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Bank Appraiser

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Lee SW IL

Thread Starter
Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Has anybody worked as an employee of a Bank? Or what about an underwriter?

I have been thinking about hanging up the self employed side, and sending a resumes to banks to be an in house appraiser.

Just curious if anyone else is doing this or have done this.
Im looking for the pros and cons.

I'm getting tired of these AMC's with some of their request and demands. The pay could also be a little better.

thanks
 

John M. Parker

Freshman Member
Joined
Jun 4, 2002
Lee:

When you work for a bank you will do what they want you to do, regardless. IF you don't you will lose your job or the support of the Underwriters or LO's and it will be just a matter of time.

I understand your frustration, I use to feel the same way. The AMC's use to beat the crap out of us. In 2001 I represented STAARS, I made in 9 months $30,000 plus. One day the local rep. called and spent 45 minutes calling me every name in the book because I had cost her two deals by doing my job. Out of over 100 deals four went sour. She said "you will do what your told, hit the number or we will find someone that will". I bit the big one and told her that I wouldn't and couldn't. Two weeks later they took me off their roster and I lost my biggest account. 8O

It was the best thing that ever happened to me, I now have over forty good clients. We do sixty a month and turn down 20+ each month. How did we do it? A friend told me "John there are 80,000 lenders, Mortgage brokers or banks in this country and I've only made contact with less than 1%" there are a lot of good lenders, we take the good fire the bad and market every week. I still have a few AMC's that we work with, they pay us full fee, think were great and treat us with respect.

Take a deep breath, market yourself and don't quit. You quit and the bad guys win.

John

P.S. Our income this year will be 60% more than 2001, I sleep nights, have fun every day have a great staff and would not dream of doing anything else. Good luck.
 

rtubbs

Junior Member
Joined
Jan 15, 2002
Lee, I spent 30+ years working for someone else and could never go back to it. I've been appraising for about 10 years and that is also a struggle at times. I'm tired of 7 days a week; I'm tired of goofy underwrites (just today I have a request to do a final on a new construction {was actually under construction and almost complete} that I just finished last week and they want a stupid recertification of value of with the completion certificate); I'm tired of everything being a rush (I received a request to appraise a purchase this morning and they are closing at 0930 on Monday).

Despite all that, it sure is nice not having someone else (mostly your boss) breathing down your back; It's nice not to punch a clock; it's nice to leave the office when you want to and not tell anyone where you're going or when you'll be back; it's nice not to answer the phone if you don't want to; it's nice to watch the news while you're working or listen on-line to your fav music.

For goodness sakes, don't do it; you'll regret it. But, if you have to, let us know if it's any better.
 

David Mullen

Junior Member
Joined
Jan 17, 2002
Over the years, I have noticed that when the economy slows down, many banks dump their staff appraisers.

I would have to think very hard about it before signing on with one of them. You would have a much more secure future if you found something with a government agency. It is surprising how many appraisal jobs there are in the government.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
RTubbs--it is not a recertification of value if they want current market data and a change in the effective date of the opinion of value. See page 100 of 2002 USPAP--and the sticky in General regarding 2003 USPAP.
 

rtubbs

Junior Member
Joined
Jan 15, 2002
I know that Jo Ann. My point was that the appraisal was only 2 weeks old and they are asking for new data???
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
Lee, I felt the same was and tempted recently by an inquiry by a Bank. Salary was tempting. Buddy of mine was a loan officer there and loved working there. I kept thinking and thinking about it.

I finally decided not to because of the freedom I have. It allows me to do things that I could never do working for someone else. I thought about the last jerk I worked for. He was the reason I am self-employed. I got fed up with one of his smart remarks one day and turned in my notice on the spot. Packed up my stuff at the end of the day and decided to make an attempt at full time Appraising. Praise God I survived it. It has been tough road but I am finally got my License and seeing a decent salary now.

I work harder now but I am much happier. I get discouraged at times but when I can take time to do something for someone or my Church while I am out doing my job. I never want to go back to 9-5 or to work for someone else again!!
 
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Lee,

All the responses to your questions have merit. It is an indiividual matter, and a matter of what opportunities actually exist where you are.

I'd like to re-inforce what Dave M. said. Government does offer opportunites for appraisers. I done Savings & Loan work and work for the County Property Appraiser. The "bank" paid more, but I learned more at the Property Appraiser's office. The Propery Appraiser was a forward-looking, high-type guy. He sent several of us to the University of Florida at Gainesville for appraisal courses taught by a prominent professor of Real Esate Appraising.

Regards,

Thomas N. Morgan
Ocala, FL
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
If you work for someone else, you are as valuable as a desktop computer, a printer, a sticky pad. You are a piece of equipment, nothing else. If they are hiring you, they have to be making a profit using you. While you may get 'benefits', you are only as valuable as the income stream you are generating for the bank. For the bank, if you cost more than farming out the appraisals to fee appraisers, you are too expensive. For you, that means you have 1 client. That client gets in trouble or originations go down, etc., you become expendable. That means you are back on the street with 0 clients. If you can get a job with a major lender as a regional appraiser that orders and reviews appraisals over a large region, then it would be something to consider.

From someone who's been there and done that.

Roger
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Lee, .... If you knew of a certain bank that wanted to engage your services you might consider approaching a part-time status with them first. As much as employers seem to insist they "have" you 40 to 50 hours per week or they'll have you zero hours per week why is it so many are crying that they "can not find enough good people" to help them. You might be able to do 2 days a week with them, and be there designated hitter for appraisal-related assistance on perhaps Mondays and Thursdays while you are still an independant appraiser on all other days of the week. You could schedule a meeting with the official from the bank who makes the decisions, perform a thorough interview of that person and the bank procedures over a lunch, and then know if you want to accept their offer for 2 days/wk. when they get back to you. Sixteen hrs/wk. x $$/hr or salary could be a good income buffer. If it does come to be, make certain there is a clear understanding of the dual-role your career course is following. Sixteen hours for him, the rest for you. My mother-in-law made more money (per day) as a substitute teacher than full-time and she enjoyed doing that for many years. Good luck. Your post has prompted me to consider a similar move.
 
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