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AMC Wants to Know

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Blue1

Thread Starter
Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Got a call from a fairly large AMC the other day.......They were "taking a survey" as to why (well let me put this a delicately as I can) appraisers are not accepting their assignments. I (indelicately :oops: ) told them that they do not pay enough. I went on to tell them that "once a month" payment does not supercede getting "paid at the door" and that the incessent phone calls for "updates" could be among SOME of the reasons us appraisers aren't taking as many orders from AMCs. Of course the "clincher" was: "I have more work than I can handle from clients that pay my full fee and don't call every day."

All in all, I gotta give the guy credit for walking into it and taking it like a man.........Hope the work holds out.....Heh Heh Heh...... :roll:
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
I just got a mass mailer from a regional bank looking for staff and fee appraisers. Company car, in-house training (CE?), independent working environment, data, computer, salary and bonus. This is a bank, mind you, not "Fly-by-Night-Mortgage, incorporated in the Bahamas"... I remember teaching a couple courses to their staff a few years back; pretty sharp crew, all in all.

The last time I remember a bank soliciting like this was back in the mid-'80s. The AMCs are going to have to work a little harder and offer some more money if they want to compete with a bank like this....


George Hatch
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
After commiserating with him about how nobody accepts their work and modestly addressing the "payment" issue.....you could have said, o.k., here's how I can help you guys in a big way.....then you pause for a l-o-n-g,....l-o-n-g time......and he say's.....yes, well, what are you talking about ?...........oh, I'm sorry,....yes,....you could tell your management to give you a cut in pay, and place that amount into my fee structure, so I'm not the one losing here, and then I could help you out with those assignments in my area. Sound like a plan ?........................(click)
 
M

mdappr

Guest
I shuffle the good n' bad AMC's, lenders, and mortage brokers. I ratter be payed less by an AMC as long as they dont pressure us for turn around time everyday versus a LO that calls every day for status or UW
that nick picks on every appraisal for no valid reason. If it takes a lender to pay more than 30 days or if they call several times a day, then the assignment goes to the bottom the pile. Pressure me too much and I will cancell the order. Im not working over 12 hours a day and getting fat behind a computer or pay more taxes just for an early retirement to the grave. What a rat race!
 

TC

Elite Member
Gold Supporting Member
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Pennsylvania
The only thing worse than too much work is NONE! In 6 months you may look back and call these the good old days. :lol:

TC
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Hi George,
Sounds like a nice package with plenty of good incentives are being offered by that regional bank. Are you going to try to get your foot in the door?
Considering the current market that I'm dealing with, I believe that if such an offer came across my desk I'd be tempted to throw my name in the hat. :)

Dee Dee
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
Dee Dee,

A staff position appraising houses (or even apartments) is not in the cards for me at this time. That boat sailed a long time ago. But one never knows.... Six months from now we could all be looking for a safe harbor.

On a completely different note...
It cracks me up when some appraisers think they are making so much money and can turn away iffy clients because their work and/or their reputation is so good. "My ship has finally come in, let's order the new Beemer". The smart ones know that this is just a phase. The up side of the cycle, with a down side sure to come. Any fool can make money when times are good. Let's see how well they do during the down side of the cycle. By my recall, 20% of the licensed appraisers dropped out during the last downturn.

We're supposed to understand supply/demand. I'm seeing reports of short sales, and increased rates of defaults and foreclosures in various parts of the nation. Price slowdowns and stagnation in certain market segments almost everywhere. We're all connected, so if the trend builds we will all eventually be affected. We should be reading the handwriting on the wall. Prices relative to wages can only rise so high, interest rates can only go so low. For instance, what happens if we go to war and the interest rates rise even 1%? BOOM!!. Price increases in most areas will stop on a dime and we might even see widespread price declines. How many of us remember appraising during a declining market?

I guess what I'm saying is that it isn't prudent to be arrogant with our clients and those who aspire to be our clients or employers. These guys move from one employer to another and they will remember who among us was merely a little standoffish and who was downright combative. If we want to be respected as professionals, we have to act accordingly at all times and with all of our contacts, even the idiots.

Whew!!....Rant over. Carry on as you were.

George Hatch
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
George,

As usual, I agree with you completely.

One thing that I've noticed is that there seems to be a direct correlation in opinions....optimism vs. pessimism....based on the the experience level of which appraiser you ask. Those that have been in the business, or have lived as adults through the tougher economic times, have no problem recognizing the warning signs of a changing market. Those who haven't tend to brush them off.

The lending industry as a whole is going through some serious growing pains. Lessons learned less than 20 years ago have too quickly been forgotten. Nearly everyone under the age of 40, whether they're appraisers, mortgage brokers, investors or real estate agents, are finding out for the first time that the market doesn't always go up. More than a few are going to be eating humble pie in the near future.

Like the stock market, those who have been selling hot air to the consumer will most likely bite the dirt, so each and every one of needs to take a long hard look at who we are counting on to send us work and determine how much of a future they can provide for us. Those that survive will most likely wind up working under far more conservative standards than what we have seen in the past.

I especially agree with you about not burning bridges with clients. Many will indeed move on to work with companies who will demand a higher degree of experience and professionalism. It's important that we are the first name that comes to mind when they re-adjust their business practices.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Got a solicitation from a MAJOR lender wanting a review appraiser. Office is reasonably close to the house (not having to drive downtown). However, I am supporting my family as well as two other families (my children) as appraisers. So, while it's tempting, I have others to think about. If it were just me, I would consider it just for health benefits ($600 per month, major medical only).

Roger
 
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