Appraising for banks

[HKnowles]

I don't get it

So, the RE market diminished the market for MBA Accountants? I must have missed that issue of the WSJ.

Who said my MBA was in Accounting???

Stop drinking "Hatorade". Let's improve the profession.:new_all_coholic:

 

[Mr Rex]

So does it matter if its accounting? Seriously, you should search all posts with Genteel contributions. You will thank us later, or maybe not. I think she/he mentioned hatorade.........

 

[HKnowles]

What is Genteel?

So does it matter if its accounting? Seriously, you should search all posts with Genteel contributions. You will thank us later, or maybe not. I think she/he mentioned hatorade.........

I Googled "Genteel" and found a lot of ancient, victorian type references. I don't get it. Is there a contributor named "Genteel?"

 

[Mr Rex]

Genteel was here on the AF. You really need to review those posts before you get in too far.

 

[Hamlet]

I sincerely thank you for this perspective. The introduction of the differing sets of rules for appraisers determining a value and real estate agents determining a value are presented as mutually exclusive in your review.

The argument of separate definitions of value based upon a professional license title seems dichotomous. Based upon the perspective you introduced, the rules and ethics pertaining to real estate valuations distinguished between appraisers and real estate agents conflict.

If they conflict, then the concept of a BPO in its format should be considered illegal or unethical. In Georgia, the Georgia Real Estate Board governs both real estate agents and appraisers. For the state to sanction an act which gives one set of professionals an economic advantage which conflicts with another set of professionals in terms of utility of professional licensure, presents an potential for conflict.

I strongly appreciate your review. I am going to open a new thread for appraisers to review. In addition, I am going to present this to my state government for discussion.

All gripes aside - as I stated before, this forum has a few strong positive participants. Recalcitrant and negative detractors take away from the beauty of this forum and the profession.

You need to read AO 21 for an understanding of the difference between an appraiser providing an appraisal and a real estate agent providing a BPO. If you are going to wear two hats, better keep them seperate.

 

[HKnowles]

Thanks, roger!

You need to read AO 21 for an understanding of the difference between an appraiser providing an appraisal and a real estate agent providing a BPO. If you are going to wear two hats, better keep them seperate.

Will do. Thanks again.

 

[Mr Joe Valdez]

 

[Michigan CG]

That is funny...just sitting and watching the carnage huh?

Mr. HKnowles. There is some good advice previously. Do you have a realtor's license to do the BPO's?

I think the main problem you might be having (in this thread) is that the appraisal industry is down, significantly for some, and BPO's are insulting to residential appraisers when they are done on REO properties. It is pretty much the consensus that the Realtor's are taking food off of the tables of appraisers doing these reports. Additionally, they are not truly reliable opinions of value. A Realtor doing these reports might be likely to come in "high" all the time so they get more of this type of work since they are also starving with nothing selling. I have read where about only 30% of Realtors are really making enough money to survive on in some areas.

Another roadblock you may be getting into here is that you are giving appraisers advice on how to run their business, many who have been in business for many years. There have been plenty of trainees come on to this forum in my short time here who spouted how appraisers are ignorant and need to change this and that.

You had doors slammed on you by many appraisers most likely because there is not enough work. If you called my office I would politely tell you the current status of the industry (most call because they went to a couple classes and now want to work in residential) and I would tell you that my two-three residential orders per month would not be enough to keep you busy, and i like an occassional residential now and then to remind me how much I like commercial work.

Good luck to you sir, and do look up some of Genteel's posts when you get a chance as suggested above, and look at some of the other appraiser trainees posts who supported his thoughts and feelings. Typically the responses started out nice and then the carnage began shortly thereafter.

Good luck.