Anyone benefitting from the financial crisis?

[Doug in NC]

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]

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]

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]

AMC's are still in business!!!!

 

[Wendy]

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]

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]

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]

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]

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.

 

[Craig Farr]

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.