fees and prostitue themselves but those of you who have had long term relationships with lenders and gone out of your way to give them good service shouldnt balk at a slightly higher fee.
This is true with major lenders (they pay $400+ all the time in major market areas) as well as local mortgage brokers who just add the money into closing costs. Sometimes I will except lower than $350. but that is really rare.
I'm now thinking of charging an additional $25 to $50. if they want a quick turnaround and I think most of my current clients will pay it (dont know about the major lenders but the MB's will.)
Its sad to think I was making $300. an appraisal in 1987 and making the same amount in 2002.
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Old 09-19-2004, 06:31 AM
xm39hnu xm39hnu is offline
 
Join Date: Jul 2003
State: Florida
Professional Status: General Public
Posts: 4,338
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I've had two recent cases where the MB's asked for fee quote, and followed up by sending me a "B" paper appraisal. That signifies that I need to raise my fees; I must be the lowest guy in the area! Had those guys scared off for a while. I guess the local skippies went out of business.
  #3  
Old 09-19-2004, 08:02 AM
Terrel L. Shields's Avatar
Terrel L. Shields Terrel L. Shields is offline
 
Join Date: May 2002
Location: Springtown, AmeRica
State: Arkansas
Professional Status: Certified General Appraiser
Posts: 39,888
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My fee structure has changed since coughing up for legal fees, E & O raises, higher gas prices. I have doubled my fees for most farm appraisals over the past 2 years, and find that I am still $400 behind one of my competitors.
Residential - I now have a three tier system. One client with particularly onerous conditions attached, gets the "special" [high] price, while my easiest clients get something lower. In a small area of 4 small towns, I will do a summary [non-FRT, in-house only and using a Summary form, not a 2055] report for my lowest fee, SFR only, no big shop buildings, no excess land. Otherwise, the standard fee is going to rise significantly if I have to use the new Fannie mae form in anything like its current configuration.
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  #4  
Old 09-19-2004, 08:45 AM
Otis Key's Avatar
Otis Key Otis Key is offline
 
Join Date: May 2004
Location: Mile High
State: New Mexico
Professional Status: Certified Residential Appraiser
Posts: 15,970
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About mid-year I raised mine about $25 with little to no cut in volume and I'm gradually sneaking in a few increases here and there.

Pssst.
Quote:
a lot of skippys who will except lower fees
ACCEPT

:usa:
  #5  
Old 09-19-2004, 08:56 AM
Mike Garrett, RAA's Avatar
Mike Garrett, RAA Mike Garrett, RAA is offline
 
Join Date: Jan 2002
Location: Colorado Springs, CO
State: Colorado
Professional Status: Certified Residential Appraiser
Posts: 20,899
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What are you complaining about? As a VA appraiser, our fees have been set by the VA and haven't gone up in 11 years! :cry: If you watched the newest VA training video, you probably caught the suggestion on the part of the VA that we are over paid and when the new Fannie Mae 1004 comes out we should consider reducing our fees. Shorter turn times, more appraisers on the VA panel, and lesser fees. Ever wonder who the VA favors? Like many of the VA appraisers in this area, I am looking for work from other sources.

I am charging about $25 more now for conventional work due to the increased cost of gasoline. Been getting more B paper calls lately also. Good solid month so far, in fact, more than I can handle. Still lots of "comp check" calls...sure wish there was a way to get paid for them but even the suggestion of $25 for research work falls of deaf ears. Personally, I like the idea of "staged fee" appraisals, which is perfectly acceptable under USPAP provided you do it correctly.

Our Board of REALTORSŪ is rolling out a new MLS system beginning September 27th. There are lots of nice features but what really stands out is a new CMA function which will allow the REALTORŪ to do what amounts to an appraisal right on the system including making adjustments. Can be made part of an email with .pdf attachment. One of the agents I was sitting next to ask if I would be willing to provide her with a "list of adjustments". Sure, Uh huh, of course, why not? :rofl:
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  #6  
Old 09-19-2004, 09:51 AM
Bill Rose Bill Rose is offline
 
Join Date: Aug 2003
Location: San Diego, California

Posts: 2,236
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Check other threads. A graduated fee basis is the way to go. I have been charging a minimum of $375 for the easiest ones.
  #7  
Old 09-19-2004, 10:18 AM
jay trotta's Avatar
jay trotta jay trotta is offline
 
Join Date: Feb 2004
Location: Snowglobe
State: Connecticut
Professional Status: Certified Residential Appraiser
Posts: 6,387
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I need to move to another state, the dipsticks round here are still settlein fer only $250 -tryin ta buck this system is a pain; we've done it, but it's fighting Both Ends, because most of these idiots can figure out a bottom line PROFIT


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  #8  
Old 09-19-2004, 11:29 AM
Carnivore's Avatar
Carnivore Carnivore is offline
 
Join Date: Jan 2002
Location: Queen City
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 12,661
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Quote:
Originally posted by Bill Rose@Sep 19 2004, 10:51 AM
Check other threads. A graduated fee basis is the way to go. I have been charging a minimum of $375 for the easiest ones.
Bill,

It makes sense from our perspective to do a graduated fee. It also makes sense from a lender perspective to do the same, assuming a certain success rate.

That success rate is where the rub is between vendor and lender. What happens to you if the upgrades are the predominance of a particular time period. How willing do you think a lender will be in keeping your pipeline filled if the success rate means delays and unpredictable higher cost. This point type value on minimal scope of work is a real problem. Its quite unfair to the vendor.

My suggestion to a lender is a matter of trust. Send the order as a pre-approved staged assignment. Simply send me the assignment with the Full appraisal fee outlining the scope of work as staged. The appraiser(me) decides where to stop once a credible and reliable final opinion is reached. Cut out all the back and forth time delaying communication for approvals for moving to the next stage. Cut out the AMC's middle man cost and employ or engage in systems like AI or Mercury.

A lender who quotes a customer via promise of 24 hours and cheap is running a high risk of loosing the customer to a more honest and candid competitor. In the last 12 months I have sensed and encountered quite a bit of dissatisfaction with the consumer over pie in the sky offers. I understand the competition between lenders is fierce. I also understand that they have only tree real areas to compete with. 1. Rate 2. Upfront cost. 3. time to closing As appraisers we can not get any faster on a day in day out basis of less than 24 hours. The issue is with AMC's not Appraisers. AMC's are the largest cause for delay in report delivery.
  #9  
Old 09-19-2004, 12:13 PM
Nancy Wyatt's Avatar
Nancy Wyatt Nancy Wyatt is offline
 
Join Date: Nov 2003
Location: Frederick, CO
State: Colorado
Professional Status: Certified Residential Appraiser
Posts: 2,632
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In Colorado :rainfro: :rainfro: No.

We are Skippied out to the max.
  #10  
Old 09-19-2004, 05:02 PM
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Anthem Anthem is offline
 
Join Date: Mar 2004
Location: Race City, NC
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 1,215
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I don't understand Why the fees in California seem to be so much lower than everywhere else. Typically Ca. is higher on everything. But here in So. CAL $350 is considered to be a high fee ( SFR 1004 ). Right next door in AZ. it would be considered a low fee.
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