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How is your May?
- Thread starter Steve Metz
- Start date
- Status
Financially Feasible
Senior Member
- Joined
- Jun 25, 2007
- Professional Status
- Certified General Appraiser
- State
- Pennsylvania
I've been away since May 3rd (taking my last 2 CG classes in Chi-town... ending today! :icon_mrgreen
but I've had 3 appraisals orders since I've been gone (1 purchase, 1 refi, 1 legal... all of which have told me they can wait until I get back). During the last two weeks before I left, I had 13 REO orders (worked every day of the week for 2 consecutive weeks). I have some other stuff in the pipeline... but will be going after that when I get back, too. The most amazing thing is that I've only had one "stip" since I've been gone and I handled that with no problem (it was very minor). So far, so good!
but I've had 3 appraisals orders since I've been gone (1 purchase, 1 refi, 1 legal... all of which have told me they can wait until I get back). During the last two weeks before I left, I had 13 REO orders (worked every day of the week for 2 consecutive weeks). I have some other stuff in the pipeline... but will be going after that when I get back, too. The most amazing thing is that I've only had one "stip" since I've been gone and I handled that with no problem (it was very minor). So far, so good!
JonGalt
Junior Member
- Joined
- Aug 4, 2005
- Professional Status
- Certified Residential Appraiser
- State
- Illinois
If my June is as bad as May, I'll have to consider:
1-Becomming a comp checking number hitter and pay my bills (Skippy).:Eyecrazy:
2-Work for large companies that want quick turns, call several time a day, and pay 1/2 the normal fee.
3-Find a new job even though I enjoy appraising.
I've been searching for new clients for the last few weeks as most of my clients have gone out of business or have gone to the dark side. The honest Mortgage brokers couldn't compete against the scum around here which greatly outnumbered them. It seems most REO's around here are being done via BPO/ Some realtors I know told me they are doing 8-10 BPO's a day. I'm not feeling too good about things lately but will double my efforts in the hope of staying afloat.
1-Becomming a comp checking number hitter and pay my bills (Skippy).:Eyecrazy:
2-Work for large companies that want quick turns, call several time a day, and pay 1/2 the normal fee.
3-Find a new job even though I enjoy appraising.
I've been searching for new clients for the last few weeks as most of my clients have gone out of business or have gone to the dark side. The honest Mortgage brokers couldn't compete against the scum around here which greatly outnumbered them. It seems most REO's around here are being done via BPO/ Some realtors I know told me they are doing 8-10 BPO's a day. I'm not feeling too good about things lately but will double my efforts in the hope of staying afloat.
Scott Kibler
Elite Member
- Joined
- Oct 7, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Illinois
I talked to a Chicago agent last week who is doing BPOs for REOs at $65 a pop. It was fairly obvious she didn't really know what she was doing. She was busily attempting to do more as her sales business has dropped to next to nil.
She was also freaking out as my discovery of bad GFCI outlets (a home inspection job) was threatening to kill her only pending deal. You know they're desperate when they sweat a $3 part.
She was also freaking out as my discovery of bad GFCI outlets (a home inspection job) was threatening to kill her only pending deal. You know they're desperate when they sweat a $3 part.
Steve Metz
Member
- Joined
- Jun 1, 2005
- Professional Status
- Licensed Appraiser
- State
- Georgia
One of my long time appraising friends has gone over to the dark side. I talked to him to today and he said that he was up against a wall and feeding the family comes first. Becoming a skippy he has doubled his business but making the same $$ doing the $200 1004's for Imortgage.
LadybugLover
Junior Member
- Joined
- Sep 30, 2007
- Professional Status
- Licensed Appraiser
- State
- California
May is running about the same as prior months this year here - we have 34 orders to date (there are three appraisers in our office, two full time, one part time) - we are doing a LOT of REO work - which is depressing, but it pays better than the other, so we're sucking it up and doing them. We lost one appraiser last month, she just couldn't handle the ups and downs of the business, and since she was the new girl in the office, she was the last to get the work. Never had a day yet with ZIP orders, but some days it's close to the end of the day before the fax machine spits one out! We are NOT skippys or even skippy's friend, so save your flaming. DH has been appraising for 30+ years and has ridden this ride before. We knew the good times couldn't last forever and hopefully have planned accordingly for it financially.
Mary
Mary
- Joined
- Mar 30, 2005
- Professional Status
- Certified General Appraiser
- State
- New York
Lending assignments have all but vanished, but we're getting plenty of other assignments
Wolverinefan
Member
- Joined
- Dec 7, 2004
- Professional Status
- Certified Residential Appraiser
- State
- Michigan
April was one of my busiest months ever. May has started out very slow with only 4 orders so far...
Claude From NY
Senior Member
- Joined
- Jan 16, 2002
- Professional Status
- Certified Residential Appraiser
- State
- New York
Still a bear mkt for residential appraisal
From my little perch I see REO and pre foreclosure work going mostly to BPO's. Decent mortgage brokers have flat-lined and the indecent are out of business or playing with FHA and skippy. Virtually all banks from the local S&Ls to the big money centers will tell you that they are not accepting any new appraisers and/or go to their AMC who is also not accepting any new appraisers. Yet there must be some demand out there as I see help wanted ads for trainees and appraisers in the NY area.
From my little perch I see REO and pre foreclosure work going mostly to BPO's. Decent mortgage brokers have flat-lined and the indecent are out of business or playing with FHA and skippy. Virtually all banks from the local S&Ls to the big money centers will tell you that they are not accepting any new appraisers and/or go to their AMC who is also not accepting any new appraisers. Yet there must be some demand out there as I see help wanted ads for trainees and appraisers in the NY area.
- Status