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A possible side line to appraisal work???

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TEL2002

Thread Starter
Elite Member
Joined
Jan 16, 2002
Professional Status
Retired Appraiser
State
Louisiana
Recently heard about a possible sideline to appraising. That is being a Notary and a 'Remote Closer' to loans. Does anyone have experience with this. Is it worth the time, etc.

Any input would be appreciated.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Look into the cost of E&O first. In GA anyone can close a loan, but most lenders require that an attorney be the closing agent.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
The best sideline I've had is fully funding
my SEP Retirement and buying and selling
long term bonds based on what was going on
in the mortgage market.

elliott
 
B

Bemis Pownall

Guest
I figure.............
pizza delivery
process server(easy)
MLS photo taker
appointment setter/router for any type of delivery service
FHA consultant
delivery person
delivery company
and many more

since we log so many miles we could do any of these professions with NO training, worrying over AVMs taking our biz away I figure I could fall back on any of these professions...dont want to!
 

Caterina Platt

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
New Mexico
TE,

Before trying this, I would intern at a title company for a while. Have you sat through an FHA or VA closing lately? The stack of paperwork is about 2-3" thick on the simplest deals. Those are the easy ones. I've heard stories about one of my favorite closing officers having to literally strong arm the greedy gut relatives out of the room at a closing of their deceased mother's (grandma,aunt,etc.) property. Ex spouses (or soon to be) trading more pot shots and such over the table. 'I'm not signing that ____ thing! That's not what we agreed on!"

My personal faves are when the buyers get surprised with an entirely new and improved HUD-1. Slimy mortgage company at the last minute decides to throw in a few extra points, fees, hike the rate.....It's grueling. Either the folks sign the junk deal, or quite possibly lose the house. The closing officer frantically calling the lender, "Yes, I'm sitting here with Mr. and Mrs. Smith and they are telling me this loan package is not what they'd been offered..."

Some are slam dunks, many aren't. This isn't a job for the faint of heart. I'm not trying to burst your bubble, in fact, you may already be aware of the possibilities I've mentioned. Just be prepared. These folks get paid well for a good reason.
 

Brenda Tucker

Freshman Member
Joined
Jun 25, 2002
Professional Status
Certified Residential Appraiser
State
California
I think a good sideline (if the government could get us started) would be selling temporary permits for all the unpermitted GLA.
 

Daniel Williams

Senior Member
Joined
Jan 14, 2002
Professional Status
Appraiser Trainee
State
Illinois
Brenda Tucker Said:

I think a good sideline (if the government could get us started) would be selling temporary permits for all the unpermitted GLA.
Now THAT'S funny!.... :D :D :D
Welcome Brenda, with that type of thinking you'll go far here! :?
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
You could also be da "Rotor Rooter Man" too!

I totally agree with the person who said......"go to some closings!" I used to do all my own closings as a Certified Real Estate Broker (CRB). I thought I knew how to handle a closing until the last two I went to. Wouldn't touch it with a staff of 5. Took hours just to go through the documentation, a full hour just to sign the papers, not to mention how long it took to prepare everything.

If you are going to be an appraiser....be an appraiser.
 
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