How Do I Get Started Doing Reviews? Can I Legally Do This?

[MAIorBust]

I'll save you the long version..

I am a C.G. and have been appraising over 10 years. I have reviewed appraisals internally but never for another company.

My parents live in Peru and have become sick so i have decided to go back and take care of them.

I am trying to figure out how I can earn income while being in Peru and appraisal review struck me as a possible option.

Is this something I could legally do? Is it reasonable to think I could make $2,000 a month doing reviews while I am taking care of my parents?

It's going to be rough on my going from 10k-15k per month but I know I can still survive on $2,000.

Anyway, I am rambling. What do you guys think? Is this an option for me to make money for me while I am taking care of my family?

 

[glenn walker]

Delete...

 

[J Grant]

I'll save you the long version..

I am a C.G. and have been appraising over 10 years. I have reviewed appraisals internally but never for another company.

My parents live in Peru and have become sick so i have decided to go back and take care of them.

I am trying to figure out how I can earn income while being in Peru and appraisal review struck me as a possible option.

Is this something I could legally do? Is it reasonable to think I could make $2,000 a month doing reviews while I am taking care of my parents?

It's going to be rough on my going from 10k-15k per month but I know I can still survive on $2,000.

Anyway, I am rambling. What do you guys think? Is this an option for me to make money for me while I am taking care of my family?

I thought I'd suggest something- if you have an active appraisal practice making 10-15k a month, could you take in a partner, have them do the inspection work while you are in Peru and review review their work and report from there? And then if you return continue the partnership.
As to your original question, it might be legal to review long distance, best to clear it with the client so it is upfront. If your residence is still in the USA and your license is still in the USA- perhaps run it by your state board..

 

[Deleted member 134708]

Fine by me.

Do reviews and desktop appraisals. You’re geo competent. Nothing says you have to live in zip code where doing the review/desktop.

If wanted. Teach American English, or if there is anything Real Estate related around you down there, I’m very confident American education/skills will reward you a job teaching/consulting.

 

[residentialguy]

You’re geo competent.

You don't necessarily need to be geo competent....it depends on the type of review being performed.

 

[MAIorBust]

You don't necessarily need to be geo competent....it depends on the type of review being performed.

As someone new to this review world, what is the easiest type of review? I want to start with something simple to get my feet wet. How much is an average fee for one of those reviews? Who do I contact to get started?

 

[bnmappraisal]

I want to start with something simple to get my feet wet.

Do you simply appraise COMM or do you do RES appraisal work as well?

How much is an average fee for one of those reviews?

Very loaded question - there are all types of reviews, each of which can command different fees

 

[hastalavista]

Try this company:

https://mountainseed.com/

They do (or have done) reviews for lenders (nationally) and hire contract reviewers for those desk reviews. The SOW is such that Geographic Competency is not necessarily a requirement (it depends on what the reviewer finds).
A bank I work for switched to them for a short bit; I spoke to them regarding doing review work for them. It didn't fit my profile. What I do recall is that they hired a lot of semi-retired appraisers who would do 2+/- or so (commercial) reviews from the desk a day. Their process sounded reasonable and the person whom I spoke to (an appraiser) was professional. Their fee schedule was lower than my target so I passed on the opportunity. Given your circumstances (best of luck with your folks), it may work well for you!


Good luck!

 

[PL1957]

Try this company:

https://mountainseed.com/

They do (or have done) reviews for lenders (nationally) and hire contract reviewers for those desk reviews. The SOW is such that Geographic Competency is not necessarily a requirement (it depends on what the reviewer finds).
A bank I work for switched to them for a short bit; I spoke to them regarding doing review work for them. It didn't fit my profile. What I do recall is that they hired a lot of semi-retired appraisers who would do 2+/- or so (commercial) reviews from the desk a day. Their process sounded reasonable and the person whom I spoke to (an appraiser) was professional. Their fee schedule was lower than my target so I passed on the opportunity. Given your circumstances (best of luck with your folks), it may work well for you!


Good luck!

Slightly off topic and not to pick on any specific commercial AMC ... the primary incentive to select the most qualified appraiser vs. the cheapest is that a lender/reviewer will have to spend less time on a quality report to get it through the internal lending process. A quality report is one that requires fewer changes or modifications, each of which slows the process and slows the productivity of the reviewer. If the AMC is using IC's to review reports for a fixed fee, they don't care how long it takes to review the report - they're only paying X dollars. They have less of an incentive to look for quality vs. cost.

 

[bnmappraisal]

If the AMC is using IC's to review reports for a fixed fee, they don't care how long it takes to review the report - they're only paying X dollars. They have less of an incentive to look for quality vs. cost.

from personal experience (since I worked "QC" at an AMC before becoming an appraiser, and know many still on that side of the fence) it's similar on the RES side as well. AMCs (generally) have a set fee with their lender/client(s) so it's all about the numbers. "quality" can slow down those numbers, so if something "slips" through ... well, I'm sure you can fill in the blanks