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Considering residential work?

pbidwell

Thread Starter
Freshman Member
Joined
Apr 29, 2010
Professional Status
Certified General Appraiser
State
Michigan
Since our office does both residential and commercial work I am on the mail list for ala mode software/CoreLogic emails. Out of the blue, I get this email from a Sale Rep at CoreLogic. Did anyone else get this? Are that many commercial appraisers wondering about doing residential work because it is too slow for them? Just curious.

Hi Paul —

Have you considered doing any residential work? If so, we'd love to help you out.

I've had lots of commercial appraisers reaching out about it, so I'm letting my contacts know that we're willing to offer some discounts if you want to get started with our software.

When it comes to product features, support, and training - no one can take care of you like we will. Plus, you'll have our 100-day money-back guarantee.

Should we schedule a call?

Tammi Emerson
Appraisal Sales Representative
CoreLogic | a la mode
866-582-5853
 

Michigan CG

Moderator
Staff member
Moderator
Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
I've had lots of commercial appraisers reaching out about it, so I'm letting my contacts know that we're willing to offer some discounts if you want to get started with our software.

I highly doubt she has had a lot of commercial appraisers reaching out. Just a sales pitch.
 

Stone

Elite Member
Joined
Feb 1, 2002
Professional Status
Certified General Appraiser
State
Wisconsin
I've had a definite uptick in lenders and AMCs calling to see if I will do some residential in the area. But, just getting software (even at a discount) is hardly all I'd need to do to get back into residential lending appraisals at this point. It has been since 2007 since I did that, and even if there actually were significant numbers of orders just waiting for me to fire up my new software, I'd be so dang slow figuring all the different reporting requirements out it might as well be a different job. The only way it would ever make sense to go that route is if I decided to be done with what I do now and go back into residential lending for real and not just for a short term patch.
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
It has been since 2007 since I did that, and even if there actually were significant numbers of orders just waiting for me to fire up my new software, I'd be so dang slow figuring all the different reporting requirements out it might as well be a different job
Not quite the same time frame, but ... a RES guy I used to work with at the firm I started at took a significant time off (5-6 yrs) but kept his license active
Long story short, when he got back into it, he called me up (he has almost 2 decades appraising on me) to figure out what all this "new stuff" was (i.e. UAD, CU, etc)
So (my bold) ... I definitely could see a COMM guy having some issues, let alone a RES guy
 

Stone

Elite Member
Joined
Feb 1, 2002
Professional Status
Certified General Appraiser
State
Wisconsin
I’m perfectly comfortable appraising a residence in the market area where I previously provided that service But producing a report that meets current reporting standards would be really time consuming and I’d probably hear from a reviewer or underwriter about my many mistakes.
 

Alamo Cowboy

Sophomore Member
Joined
Mar 20, 2020
Professional Status
Retired Appraiser
State
Texas
In my day I typically did 1-3 commercial assignments per month for 30+ yrs. I also did 7-10 residential assignments (full, drive-by/no reviews) per month. My first software provider went belly-up in the early '90s and from then till I retired I used a la mode for residential assignments. Sometimes on small commercial I used a la mode commercial forms for non complex assignments. It worked well. On more demanding assignments I had a clone narrative report on Word and just added and subtracted sections.

I didn't work in a major urban area for most of my career and working both sides of the street provided me a steady stream of work. Also, most of my residential work was not with AMCs. I didn't have major time constraints on turn-time for full residential reports. My drive-by work was with 1-2 AMCs that gave me a 5 day turn-time. My commercial work was mostly bid (commercial banks, state, county & city assignments). 15% of my time was spent securing the opportunity to make bids. My residential work just fell into my lap and developed through referrals over time.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
But producing a report that meets current reporting standards would be really time consuming and I’d probably hear from a reviewer or underwriter
Yes. Res was easier prior to the UAD etc. I did narratives but I had 2 full time and a part-timer doing residential and I reviewed every single one before signing off on them when they were required to have my signature and I trained both in part (my first partner was the CR and trained them until she succumb to cancer. I filled out a few form reports, mainly non-secondary market 1 page summary reports. But after the UAD my helper, officially a registered appraiser but not a trainee, became very confused about the requirements and I found them to be such a PITA as well as other things going on, we simply went to do the non-secondary reports ("evaluations" level but as appraisals) for in house banks and I concentrated on narrative commercial and ag work. We worked up thru 2015 that way until one of our biggest clients sold out; Lu's lupus was working on her so hard, she retired; and, I went strictly narrative and part time....actually pretty full time part time until about 3 years ago.

I don't think I want to go back to forms, especially with the complexity of the underwriting and having to learn both FHA and Fannie Mae protocols compared to what IAG requires. Instead of concentrating on the form, I can stick to the function of an appraisal, mainly to value a property. Secondary market seems more concerned about everything but the value.
 

Alamo Cowboy

Sophomore Member
Joined
Mar 20, 2020
Professional Status
Retired Appraiser
State
Texas
IMHO, I feel many appraisers in outliner areas of major cities should be able to multi-task - do residential and commercial assignments. If they don't and only rely on one avenue of work their longerivity and success ($) will be limited. There is a void for appraisers to fill on commercial properties under $750K - for example, churches that want to buy, sell or refinance.
 
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