Calling all AMC Appraisers in So Cal!

[Pete Humphrey]

I'm just curious - and by the way, I'm no threat because I hate the AMC's and will get out of this business before I ever get raped, oops! I mean accept an order from one for less than 90% of my fee....not to mention, the ones I've investigated are no longer accepting new appraisers.....but anyway,

Are any of you in So Cal doing appraisal work for AMC's?
If so which ones???
What's the average fee they are paying you for a 1004?
How many orders to you get a week?
How are you surviving?

I know appraisers in other parts of the U.S. are doing pretty good with AMC's. In fact, I just finished reading the article "Making AMC's work for You" in the summer issue of Working RE about an appraisal firm in Texas that is going gangbusters with the AMC's (they've also fired all their $20 clerical workers to outsource the work to India for $3.25/hr, but hey, that is the Amercan way!) The article doesn't say what sort of fee they are getting. However, most appraisers in other parts are at least getting 75% of their fee, while we is So Cal have to settle for much less.

I may not get any responses to this post because I know we are all very protective, but seriously, I'm not threat, I'm just a curious cat!

 

[realbiz]

Are any of you in So Cal doing appraisal work for AMC's?
No
If so which ones???
N/A
What's the average fee they are paying you for a 1004?
I have friends getting $165 to $225 depending on the client
How many orders to you get a week?
They tell me 1-2 orders per week, some companies have stopped sending orders.
How are you surviving?
On the residential side I do mostly REO and VA work.

I may not get any responses to this post because I know we are all very protective, but seriously, I'm not threat, I'm just a curious cat!

My bold answers are above, hope this helps. The main problem now with AMC's, there is no demand for additional appraisers on their approved list due to current market conditions. California is so populated, and have so many appraisers that most AMC's have no trouble having appraisers fight for the $165 to $225 job. Most of these appraisers are fairly new to appraising and have been accepting these fees for several years, or are midsized shops sending out trainee's (I personally know parties in both categories). I think the reason some appraisers back east are getting 75% is due to remote or rural properties, not as many appraisers, etc. Speaking of Southern California only, if you work in Needles, Baker, Barstow, Big Bear etc. where there is less competition I am sure you can get up to 90% of your fees. If not, you should be demanding them. I get these calls all the time. Anyway, keep trying to get on their list and good luck.

 

[DucksRock2727]

I do a little work for an AMC. It is review work and I get $200 for a field review. I only do reviews where I drive less than 30 minutes otherwise I say no. I get about 3-5 a month from them. I do not depend on it for my work. I only use it to supplement the work I already have.

 

[bschmidt]

I never work for AMC's and if I did, it's full fee and a signed engagement letter or the day off!

 

[Blueprint]

most AMC's have no trouble having appraisers fight for the $165 to $225 job

Appraisers working for these ridiculous fees are not going to provide that info to the public as they obviously are only competent enough to compete with price.

 

[CANative]

How much time does it take to do a simple 1004 type appraisal in an information rich urban So. Cal. neighborhood? $200+- might be OK.

 

[Blueprint]

More time than it used to I suspect. In this market, the info is inconsistent and definitely not plentiful like it used to be.

 

[panappr]

How much time does it take to do a simple 1004 type appraisal in an information rich urban So. Cal. neighborhood? $200+- might be OK.

Greg please... we're trying to make a living here.

 

[realbiz]

How much time does it take to do a simple 1004 type appraisal in an information rich urban So. Cal. neighborhood? $200+- might be OK.

Greg, the information is not as rich as you may think in this market. Unless, you want to use trustee sales as a comparable. Also, keep in mind that the cost of living in this area is high. It should now take a good appraiser almost twice as long to complete a simple 1004 as compared to several years ago based on most lenders requirements. The price of food, gas, and some utilities have recently gone up just to name a few in my area, while AMC's want to lower the cost for a 1004. Now if appraisers want to fight over the low fee's, and if you, like the AMC's feel that a 1004 is only worth these fees, I have no problem with that. But, keep in mind that AMC's have not cut the cost of their appraisal fee's to the bank.

 

[LA Woman]

My area of Los Angeles County has plenty of sales, it just takes a lot of time to digest all the data. Prices are still falling, tons of listings, sales are picking up.

Most of my work now comes from AMCs. Fees are around $175 URAR and $250 REO. Complex assignments can usually get $450.

However, the worst thing about AMCs is not the fee (it SUCKS of course) but the worst thing is their turn times and stips. If I have a nickel for every stip that I got that was already in the report, but they just didnt read my report, well then I think I could retire. The turn times some of these guys wont is too much to be believed. I'm sorry, but there is no way I can produce a quality report in 24 hours, no matter how fast I work.