Do you enjoy being an appraiser?

[ZZGAMAZZ]

In California? Probably worth more than $800,000 just for the lot or land value alone. She's probably just in over her head and over thinking it..

Nephew, that reminds me to tell you about a guy who I met yesterday whose son lost his home in Altedena. His insurnce company is paying for 3 years of hotel stay...

 

[Airstream]

I enjoyed doing appraisals for the most part. Just like any other job it has its downsides and upsides. But overall it has been a good profession to make a living and raise a family. But I’ve had a varied career because I appraised city, rural, waterfront, etc properties. I think if I did just one type it would have gotten boring.

But I can see the profession getting uglier. The biggest issue is the scope creep. It’s just gotten worse. This idea of having to measure ceiling heights, etc is simply nonsense. When I started all we did was take pictures of the exterior and provide measurements. An entire appraisal was 15 pages long. Now we have to take pictures of the unfinished areas in the basement. This is only because we can take digital photos. I expect this scope creep will continue. Thus I am glad I am 70 and really only do this part time. I don’t need this for financial security. I only do it to have something to do and earn a little extra. Do I continue? I doubt it. In order to be efficient with the new forms it would mean doing enough volume to establish a certain comfort level. Going from the old form to the UAD was not that big of a deal. This I believe is going to be a game changer. Not sure I want to go through the hassle. Maybe I will get my Real Estate sales license which I had at one time. I use to be really good at sales. The again, maybe I will focus on some of my hobbies and forget this entire exercise. I am thankful I am not 55 and in this business.

 

[Tim Hicks (Texas)]

I enjoy being an appraiser and the pay.

I don't like the AMC scope creep working its way into the non-AMC sector. I am not a fan of the "adjustment support" software options because it lacks the reasoning of sensitivity analysis. I feel like they are trying to AVM the appraiser. The real estate market is imperfect, and every property does not fit into the cookie cutter expectations of the GSE's. It has been cumbersome to satisfy underwriting expectations with rural properties that just don't fit in the cookie mold.

I think they are getting closer to the elimination of the need for appraisers. Then it will blow up in their face and they will need appraisers again.

 

[Tom4value]

I am on year 34 of this dog and pony show. When people ask why, I say, “because no one told me to stop!” I have been self-employed since 2001. Yes, it is a pain. Yes, I sometimes worry where my next assignment will come from and have zero benefits; no company-paid insurance or paid time off. Still wouldn’t trade it for anything else!

I have 100% control as to how I run my business. The joke is if I want to complain to the boss, I have to find a mirror! The other thing I like is if there is a problem, I have complete control to fix it. When I did mortgages, the worst part was a loan could blow up and I have zero way to fix it. The only thing I could do was call the borrower with the bad news.

Appraisers have a lot of things to complain about in this business with new rules and client issues. I approach these problems with two steps. 1. Realize that things I don’t like is why this is called a job and not a hobby. 2. Adapt. New rules? Learn how do do them correctly. Treat CE as a way to learn and not a stupid thing I gotta do to keep my license. Endless stips? Learn from them so you reduce them for the next assignment. Difficult assignment? Keep notes so you know what to do when you get another similar assignment. Attitude is everything.

I am in my sixties and I have determined this what I will until I retire.

 

[Elliott]

I think they are getting closer to the elimination of the need for appraisers. Then it will blow up in their face and they will need appraisers again.

GSEs and AMCs have never met an over-valuation they didn't like. Its why GSEs have been in conservatorship for the last 16-years.