Hidden home appraisal middlemen have cost homebuyers $12 billion

[Dublin ohio]

All AMCs are bottom feeders and while you may charge $500+ and get it they charge the consumer more and make it seem that the fee that is reasonable

If you don't see the difference in an AMC that pays the appraiser $500 and charges $125-$150 more and the AMC that pays the appraiser $200 and charges $350-$400 more I just don't know what to say.

 

[J Grant]

If the politicians and bureaucrats are calling the shots then they only respond to bribes and votes, not to principle. At 30,000 SFR appraisers that's not even enough heads to LARP as a special interest group, let alone be a significant political donor.

If we're going to play the political game without bribe money then the avenue that comes to mind is public perceptions. Via the press or other media outlets. How does an AMC appraiser hurt the borrower.

I suggested that RE agents and the public sign letters and petitions for this very reason.

Lenders who use low-pay AMCs do not care about appraisers, but they do care bout being embarrassed to consumers or having RE agents on their case. RE agents dislike AMC;s almost as much as we do in some cases.

 

[Dublin ohio]

So that $850 fee I got yesterday for a private appraisal is a fluke? Or the $750 I got today for a home on 2 acres? Or the $600 I got for a cookie cutter in a subdivision? If the consumer will pay for your experience and your knowledge and seek you out and pay your fee why would it not happen? Happened before AMCs? Still happens when no AMC is involved? Explain to me?

In my market the above would be more than a fluke. It would be a miracle for most typical private work. Not sure how many appraisers there are in you market. But there are more than 500 active credentials in my primary 3 county area. With approx. 1200 sales per month in those three counties. You do the math

 

[J Grant]

The lenders could care less. The AMC is simply maximizing their profits.

Then perhaps appraisers ought to ask why I am not affected. I don't play their cheap game and if every appraiser out there would get a backbone, then the AMC couldn't take advantage of them. And further, all those regulators out there do not seem concerned about starving out the appraisers and knowing that to do so will create a shortage in the future. So just keep in mind, when housing comes roaring back, extract your pound of flesh - $2,000 a shot for those REOs and see how the banks like it.

You are not affected because you have a cert gen license and apply to farms

Yes, I would like to see the appraiser have A backbone, but it is a lot easier for you to say with no skin in the game

When was the last time you spoke out about inhumane big ag treatment of poultry of pigs? Oh that;s right, never.

 

[Terrel L. Shields]

When was the last time you spoke out about inhumane big ag treatment of poultry of pigs?

What an idiot you are. You've never been on a pig farm. Go see how "cruel" they are to the pig. How does that make money for a pig farmer? The hogs and the barns are kept spotless. They are fed a balanced diet created by food scientists. They give happy squeals when the food comes down the trough and by keeping sows in separate pens, they don't eat each other's babies. It's the barnyard hog that eats slop and wallows in a mudhole that has the most salmonella bacteria. BTW - I don't appraise hog farms. There are few even around here.

 

[Joyce Potts]

If I put an idea out there I would expect people to consider that idea on its own merits. The internet isn't exactly known for being a safe space. Especially not this place.

Ya know, George—Phil Crawford put an idea out there, and you tore into it on the basis of merit. But I can just about guarantee Phil didn’t expect or seek out a safe space.

With all due respect, you appear to be not seeing the picture here. I think these articles and the constant discussion about fees will help others make change. It will Allow the public and more to see what’s going on and not just us appraisers.

Really? Google Katie Couric CBS evening news A Home Numbers Game. I’ve been at this a long time. Going public never made a dent.

 

[J Grant]

Hmm they seem to give a Sheet about paying buyer commissions etc. wouldnt an extra $300+ be something they would want to have in their pockets? Maybe that can go towards their agent? SMH.. Same with a refinance? They believe the price to be $700 but the appraiser gets $300. How about having that $400 in your pocket.

The problem is they have been misled and they the consumer doesn’t know any better. 0 transparency. So it’s not hard to get them to understand and give a sheet.

I don't care if the consumer has $300 more in their tickets, do you realize that might drive down every appraiser fee out there?

Plus, the consumer pays the same, typically same, whether an AMC is used or not

Plus the consumer is not affected by paying $300 more or less for an appraiser, once every 5 or 10 years or whatever random time they get a loan, it is not enough $ to affect their life, but appraisrss are greatly affected by the cultlike loss of income

I did a rough estimate - not as busy now but adjust for more or less busy.

An appraiser doing 5 a week for an AMC with the appraiser losing $250 as fee on each order lost in a 50 week year, an avg of $62,500 a year , which amounts to $625,000 over a 10 year period

Enough to pay for a house and car and other things, enough to pay off a mortgage, retire, save, pay for health care, send kids to college etc.

 

[J Grant]

What an idiot you are. You've never been on a pig farm. Go see how "cruel" they are to the pig. How does that make money for a pig farmer? The hogs and the barns are kept spotless. They are fed a balanced diet created by food scientists. They give happy squeals when the food comes down the trough and by keeping sows in separate pens, they don't eat each other's babies. It's the barnyard hog that eats slop and wallows in a mudhole that has the most salmonella bacteria. BTW - I don't appraise hog farms. There are few even around here.

Taht is your opinion, many articles differ

The point is Idk why appraisers who are not affected dump all the blame on the appraiser and none on the AMC/lender system that makes it happen. Then we wonder why our field has no clout. WE can not even get support from our own.
Although I hold the appraiser partly responsible, dumping the blame only on them misses the main problem and has not produced any change in all this time.

 

[alebrewer]

How much in campaign contributions do you think your government representatives get from appraisers vs the banking and mortgage lending industries?

Absolutely no doubt. We HAVE to put a stop to campaign contributions and PACS. Has nothing to do with appraisers - it has to do with our corrupt government.

 

[J Grant]

What an idiot you are. You've never been on a pig farm. Go see how "cruel" they are to the pig. How does that make money for a pig farmer? The hogs and the barns are kept spotless. They are fed a balanced diet created by food scientists. They give happy squeals when the food comes down the trough and by keeping sows in separate pens, they don't eat each other's babies. It's the barnyard hog that eats slop and wallows in a mudhole that has the most salmonella bacteria. BTW - I don't appraise hog farms. There are few even around here.

The pigs are kept in tight confinement and can barely move . The slop and animal waste goes into the field and rivers and the big ag players are not made to clean it up, WE pay for the cleanup and effects o their pollution.