Calling all AMC Appraisers in So Cal!

[panappr]

However, the worst thing about AMCs is not the fee (it SUCKS of course) but the worst thing is their turn times and stips. If I have a nickel for every stip that I got that was already in the report, but they just didnt read my report, well then I think I could retire. The turn times some of these guys wont is too much to be believed. I'm sorry, but there is no way I can produce a quality report in 24 hours, no matter how fast I work.

Like I said before, it's just not healthy. They will burn an appraiser out and move on the the next.

 

[Kevin Mc]

Most of my work now comes from AMCs. Fees are around $175 URAR and $250 REO. Complex assignments can usually get $450.

m2:m2:m2:m2:

However, the worst thing about AMCs is not the fee (it SUCKS of course)

It gets worse?

but the worst thing is their turn times and stips. If I have a nickel for every stip that I got that was already in the report, but they just didnt read my report, well then I think I could retire. The turn times some of these guys wont is too much to be believed.

If you are looking for sympathy this isn't the place. If you are looking for someone to blame, look in the mirror.

 

[Lloyd Bonafide]

How much time does it take to do a simple 1004 type appraisal in an information rich urban So. Cal. neighborhood? $200+- might be OK.

That wouldn't be OK - there is no such thing as a simple appraisal anymore.

Especially when a lender like Provident is asking for all sales to be within 90 days, and you don't really have any.

 

[peggy]

$3.25 per hour
will you work for this?

 

[CANative]

Now that I have your attention...

Appraisers in areas where there is too much competition probably need to get creative and practice some guerilla warfare. Try organizing some appraiser groups and meet regularly (easier said than done, but it might work in your urban areas where it's not 100 miles to anywhere).

Refuse insulting fees and assignment conditions as being unprofessional and make sure you don't miss an opportunity to tell that to someone on the phone before hanging up.

Accept more review work, get good at it and relentlessly hammer poor work. The goal is to either end the cheaters or make them work as hard as you do.

Accept assignments that are royal PIA timewasters at higher fees and get good at them so that you will get these orders regularly but because no one else wants to. After they get easier increase your fees a little so that the time is shorter and the money larger. Works for me. I just got a $2,000 assignment from an AMC. Regular fees including review of at least $400 and can usually get five or six depending on the ridiculousness of the situation.

In my opinion AMC's are a numbers game and the more lists you're on the more the random full fee jobs come along. They might only call when some lender has asked for you, or when the scheduler gives up trying to find someone and is ready to bargain so she can get home on time. They're under a lot of pressure and sometimes it can be exploited. Apply at every opportunity even though it's a hassle. I don't worry too much about their stupid contracts. Each job is custom.

 

[Kevin Mc]

Now that I have your attention...

Appraisers in areas where there is too much competition probably need to get creative and practice some guerilla warfare. Try organizing some appraiser groups and meet regularly (easier said than done, but it might work in your urban areas where it's not 100 miles to anywhere).

Refuse insulting fees and assignment conditions as being unprofessional and make sure you don't miss an opportunity to tell that to someone on the phone before hanging up.

Accept more review work, get good at it and relentlessly hammer poor work. The goal is to either end the cheaters or make them work as hard as you do.

Accept assignments that are royal PIA timewasters at higher fees and get good at them so that you will get these orders regularly but because no one else wants to. After they get easier increase your fees a little so that the time is shorter and the money larger. Works for me. I just got a $2,000 assignment from an AMC. Regular fees including review of at least $400 and can usually get five or six depending on the ridiculousness of the situation.

In my opinion AMC's are a numbers game and the more lists you're on the more the random full fee jobs come along. They might only call when some lender has asked for you, or when the scheduler gives up trying to find someone and is ready to bargain so she can get home on time. They're under a lot of pressure and sometimes it can be exploited. Apply at every opportunity even though it's a hassle. I don't worry too much about their stupid contracts. Each job is custom.

Great advice, hopefully many folks read it. Thanks Greg.

 

[Pamela Crowley (Florida)]

I must disagree about many of these AMC 'ideas', but the biggest one is their contracts.

PLEASE have your own attorney look over those contracts BEFORE you sign any of them!!!!!

Rumors are they are about to really nail appraisers on those 'hold harmless' clauses you all were ignoring.

 

[CURT VAN HOOSER]

Good info Greg. Definitely something to consider. I haven't worked for AMC's but probably would for a fair fee. The Caped Crusader probably makes a good point about the contracts.

 

[peggy]

Thanks Pam

Not to sure about the AMC

Peggy

 

[acuara]

I'm just curious - and by the way, I'm no threat because I hate the AMC's and will get out of this business before I ever get raped, oops! I mean accept an order from one for less than 90% of my fee....not to mention, the ones I've investigated are no longer accepting new appraisers.....but anyway,

Are any of you in So Cal doing appraisal work for AMC's?
If so which ones???
What's the average fee they are paying you for a 1004?
How many orders to you get a week?
How are you surviving?

I know appraisers in other parts of the U.S. are doing pretty good with AMC's. In fact, I just finished reading the article "Making AMC's work for You" in the summer issue of Working RE about an appraisal firm in Texas that is going gangbusters with the AMC's (they've also fired all their $20 clerical workers to outsource the work to India for $3.25/hr, but hey, that is the Amercan way!) The article doesn't say what sort of fee they are getting. However, most appraisers in other parts are at least getting 75% of their fee, while we is So Cal have to settle for much less.

I may not get any responses to this post because I know we are all very protective, but seriously, I'm not threat, I'm just a curious cat!

My experience with AMC's and no, I cannot name names, is that they take about one-third of the fee. The problem I have with them is that you end up with two clients. Their attitude towards appraisers can verge upon being contemptuous, especially if you are "NOt meeting their Client's expectations" unquote. I am anxiously awaiting AlaMode's roll out of its new and improved Mercury Network. The lender will be able to order directly without running the risk of 'influencing' the appraiser. In the meantime I am back to dealing with Realtors who also lend because they will still require a quality appraisal to close their deal and not simply one that gives them their number.