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Got This From The Appraisal Foundation Today

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Flakey

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South Carolina
Evaluations - Appraisers can do this work!

10-3-2017 8-13-10 PM.jpg
 

glenn walker

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Certified Residential Appraiser
State
California
So what is the problem ?
 

Michigan CG

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Most likely a good webinar to take a look at if one is inclined to do this type of work. Most likely a must view for the AMCs pushing their BS products.
 

hastalavista

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Professional Status
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California
Most likely a good webinar to take a look at if one is inclined to do this type of work. Most likely a must view for the AMCs pushing their BS products.

What is BS product related to IAEG defined evaluation?
As far as I know, they are only used by FRIs consistent with the IAEG?
As you know, if an appraiser in most states completes an evaluation, it has to be done consistent with the USPAP.

I'm not aware of anyone pushing an evaluation for anything other than what its currently used for as defined within the IAEG, but I might be wrong.
Are some entities pushing Evaluations for non-IAEG defined lending decisions?
 

TRESinc

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Joined
Dec 1, 2011
Professional Status
Licensed Appraiser
State
Ohio
What is BS product related to IAEG defined evaluation?
As far as I know, they are only used by FRIs consistent with the IAEG?
As you know, if an appraiser in most states completes an evaluation, it has to be done consistent with the USPAP.

I'm not aware of anyone pushing an evaluation for anything other than what its currently used for as defined within the IAEG, but I might be wrong.
Are some entities pushing Evaluations for non-IAEG defined lending decisions?


it's not a full fee (whatever that definition is) appraisal so on here it is a bad thing in the eyes of many...
 

Rick Stillman

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Jan 19, 2014
Professional Status
Certified Residential Appraiser
State
Colorado
Most likely a good webinar to take a look at if one is inclined to do this type of work. Most likely a must view for the AMCs pushing their BS products.

Yes, of course.

However, what we don't see is that if one AMC can pay $75.00 for an evaluation or a desk top appraisal ($50 to the appraiser, $25 to a realtor to inspect and take photos), that gives them a distinct marketing advantage over their competitors. They can lower their closing costs by $500 or more. I don't know why they are so concerned about that - up until now it has been an ever increasing amount of rules and regulations to prevent mortgage fraud - but that's another story.

So are the other AMCs and/or Lenders going to stand by and be slaughtered standing still in the market place?

Nope. They are going to follow suit to compete. You know how I know that? I'm a marketing genius.

And thus it will come to pass that the mortgage appraisals will become a thing of the past, and we can all sit our jammies doing the new thing and making the big bucks. Or so they would have us believe.

If the experienced appraisers we have here are not going to argue with that scenario being bad, then the newcomer/skippy brigades are sure not going to argue either. And we all know what the AF and AI will do: nothing.

It was good while it lasted, I guess. Appraisers are voiceless wimps and will do whatever their client says to do. {sigh}
 

djd09

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May 20, 2009
Professional Status
Licensed Appraiser
State
Ohio
Why wouldn't the AF give specific instruction on how to do something. Standards are for the birds.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Yes, of course.

However, what we don't see is that if one AMC can pay $75.00 for an evaluation or a desk top appraisal ($50 to the appraiser, $25 to a realtor to inspect and take photos), that gives them a distinct marketing advantage over their competitors. They can lower their closing costs by $500 or more. I don't know why they are so concerned about that - up until now it has been an ever increasing amount of rules and regulations to prevent mortgage fraud - but that's another story.

So are the other AMCs and/or Lenders going to stand by and be slaughtered standing still in the market place?

Nope. They are going to follow suit to compete. You know how I know that? I'm a marketing genius.

And thus it will come to pass that the mortgage appraisals will become a thing of the past, and we can all sit our jammies doing the new thing and making the big bucks. Or so they would have us believe.

If the experienced appraisers we have here are not going to argue with that scenario being bad, then the newcomer/skippy brigades are sure not going to argue either. And we all know what the AF and AI will do: nothing.

It was good while it lasted, I guess. Appraisers are voiceless wimps and will do whatever their client says to do. {sigh}


Most appraisers I know are not voiceless wimps. What many have failed to do is to adjust their business model and the scope of their practice to enable them to be less dependent on the ever-changing mortgage work and obtain the kinds of assignments they'd prefer (and therefore, like you and Sinatra, they can do it their way).
Being the marketing genius you are, I'm surprised you haven't done the same? But, being the marketing genius you are, it shouldn't take too much effort for you to retool.
 

Rick Stillman

Senior Member
Joined
Jan 19, 2014
Professional Status
Certified Residential Appraiser
State
Colorado
Most appraisers I know are not voiceless wimps. What many have failed to do is to adjust their business model and the scope of their practice to enable them to be less dependent on the ever-changing mortgage work and obtain the kinds of assignments they'd prefer (and therefore, like you and Sinatra, they can do it their way).
Being the marketing genius you are, I'm surprised you haven't done the same? But, being the marketing genius you are, it shouldn't take too much effort for you to retool.

Okay Denis - we are in a high tension movie. The ship is twisting and sinking. People are screaming. Explosions are going off. Think titanic. With me so far?

That's the magnitude of what is taking place in the world of appraising. Our fees are being shrunk from $600 to $50. If that isn't enough to get you excited, well...

I pointed out that when one AMC/Lender does this, the rest will follow suit. That's pretty scary stuff to me.

But you, on the other hand, have repeatedly stated that this is just another shift in the market, and - well - oh well. I get the feeling you have seen this movie before, and you know the helicopter is going to swoop in and rescue the hero. That's great, if you're the hero. But most of us are not.

It's kind of funny that not only do you not realize the gravity of this situation - which nothing before has even come close to - but you have an aloof mocking tone as well. Well - oh well. I'm not talking to you - I'm talking to everyone else on the sinking ship.

I see a lot of aloof appraisers, and a lot of dumb ones. The ones in the middle are screwed, I guess, because we're invalidated by the idiots that will gladly do an appraisal for $50.

That's pretty serious stuff. But I guess you just don't get it, or you just don't care. A 90%+ reduction in pay isn't enough to get you riled up? You're hopeless.

All that college degree stuff, as well as experience and expertise, just got thrown out with the trash. Think it's still funny?
 

bnmappraisal

Elite Member
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Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
What many have failed to do is to adjust their business model and the scope of their practice to enable them to be less dependent on the ever-changing mortgage work and obtain the kinds of assignments they'd prefer (and therefore, like you and Sinatra, they can do it their way).
Agree. Diversification is a big part of any business, let alone our business (not all eggs in one basket).

Our fees are being shrunk from $600 to $50.
I disagree Rick because of my above comment. I believe (maybe I'm being naive at 36 and planning on doing this for the rest of my career - 10+yrs ago started in this btw) appraisers will still be needed and actually one of the reasons I got into "this side" of real estate instead of sales. There are tons of agents out there (many VERY good) but the numbers are a factor, but also when the market isn't doing great, what else can they do? As an appraiser, I can still get assignments even in slow(er) markets - estate work, pre-listing, FSBO, "I just want to know what it's worth" etc ...

I pointed out that when one AMC/Lender does this, the rest will follow suit. That's pretty scary stuff to me.
I do agree with this statement. There seem to be a number of AMC/Lender's doing this. I know there have been a few posts of different types of "desktop appraisals" and many quoting the $50-$100 range for the "appraisal" This is scary in a sense because it seems to be widening in the AMC world (yes, I do some AMC work) but I'm still confident that there are clients that actually still appreciate what we do.
 
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