ASA fired off quite the letter

[J Grant]

I agree with you, what I have never understood is, when a borrower applies for a loan, just like I did last year, you pay the loan application fee and the appraisal fee up front before anything moves forward, yet the appraiser is still expected (in most cases) to wait up to 30 days and you are correct, the guy installing the fence isn't getting paid right away, but that's more than likely because he is an employee and not an independent contractor like appraisers are to lenders/banks/AMC's.

Idk, internal bookkeeping, they want to use the money a couple of weeks, whatever. It was never an issue to me as prior to RE sales and then appraising, I worked in advertising/graphic design where it was common not to get paid for 30 days or so from a client. Not every profession is instant pay.

The problem with appraising is it is very labor-intensive service relative to the fee on the res side, an uneven income due to market cycles and now of course the Waivers eliminating X percent of orders.

 

[Dale Floyd]

A.I. has fired off a letter as well, last Thursday. We've not discussed that yet that I can see.

https://www.appraisalinstitute.org/file.aspx?DocumentId=3131

 

[Mejappz]

A.I. has fired off a letter as well, last Thursday. We've not discussed that yet that I can see.

https://www.appraisalinstitute.org/file.aspx?DocumentId=3131

They probably felt pressured by their shrinking membership to say something but believe me; they are in on the scam.

 

[Dale Floyd]

Whatever the motivation - The appraiser organizations needed to respond, and I'm glad they finally did.

 

[shrubberyvaluation]

When you get a home inspection, you pay upfront, when you get a survey, you pay upfront, when you get HVAC work done, you pay upfront, when you get a new roof, you pay upfront, when you get HVAC work, you pay upfront, when you have plumbing work done, you pay upfront, when you get a new fence, you pay upfront, NONE of these services rarely allowing you to just get an invoice and hope it's paid later, yet appraisers are expected to float lenders/banks/AMC's/borrowers for several weeks until they get paid.

I just got a new HVAC and was invoiced for it after completion rather than charged upfront.

 

[Cob]

I just got a new HVAC and was invoiced for it after completion rather than charged upfront.

So do you think the workers that installed your unit aren't going to get paid until you pay the invoice?

 

[chad hampton]

Seems odd. Last few times I’ve had any work on hvac or anything in my home, the guy pulls up an iPad and requires payment before he leaves.

Sort of like how appraisers were paid before govt took over your business.

 

[George Hatch]

You've got to stop with the untruths. The govt didn't take over your business. They just stepped on your clients and rendered their appraisals unmarketable. And limited your ability to run a trainee shop to only 3 heads.

 

[chad hampton]

Stop with the revisionist history. Most of us were around 15-20 years ago and saw it live. This current system isnt a business. Anyone who had a hand in its creature should be begging for forgiveness.

I Never had a trainee. Even if I did, trainees are bad, but Uber drivers doing the appraisal inspections are good? Odd position to have.

 

[George Hatch]

I suggest you stop trying to rewrite history. Govt didn't take your business. The RE recession which was already coming in at the time wiped out a lot of people who had a lot more experience in this business than you, just like what happened in the early 1990s when the MBs were dominating that market. You were a new CR in 2008 and you and most of your MB clients were always going to take the brunt of any slowdowns.

It's going to get a lot worse for fee appraisers as we go, too. The *only* reason 3rd party inspections are even possible now is because of the technology, and we're nowhere near the end of that evolution.