• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

5 COMPS - mandatory

Status
Not open for further replies.

Doug in NC

Thread Starter
Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
I've heard one AMC is now requiring 5 comps on every report. They also made it clear that they don't expect their appraisers to be paid more as a result either. Sounds like a way to extract free comp data for their database. So if you work for certain AMCs, they're trying to make you a free appraiser instead of a fee appraiser.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Choice is a wonderful thing.
 

TC

Elite Member
Gold Supporting Member
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Just say no.

NR
 

Non Sequitur

Elite Member
Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
Why not 6? I mean, if 5 is better than 3, 6 has to be the gold standard.

All jokes aside, I'll bet good money the AMC won't lose a single appraiser, won't change turn times and we all know by now won't pay more. Heck, I'll even go out on a limb and predict in the next 5 months (since they like 5 so much) they'll send out one of those "Dear Valued Business Partners: In order to remain competetive we've had to drop fee's, blah, blah, blah".
 
Joined
May 2, 2006
Professional Status
Certified Residential Appraiser
State
Ohio
5 comps for same price as 3

If you think you are worth nothing, then charge accordingly. Apparently, many appraisers think they are worth nothing as they are willing to work for chump wages. (Do you think someone who has earned a masters degree or higher would work for typical AMC rates?)
 

David Wimpelberg

Moderator
Staff member
Moderator
Joined
Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
I look at it this way: Use, at a minimum, the amount of information necessary that is necessary to create a credible report. Three is simply some standard that some particular client requires. I can't remember the last time I used only three sales in an appraisal.

As with any assignment, charge according to the amount of work necessary.
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
I look at it this way: Use, at a minimum, the amount of information necessary that is necessary to create a credible report. Three is simply some standard that some particular client requires. I can't remember the last time I used only three sales in an appraisal.

As with any assignment, charge according to the amount of work necessary.


I agree. The best comp is not always within six months (or three now). So, I always have 4-5 in the report anyway. Expecially on rural appraisals when you need a comp with a barn, with a pool, with larger, less and equal acreage, etc.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
I completely agree with Tim and David. Provide what ever is necessary to develop a report that is easily understood by a reader on the opposite side of the country of how and why you arrived at your opinion of market value based on supportable data for that specific market and neighborhood. And then charge accordingly. If the client does not agree with that method of operation--remove them from your approved client list.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
More for less...the motto of the AMCs.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
If you think you are worth nothing, then charge accordingly. Apparently, many appraisers think they are worth nothing as they are willing to work for chump wages. (Do you think someone who has earned a masters degree or higher would work for typical AMC rates?)

In the late 80's in Southern California, we were experiencing high unemployment and a local recession because of the shut-down of many defense contractors. At that time, I was working for a restaurant company as an area supervisor.
We were opening a new restaurant in Pasadena. The line was down the block with applicants. Several had their Master degrees and were more than willing to wash dishes.

I remember the story about a guy standing on the corner with a sign, "Will design a missile defense system for food".

While I (as I assume you) do not work for AMCs, some good appraisers are faced with few options right now and will take what you deem "chump" wages to feed themselves, their family and pay their bills. :new_smile-l:
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks