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Anyone benefitting from the financial crisis?

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Doug in NC

Thread Starter
Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
I've heard rumors about gov't regulators ordering new appraisals, in association with the current financial crisis. Just wondering if anyone is being asked to do re-valuations of portfolios and/or increased review work?
 

ccooper

Junior Member
Joined
Mar 9, 2002
Professional Status
Certified General Appraiser
State
Missouri
We have had some increased work on re-evaluating newly developed subdivisions for banks. Apparently, the auditors are looking at subdivision loans really closely...understandable. We have bid on some FDIC repo work on developments that have already gone under and the bank went into conservatorship. Minimal, however. All in all, commercial volume is about even with residential down.

Personally, I have knocked about 10 strokes off my golf game in the last 9 months. Lots of extra time on my hands.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Yes, I have picked up work where the examiners asked for an "update" or "review" of a prior property appraisal due to changes in market. Appears for big loans in house that have high LTV ratios.
 

AppraizinAZ

Junior Member
Joined
Dec 31, 2006
Professional Status
Certified Residential Appraiser
State
Arizona
AMC's are still in business!!!!
 

Wendy

Senior Member
Joined
Feb 23, 2004
Professional Status
Certified Residential Appraiser
State
Florida
Let's see, the last three jobs I did are:

1. REO
2. REO
3. Re-valuing of held assets.

Yep, I'd say the downturn is all that I'm getting work from.
 

The Warrior Monk

Moderator
Staff member
Moderator
Joined
Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
My referral work has dramatically increased over the past several months. It's due to a variety of reasons...appraisers leaving the business, appraisers taking side/full-time jobs that cause conflicts (e.g., working for a municipality and not being able to work in a jurisdiction), and other nearing retirement and cutting back. None of it is res-lending related.
 

jtinmichigan

Member
Joined
Feb 7, 2008
Professional Status
Certified Residential Appraiser
State
Michigan
I've had one of the best summers ever doing REO's and re-valuing of held assets. More REO work, but the other side is picking up fast.
 

Doug in NC

Thread Starter
Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
AMC's are still in business!!!!
On a positive note, I've heard that some are suffering. Some of the larger ones will have to go out of business soon (if lending doesn't pick up) because their overhead has got to be killing them. I hope they all choke each other to death on low fees, and take their 1/3 price appraisers with them when they fall.
 

Wendy

Senior Member
Joined
Feb 23, 2004
Professional Status
Certified Residential Appraiser
State
Florida
On a positive note, I've heard that some are suffering. Some of the larger ones will have to go out of business soon (if lending doesn't pick up) because their overhead has got to be killing them. I hope they all choke each other to death on low fees, and take their 1/3 price appraisers with them when they fall.

:clapping: :clapping:
 

Craig Farr

Junior Member
Joined
Sep 26, 2004
Professional Status
Certified Residential Appraiser
State
Arizona
2008 completed-file total exceeded 2007's in late-September. Clearly due to steady, daily REO work. Very few refinances, and many of those requests fizzled when we called to set an appointment. There are lending mills (20, 30, 40 people in cubicles) fast-talking homeowners into refinance, the MB calls us to schedule a collect-at-door, we call the homeowner and get "We never agreed to this" or "We changed our minds".
Rising unemployment will provide steady REO work for at least another 12 months, sadly.
 
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