3.6 Crunch Time

[Non Sequitur]

Well, at least he’s honest. At the end of the day this is what AMCs have turned appraisers into:

 

[J Grant]

What a fing joke!. Any dumb appraiser willing to do a 3.6 for the same fee is a complete lunatic. I am 5 hours and counting on a 3.6 report. Fees should double at least. Why are we stuck on the same fees as 20 years ago? Everything has gone up in 20 years, except for appraisal fees. Wake up people

Solidifi can send their response messages about fees, but if appraisers who accept AMC work all raise their miserably low fees to at X% more, the AMCs such as Solidifi would have to pay it to get the appraisal done.

 

[timindp]

Solidifi can send their response messages about fees, but if appraisers who accept AMC work all raise their miserably low fees to at X% more, the AMCs such as Solidifi would have to pay it to get the appraisal done.

Yea, but all the bottom feeder appraisers won't raise their fees, that's the problem. And ofcourse the AMC's will always choose the cheapest sucker.

 

[Dublin ohio]

Solidifi can send their response messages about fees, but if appraisers who accept AMC work all raise their miserably low fees to at X% more, the AMCs such as Solidifi would have to pay it to get the appraisal done.

Unfortunately, nothing more than wishful thinking. The same appraisers that are doing 2.6 for cheap will just do 3.6 for cheap. They will probably be the appraisers that use all of the AI widgets to save time, which very well may come back to bite them in the rear, or one can only hope it will

 

[Sandra Koutsopoulos]

Isn't Solidify one of the lowest paying AMCs anyhow? If appraisers 'just say no', perhaps Solidifi will be the outfit retiring.
I think the consensus is that the 3.6 is more work , will take more of the appraiser's time, and it may come down to desperate appraisers being willing to take a pay-cut per hour, vs retiring, vs moving on into something else to support themselves, it may all become a watershed moment. Since the majority of appraisers are in the 65+ age group, and are an independent bunch of self-employed analysists, I think Solidifi's position will be in the minority when they can't find real appraisers to take their orders. There are a number of AMCs I wouldn't accept an order from anyhow because they have proven themselves to be a PITA, and not worth the aggravation.

 

[Non Sequitur]

Nothing is going to change, I have hope but hope doesn’t pay the bills. The same appraisers who take substandard 2.6 fees will take substandard 3.6 fees. That’s just reality.

 

[chad hampton]

Bottom feeders are the staff and sweat shops. They aren’t allowed to ask for higher fees.

You want better fees in a manipulated market? Then You need collective bargaining.

I told everyone 15 years ago the “well if appraisers don’t accept the fee they would raise the fee” arguement was failed logic. And here we still are, 15 years later still trying it. I know how this ends.

 

[Airstream]

I really don’t know what 3.6 is like yet. I haven’t done one. So hard to know what I will be asking. And that is a problem for many of us. We really don’t have a good handle on it. And we probably won’t for at least a few months. It will probably take us about 10 reports before we know.

My rule of thumb? What is your plumber or electrician making per hour? Don’t work for less. And frankly ask what a local accountant is getting per hour. That is more in line with reality.

But if people aren’t adamant about realistic fees now I doubt they will be with 3.6. And I know it is hard for appraisers to stand their ground. I have a few friends I keep chiding for being too cheap. I think I finally convinced them. Lawyers and accountants don’t seem to bat an eye. Why should we?

 

[Sandra Koutsopoulos]

I think this current system of 'bidding' for appraisal orders is a big part of the problem. It enables AMCs to get a bunch of different fees in a matter of a few minutes, so they know what it will take to get an appraiser to bite on it. Personally, I give my quote, and maybe 20% of the time I get the order, and usually those are not the 'cookie cutter' ones. When we had lender clients, they knew our work quality, and if we had established reliability and competence we could talk to them if a fee didn't take the property's peculiarities or special features into account. The lenders I worked with knew that whatever/wherever the property was within my work area, I would accept the order and deliver the report on time. There's something very positive and reassuring about having people in your orbit you can count on.
That doesn't happen with the appraisal quote/bidding system.

 

[Fernando]

What a fing joke!. Any dumb appraiser willing to do a 3.6 for the same fee is a complete lunatic. I am 5 hours and counting on a 3.6 report. Fees should double at least. Why are we stuck on the same fees as 20 years ago? Everything has gone up in 20 years, except for appraisal fees. Wake up people

Why are you doing a 3.6 report? Was it required? Wanted a head start in doing 3.6?