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Appraiser/home Inspector

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Birdman

Junior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I'm now a licensed appraiser and thinking about also doing Home Inspections. I was in the construction business for 25 years so know my way around a house so to speak. How did you train for this profession (Home Inspections) and what Professional Organizations do you belong to? Any advice will be appreciated.

Thanks in advance
Steve
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
Steve-

I've a similar background--15 years in various construction disciplines (predominately residential), worked in four states & Japan.

I started offering Home Inspection services in the early '90's,' (after intense research), and obtained my license as a Commercial Pest Control Consultant shortly thereafter.

I worked as a Home Inspector/Pest Inspector, and Appraiser simultaneously for a period--believing it would provide me with a diversity not otherwise afforded to those appraiser's relying heavily on the refinance market. However, I quickly discovered that I could conduct appraisals full time and as appraising pays better than Home Inspections (in this area) I discontinued Home Inspection services. Additionally, the education requirements would become too much after I obtained my real estate license.

I've since obtained my real estate license (as has my wife), and I'm currently chasing my Broker's license. Much greater financial awards are possible in this area (I'm a fan of money--I like it).

I think it is important you know...much of home inspector's work comes from real estate agents, and if there's anything worse (much worse) than having loan officer's choose their appraisers, it would be real estate agents recommending home inspectors to their buyers. I've had many loan officers confide in me that agents are responsible for the majority of the problems regarding pressure on appraisers. Moreover, there have been many law suits over agents steering their buyers to home inspectors who tend to overlook conditions (sound familar?). The law suits are higher for home inspectors than appraisers and the pay is less. If you don't already have enough stress from lender pressure this might be a great idea.

-Mike
 

Frederick R. Ruffell

Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
I too have a background in construction, What I found when trying to combine appraisal work with Home inspection work was that when there are alot of Sales requireing Home inspections there are likewise alot of appraisals needed. I would much rather do an appraisal than a Home inspection (better money). So when it is slow for appraisal work it is also slow for home inspection work and converesly when it is busy for appraisal work it CAN be busy for home inspection work. If they were inversely related then I might consider it but they are not. I do have a brother in law that I would like to see get into the home inspection business and then I could offer his services through my company as he is not an appraiser.
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
In 94-97--when the refi market had dried up--I knew many appraiser's who were out of work. Their employers had required they operate as a subcontractor (oxymoron) and they were tough out of luck when the interest rates rose (no unemployment...nothing).

During that same time period I knew many agents who were prospering--as were their home inspectors. This may have been due to the fact there was soooo many 'new blood' appraisers in the business at that time (which, coincidentally enough, is why we have soooo many number hitters now--in my opinion).

It'll be interesting to see what will happen when interest rates start to rise again...will we experience the same phenomenon?

-Mike
 
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