Terrel L. Shields
Elite Member
- Joined
- May 2, 2002
- Professional Status
- Certified General Appraiser
- State
- Arkansas
I'm no help. Never work for them, never have, never will.
The Premier Online Community for Real Estate Appraisers!
-
Welcome to AppraisersForum.com, the premier online
community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.
Do you work for an AMC?
- Thread starter James E. Manning
- Start date
- Status
jay trotta
Elite Member
- Joined
- Feb 8, 2004
- Professional Status
- Certified Residential Appraiser
- State
- Connecticut
just one short quick note; Yes we do, but only for the ones that are Not a continual pain in the butt (maybe 30%) - mostly Private / Estates /Divorce work and various jobs for builders-developers, consulting; tax appeal work and on occassion, State work.
We Do Not KILL deals, the Market does !
Side Note; read today an interesting note via MSN, which noted the top 10 things to do when purchasing a home....when it got to the "appraiser" portion, they noted it was an Opinion and by nature appraisals will vary......best source, a willing Buyer & Seller, which determine Value. Interesting concept.....hmmmmmmmmm
Guess that would justfy "Flipping", after all, all parties involved in the "Fraud" are willing Buyers & Sellers......heh, heh
We Do Not KILL deals, the Market does !
Side Note; read today an interesting note via MSN, which noted the top 10 things to do when purchasing a home....when it got to the "appraiser" portion, they noted it was an Opinion and by nature appraisals will vary......best source, a willing Buyer & Seller, which determine Value. Interesting concept.....hmmmmmmmmm
Guess that would justfy "Flipping", after all, all parties involved in the "Fraud" are willing Buyers & Sellers......heh, heh
mick34d
Freshman Member
- Joined
- Mar 5, 2008
- Professional Status
- Certified Residential Appraiser
- State
- South Carolina
How long have you worked for the AMC? - Seveal over 7-8 Yrs.
How % of your workload is with a particular AMC? 10%
Are you relatively new to the business(under 10 years)? No
Have you ever been pressured to raise a value? Yes
From the AMC or a re agent/ mtg broker? Both
Has the question of fees ever come up with the borrower at the door? No
How was it resolved? NA
And finally: What is your typical fee arrangement with the AMC? What I am willing to accept. What I have found out there trial and error, if you are willing, in my area that is, to accept $150-$175 you can get a lot of work from the big boys, GAC, LSI, etc., most of the AMC's are trying to lower costs because they cannot get the volume, even when you sign up for most of the AMC's they want your "most competitive fees".
The problem is they all have some weird ideas on who is actually doing the appraisal. Example, I had a home where there were some structural issues, I appraised is "subject to" and they wanted me to change it to "as is" and then they wanted me to provide them with a "cost to cure". Per USPAP it is the appraisers respnsibilty to decide if the appraisal can be completed "as is" or not, it cannot be decided upfront. Most of the orders they send over violate USPAP once you accept them as well. The problem is the AMC's are not regulated, but you are. So keep that in mind.
I signed up with the big ones and tried to do the volume deal for a while 30-40 just from the AMC's), lost a lot of sleep by the way, but now I no longer get much business from them either, because they are just like the local mortgage brokers, if you ruin enough deals (sorry if the market or subject ruins enough deals) they will cut you off as well. Regardless of whether or not it is the right thing to do. All I get now is REO work which pays decent and if I run into a tough one I do ask for an upcharge. I keep my radius close for their work as it is a little less money, but if I am going out anyway they help cover my gas.
So in short, if you live in a highly concentrated area where you can do a lot of appraisals in a small area, such as Phoenix, Minneapolis, etc then you can make it work on bulk, if you are willing to look the other way on you scrupples and do not mind giving "cost to cures' or just do not list item such as chipping and peeling paint, worn carpet, etc. Up to you.
How % of your workload is with a particular AMC? 10%
Are you relatively new to the business(under 10 years)? No
Have you ever been pressured to raise a value? Yes
From the AMC or a re agent/ mtg broker? Both
Has the question of fees ever come up with the borrower at the door? No
How was it resolved? NA
And finally: What is your typical fee arrangement with the AMC? What I am willing to accept. What I have found out there trial and error, if you are willing, in my area that is, to accept $150-$175 you can get a lot of work from the big boys, GAC, LSI, etc., most of the AMC's are trying to lower costs because they cannot get the volume, even when you sign up for most of the AMC's they want your "most competitive fees".
The problem is they all have some weird ideas on who is actually doing the appraisal. Example, I had a home where there were some structural issues, I appraised is "subject to" and they wanted me to change it to "as is" and then they wanted me to provide them with a "cost to cure". Per USPAP it is the appraisers respnsibilty to decide if the appraisal can be completed "as is" or not, it cannot be decided upfront. Most of the orders they send over violate USPAP once you accept them as well. The problem is the AMC's are not regulated, but you are. So keep that in mind.
I signed up with the big ones and tried to do the volume deal for a while 30-40 just from the AMC's), lost a lot of sleep by the way, but now I no longer get much business from them either, because they are just like the local mortgage brokers, if you ruin enough deals (sorry if the market or subject ruins enough deals) they will cut you off as well. Regardless of whether or not it is the right thing to do. All I get now is REO work which pays decent and if I run into a tough one I do ask for an upcharge. I keep my radius close for their work as it is a little less money, but if I am going out anyway they help cover my gas.
So in short, if you live in a highly concentrated area where you can do a lot of appraisals in a small area, such as Phoenix, Minneapolis, etc then you can make it work on bulk, if you are willing to look the other way on you scrupples and do not mind giving "cost to cures' or just do not list item such as chipping and peeling paint, worn carpet, etc. Up to you.
Summer
Member
- Joined
- Jan 2, 2008
- Professional Status
- Certified Residential Appraiser
- State
- Connecticut
If you perform appraisals for an AMC like Rels, Finity, EAppraiseIt, Landsafe, Quantrix, or Secolink...I have a few questions, if you don't mind.
How long have you worked for the AMC? The one that I have is about 3 years.
How % of your workload is with a particular AMC? 20%
Are you relatively new to the business(under 10 years)? Under 10...about 6 years
Have you ever been pressured to raise a value? Yes...by PCV Murcor and Real Estate agents.
From the AMC or a re agent/ mtg broker? The mortgage brokers I work for are the most professional. They never pressure me. They have been in business a long time. The AMCs push on other issues and the agents threaten you if you don't hit value.
Has the question of fees ever come up with the borrower at the door? Yes
How was it resolved? I just don't discuss with the borrower because the AMCs tell you that you cannot discuss as well as dictate dress code.
And finally: What is your typical fee arrangement with the AMC? I try to get $250 or above.....I try to stay around $275 or more depending on size of home
How long have you worked for the AMC? The one that I have is about 3 years.
How % of your workload is with a particular AMC? 20%
Are you relatively new to the business(under 10 years)? Under 10...about 6 years
Have you ever been pressured to raise a value? Yes...by PCV Murcor and Real Estate agents.
From the AMC or a re agent/ mtg broker? The mortgage brokers I work for are the most professional. They never pressure me. They have been in business a long time. The AMCs push on other issues and the agents threaten you if you don't hit value.
Has the question of fees ever come up with the borrower at the door? Yes
How was it resolved? I just don't discuss with the borrower because the AMCs tell you that you cannot discuss as well as dictate dress code.
And finally: What is your typical fee arrangement with the AMC? I try to get $250 or above.....I try to stay around $275 or more depending on size of home
- Status