I did disclose the added GLA but I didn't give it any value. I explained that it did not appear that there was a bldg permit so it was not included in the GLA of the home. In addition, Fieldstone Bank is also saying that they will not accept an appraisal from me because I haven't been licensed for 5 years. Now, I'm FHA approved, have been a Licensed Certified Appraiser for the past 2 1/2 years and I've completed over 1,700 appraisals and now, after they send over the letter of approval for the loan, they decide that I don't have enough experience and reject the appraisal?? Is that even legal??
In my market it would most likely have value since the codes are not inforced and I have yet to see an unpermited addition be taken down, and that includes high rise condos that have a few more floors than the permit allows. Depends on the market. Just disclose, disclose, disclose, and disclose some more.
The loan approval is not your business, and yes, they can ask for as much experience as they like. They still owe you the fee if they have not paid you.
You may as well get used to it. When I first started in this business it was not at all unusual for lenders to ask for at least five, and sometimes ten years of experience. I also made 13K the first year, but I didn't get into it for the money. I was confident that experience and education would make me more valuable, and until the last seven years or so that was true. It's hard for me to feel sorry for the newbees. My income went down during the "boom" while others ruined the appraisal profession by inflating values hundreds of thousands of dollars for a $150 fee. I am now helping to clean up the mess they left behind, kind of like the guy at the circus who walks behind the elephants, but the money is good.
The worst offenders in this business have been those newly licensed/certified (last seven years or so) and the more experienced appraisers who poorly vetted and trained them. I'm sure you don't fall into that category so it's not your fault, but you can expect this more and more often as time goes on.
I have over twenty years experience and I am having my best year since 2003. It was hard to find good clients between then and about a year ago because there were so few of them. The lenders have/are learning a hard lesson.
Hang in there if you really love this profession. Make your reports the most highly documented and well written in your market. You will survive and then prosper, which is about the best you can hope for.
