Future of appraising and USPAP

[Mark K]

Go to a car dealership and a couple of hours later you drive off with a $100,000 depreciating asset.

Go to a regulated lender and 30 days later you may be able to close a $100,000 loan on a dwelling that, generally, appreciates.

That's always been my argument too. You could walk in with $50K down on a $100K house and you'd still have to wait a month to close and there'd be a dozen parasites with their hands out taking more of your money for various 'closing costs'. Too many people making too much money from the buyers and sellers for any substantive change to ever occur.

 

[George Hatch]

I think the OPs question is more about what the business opportunities are going to be like than how appraisal standards are going to be used.

One thing I'd like appraisers to consider is the point that the fundamentals of our appraisal standards first started showing up in print almost 100 years ago, even before the Institute and the Society themselves came into being. These fundamentals were part of the professional ethos long before USPAP came along and will continue on after USPAP gets retired or replaced with a different title. So I think the "future" of USPAP will consist of more of the same - ethics and competency along with the other details and elaborations which show how to uphold those ethics and develop/apply that competency.

As for AVM-assisted appraisals vs appraiser-assisted AVM, what's the difference? It's still a calculator that is being being used by someone. Somebody is doing the inputting and is operating the adding machine or abacus or calculator or spreadsheet or even the parameters that the AVM is using. How that someone conducts themselves will still be of effect on the outcomes.

 

[WestMichiganCG]

That’s true. I had to get into a higher paying profession. Some engineering disciplines pay better, but civil is mostly govt (state/local) or private where your clients are still state/local govt. most of my friends still in the field are near 100k (with good benefits), but I don’t considered that a great income by any means. It’s ok. Now if you have a wife that makes the same, then you’re good.

I left Civil Engineering after 12 years. I’ve let my PE license lapse. I hated it at the end.

 

[Fernando]

We are similar, I’m a civil engineer as well, I just couldn’t stand that field after working in it 10+ years. I worked along side a drill rig for a little while, but I’m not a geologist.

I have a friend who is making a killing in the grocery store/seafood/meat business. Upper 6 figures a year. I may see if he needs some help. Most people get jobs today by knowing someone. Hell, look at the appraisal profession and you see that everywhere with the folks higher up.

Civil engineers get paid well. The knowledge has more flexibility for other jobs.
My niece got degree in civil engineering and worked at civil engineering firm for years.
Few weeks ago, I learned that she is now working at Boeing. How nice, working in Aeronomics like her mom.