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Fee Survey Printed In Ann O'rourke's Appraisal Today

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hastalavista

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Certified General Appraiser
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Just received Ann O'Rourke's Appraisal Today newsletter (although I think there is a misprint on the date; the newsletter says February 2017).

Ann Summarized the results from two appraisal fee surveys: One completed by Alterra (surveying appraisers) and one completed by Valuation Review (surveying lenders and appraisers).

Somewhat of an interesting response from appraisers to this question:
"As an appraiser, how would you rate the typical appraisal fee you were paid?"
2016 Response:
43.6% responded it was the average, 18.9% responded it was above average, but only 8.9% responded it Customary and Reasonable.

When asked about the "ideal fee" for a 1004 with the MC, the average/mode was about $500.
In 2016, 32% indicated that their fees were $400 to $500, and 21% indicated it was above $500. 7% reported they received less than $300.

AMCs reported that for 52% of the time they pay $400 to $500, and for 36% of the time they pay more than $500.

There is a lot of good info in this article; some of it may have been disseminated elsewhere, but this summarizes results for 2014, 2015, and 2016.


Yes, this is a national average, and individual markets obviously vary, but there seems a disconnect between the number of appraisals that are claimed to be taken/ordered for sub-$300 vs. what is regularly reported here.

Here is a link to one of the surveys: http://www.valuationreview.com/vr/voice-of-the-appraiser-2016.aspx
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Just received Ann O'Rourke's Appraisal Today newsletter (although I think there is a misprint on the date; the newsletter says February 2017).

Ann Summarized the results from two appraisal fee surveys: One completed by Alterra (surveying appraisers) and one completed by Valuation Review (surveying lenders and appraisers).

Somewhat of an interesting response from appraisers to this question:
"As an appraiser, how would you rate the typical appraisal fee you were paid?"
2016 Response:
43.6% responded it was the average, 18.9% responded it was above average, but only 8.9% responded it Customary and Reasonable.

When asked about the "ideal fee" for a 1004 with the MC, the average/mode was about $500.
In 2016, 32% indicated that their fees were $400 to $500, and 21% indicated it was above $500. 7% reported they received less than $300.

AMCs reported that for 52% of the time they pay $400 to $500, and for 36% of the time they pay more than $500.

There is a lot of good info in this article; some of it may have been disseminated elsewhere, but this summarizes results for 2014, 2015, and 2016.


Yes, this is a national average, and individual markets obviously vary, but there seems a disconnect between the number of appraisals that are claimed to be taken/ordered for sub-$300 vs. what is regularly reported here.

Here is a link to one of the surveys: http://www.valuationreview.com/vr/voice-of-the-appraiser-2016.aspx

And, since when is Alterra or Valuation Review,
disinterested parties?

So start with survey participants, would be ones who
A: are on the mailing lists of these companies,
B: did not already set their email to report to Spam, email from either of these.

.
 

Terrel L. Shields

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State
Arkansas
there seems a disconnect between the number of appraisals that are claimed to be taken/ordered for sub-$300 vs. what is regularly reported here.
Appraisers would have a dog in fight by inflating their fee and AMCs would not want to be caught up in being seen as low ballers, so likely would report the highest fees from a high market...
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
That and AMC buddies could run around and claim the "shortage" isn't based on the fees paid. 'Cause look, there's "information".

There is information,
and then there's Kool Aid.
Similar to the HW article that laid claim to the FTC not granting a stay, two days before the FTC granted a stay and 12 hours after we duscussed the Penalty section of the Dodd Frank.

.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Here's another one that has been previously posted on this forum: By UNLV (presumably, you will consider it produced by a disinterested party):
While it only covers Nevada, its fee indications are not that much different from the national survey.

http://www.nvappraisers.org/xSites/Appraisers/CoalitionofAppraisersinNevadaCAN/Content/UploadedFiles/Nevada C and R Appraisal Fee Study FINAL.pdf

Provided by X site

D, Really?

Do you have any source that is not owned by Joan?

.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Appraisers would have a dog in fight by inflating their fee and AMCs would not want to be caught up in being seen as low ballers, so likely would report the highest fees from a high market...

That is always a possibility.
When I was in the Restaurant Business, we used to participate in an Financial Operations Survey conducted by the National Restaurant Association. The information was confidential and if one participated, one would receive the report for free (otherwise one could purchase it).
There was no incentive for us to goose the numbers. Honest/confidential reporting benefited everyone.


If what you say is true among respondents (they intentionally gin-up/-down their numbers based on a perceived best interest), we should probably apply that to anything fee related that is posted on this forum.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
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