Have you received a bid request for a 3.6 report?

[Alsie35]

GSEs will force it ..and allow alternative valuation on the small amount that need appraisals and appraisers can't complete.

CA mandated by law 100% electric vehicles by 2020 ... did that survive the 'Test of Reality'?

Well, neither will this GSE timeline.

Regardless of how many appraisers buy into the GSA Agitprop about 'Firm Deadlines' while ignoring that every step of THEIR timeline is running 6 months behind schedule ... . FACT

 

[Non Sequitur]

Posted to FB this morning. From the big black and yellow AMC:

 

[alebrewer]

I don’t see how they just go from a 2.6 to 3.6 over night. There has to be some steady ramp up.

As big a cluster as it will be, there most definitely has been a ramp up period.

 

[Airstream]

Posted to FB this morning. From the big black and yellow AMC:


View attachment 108703

That fee is laughable.

 

[Bobby Bucks]

Posted to FB this morning. From the big black and yellow AMC:


View attachment 108703

That fee is misleading on more than one level, (1) 3.6 (2) AMC (3) (4) Black & Yellow AMC (5) Tech fee (6) The Wells aggrevationfactor, ie. after the AMC "reviewer" earns their check box gold star, a Wells Staff reviewer who probably has a license, but has never completed an actual assignment will try to justify their position by looking for covered porch areas that differ from public records by 10 SF. Now it's time to wait for one of our resident simps to defend 3.6 and AMCs. Anyone ever wonder why the simps in here have so much idle time available to post about assignments that they claim are beneath their level of expertise?

 

[KHS445]

Rather than complaining about 3.6, why don't you do something about it? Over the years, several regular posters have suggested that everyone expand their knowledge and branch out into non-traditional appraisal work. I know each State has its own restrictions as to what a Licensed and Certified Residential Appraiser can appraise. Regardless of these limitations, there is still a lot of work out there, and you just need to do a little research and marketing.

Start with other appraisers by letting them know that you are going to concentrate on appraising non-traditional, non-secondary market properties. Then let every real estate agent/broker you know the same thing and even offer to help them with setting a listing price or valuing a property prior to an offer being made. Let any of the attorneys, CPAs, or bankers you know the same thing.

Like myself, there are several regular posters who live and work in rural areas of their State. Lake Michigan is within about 200' of my office so I don't pick up any assignments to the west. That said, the population of my County and the four adjoining Counties totals somewhere around 125,000. I do not have a published office phone number or a website, but nearly all my business inquiries are received via either cell phone or email. Outside of my direct lender commercial clients, the majority of my work comes from other appraisers who are not willing to do the work, or area real estate agents/brokers.

Yes, I am a CG and occasionally travel outside of the five-county area to complete assignments, which are generally for my core clients. All my reports are completed using a narrative form, and all my non-lender reports, unless otherwise required, are completed as a restricted report. My typical rates for a restricted vacant land report will run from $300 for a small local parcel to $1,000+ for something larger or more complicated. A restricted residential report will start at $600 and go up from there. Restricted commercial reports start at $1,000. I also increase my fee based on the distance to cover, drive time, and costs. My charges will vary based on the complexity of the assignment, requested turn times, special requests, and distance traveled. To the best of my knowledge, there is no one on this forum that regularly works in my area. I am not trying to influence anyone's pricing, and I view providing this information as no different than listing it on a website, if I had one.

I know a CR who works several Counties north of me who does very limited secondary market work and stays very busy doing higher-end estate, private sales, trust establishment and review, probate, family transfers, etc., type appraisals, and his starting fees are more than double mine.

There is plenty of alternative work out there; you just need to make the decision that you are going to pursue it, and I don't want to hear the excuse that they aren't a CG, so they are stuck doing GSE work.

 

[KHS445]

Posted to FB this morning. From the big black and yellow AMC:


View attachment 108703

JUST SAY NO!!! Sorry, Fernando, this statement works for more things than drugs.

 

[Airstream]

Rather than complaining about 3.6, why don't you do something about it? Over the years, several regular posters have suggested that everyone expand their knowledge and branch out into non-traditional appraisal work. I know each State has its own restrictions as to what a Licensed and Certified Residential Appraiser can appraise. Regardless of these limitations, there is still a lot of work out there, and you just need to do a little research and marketing.

Start with other appraisers by letting them know that you are going to concentrate on appraising non-traditional, non-secondary market properties. Then let every real estate agent/broker you know the same thing and even offer to help them with setting a listing price or valuing a property prior to an offer being made. Let any of the attorneys, CPAs, or bankers you know the same thing.

Like myself, there are several regular posters who live and work in rural areas of their State. Lake Michigan is within about 200' of my office so I don't pick up any assignments to the west. That said, the population of my County and the four adjoining Counties totals somewhere around 125,000. I do not have a published office phone number or a website, but nearly all my business inquiries are received via either cell phone or email. Outside of my direct lender commercial clients, the majority of my work comes from other appraisers who are not willing to do the work, or area real estate agents/brokers.

Yes, I am a CG and occasionally travel outside of the five-county area to complete assignments, which are generally for my core clients. All my reports are completed using a narrative form, and all my non-lender reports, unless otherwise required, are completed as a restricted report. My typical rates for a restricted vacant land report will run from $300 for a small local parcel to $1,000+ for something larger or more complicated. A restricted residential report will start at $600 and go up from there. Restricted commercial reports start at $1,000. I also increase my fee based on the distance to cover, drive time, and costs. My charges will vary based on the complexity of the assignment, requested turn times, special requests, and distance traveled. To the best of my knowledge, there is no one on this forum that regularly works in my area. I am not trying to influence anyone's pricing, and I view providing this information as no different than listing it on a website, if I had one.

I know a CR who works several Counties north of me who does very limited secondary market work and stays very busy doing higher-end estate, private sales, trust establishment and review, probate, family transfers, etc., type appraisals, and his starting fees are more than double mine.

There is plenty of alternative work out there; you just need to make the decision that you are going to pursue it, and I don't want to hear the excuse that they aren't a CG, so they are stuck doing GSE work.

First of all I would agree that if you are in this business and you want to thrive you have to nurture and build a broader base of work. Second, having said that there is a limited amount of work out there. If everyone did that it would just cut the pie smaller. And in some counties or areas there isn’t as much private work. But doing stuff no one else really wants to do is key. I know a lot of appraisers that simply do not want to do divorce work. I understand that. I’ve had to go to court a few times. You just have to really have a strong engagement letter, get paid directly from the lawyer at the time of delivery, and state clearly the cost of your testifying. I would say 95% time disagreements are settled out of court, because parties don’t want to pay for lawyers, etc.

In fact when I do private work, I get paid at the time of inspection. But not all private work is without its hassles. Especially if the person thinks you have undervalued the property. After all, remember private individuals always think they have gold.

Here’s a case in point about doing stuff no one wants to do. I’m retired and frankly if I do one report a week that’s all I want to do. However, because I focused on properties that no one really wanted to do before I retired, even now from time to time I get requests that I get paid quite well for. Just got one the other day in my previous area I worked full time 2 years ago, I got asked by a bank to go back (4 hour drive) to do a complex lake property. I told them my base fee is $2500 in that county (full of complex properties). I actually didn’t think I would get the request, but one day later they asked if I would do it. This particular client has asked me to do this kind of project AFTER I have moved away a number of times. And I will make an excursion out of it and visit a friend who just lost his wife. So I will make good use of my time, and the bank has frankly paid for the trip.

About 3 weeks ago I got asked to do an appraisal in an area that is very remote, about 1.5 hours from my house. I told the AMC my fee is $800 (single family on 15 acres). I was surprised when I got the assignment. It was a nice drive through the woods and country side. But here again, there is a shortage of appraisers in certain areas. And if one is willing to do a bit of a drive you can get paid quite well.

I would say 30 to 40% of my work when I was working full time was private work. It was mostly estate work, some divorce work, or people just wondering what they should sell their property for. Almost all of that came through referrals from real estate agents that knew me and trusted me. A number of them would call me from time to time and ask my opinion on unusual aspects of properties they were possibly listing. I gave out a bit of free advice, but it got paid back in referrals. And by the way I would often call agents and ask for their opinions or perspectives. After all they deal with buyers all the time and understand their thinking.

It’s all about nurturing relationships and willing to do properties that no one else wants to do or even can do.

With the 3.6 coming out lots of appraisers are going to leave the business (especially those retired). With the slow down, many have already gone different directions. If an appraiser is willing to work hard at marketing, becoming very skilled, and willing to do stuff outside the box there will be opportunities.

 

[alebrewer]

I personally wouldn't do 'pre-listing' or similar type work as the sellers' expectations seldom align with reality. That said, I've got a buddy who has transitioned into machinery and equipment appraisal. He really enjoys the change.

It seems to me the demand for our services is much more 'honest' when the users have no pre-determined opinions about the object's value and truly want to know it's value.

 

[Airstream]

I personally wouldn't do 'pre-listing' or similar type work as the sellers' expectations seldom align with reality. That said, I've got a buddy who has transitioned into machinery and equipment appraisal. He really enjoys the change.

It seems to me the demand for our services is much more 'honest' when the users have no pre-determined opinions about the object's value and truly want to know it's value.

I’ve done lots of pre-listing work. Most of it however is for those wanting to sell it privately. The biggest key is not focusing on a specific number, but look at range of value instead. And I always sit down with them and explain if I think my number is solid or not, because sometimes the comparable sales aren’t the best. I was a broker and sold, so I am use to dealing with sellers. I tell them, hey if you want to list it for more that is your choice. But I also tell them if they do that too long they will be in trouble. But hey, I can be wrong, and I have been. I use to do relocation appraisals where I was graded all the time on how close my value came to the final sale price. And I was always within 5% of the final sale. The biggest issue is when you are in crazy markets that frankly have sales that make no sense.