It has been slow this week so far

[RSW]

Just wanted to know if it has been slow for orders comming in this week. I have done 3 so far and have a final and one set up for Friday. I haven't have any new orders come in so far this week. What say you?

 

[TN Pro]

3 this week so far, but i still have multiple REO's from last week to get to.
You know , many people on this forum would be jelous over 3 already in one week, and a final set for Friday!
The problem with REO appraisals is it makes me lazy as there is no appointment to make and they give us plenty of time to do them.
I just fired up the old 78 Suzuki GS 1000 today for the first run of the summer. Had two REO appraisals up in Claiborne County. No matter how stressful this job can be, it sure beats been stuck in a stuffy office getting caught up in everyones personal strife.

Dean

 

[RSW]

I know what you mean. I wanted to say I had already completed 3 this week, had a final to do and another appraisal to do on Friday. Have you been hearing anything from any other appraisers as to how their work is going? I to do a lot of REO's. I usually do about 5 - 10 per month. Somethimes even more. It seems like they come in bunches. Then, it just drys up. How about you?

 

[Pa'akai]

I'm only going out on my first assignment this week tomorrow. I also sell real estate and took pretty much a year off appraising. Trying to get back to appraising more but getting harder to get clients and on approved lenders lists now.

 

[RSW]

Try getting on with some of the AMCs. I know they pay low but as they say, "low fee is better than no fee." Register with appraisalport.com and some lender should contact you as they need appraisers in your area. Appraisalport is not an AMC but rather a portal for AMC's and lenders to use to order and receive appraisals. Also check with LSI, FiServ, valocity, and eAppraiseIT. You should be able to google them to find the websites. If not, let me know and I will try and send you some links.


Scott

 

[jeanwillick]

Had one order last week. This week have had 3 already and it's only Wed. Go figure?
Work is spotty to say the least. Northeast Michigan is a very rural area with a lot of tourist traffic. Have talked to several real estate agents and they are very slow. Local banks appear to be slow also.

Did an ERC this week and for a 1000 sq ft, 3 BR SFR, there were 4 listings and 5 sales in the last year.

With the gas prices almost at $4.00/gallon I don't know how many people will want to drive 200 to 250 miles from the larger southern metropolitan areas to buy seasonal homes here.

Our local county park has 2 trailers in at the present time--weather has been unseasonably cold and wet and high gas prices. It doesn't look well so far.

I'm one of the fortunate ones that foresaw this slow down as we have been in real estate for almost 36 years and knew it was only a matter of time. Paid off all our debts and only have to pay insurance, food, utilities, etc. so it's not a problem for us. I feel sorry for the family people with kids and house & car payments.

 

[RSW]

I've got another three orders today. That gives me 6 for the week so far. I've been doing between 5-10 appraisal a week since the beginning of the year. Not too bad. I just had a lender email me and ask if I would accept a drive-by in Roane County. I told them I am going to be in Roane County tomorrow and could do it then if they sent the order over right away. I reveived the order within 5 minutes. That is going to save me a lot of gas and time. I like those type of orders.

 

[TN Pro]

I know what you mean. I wanted to say I had already completed 3 this week, had a final to do and another appraisal to do on Friday. Have you been hearing anything from any other appraisers as to how their work is going? I to do a lot of REO's. I usually do about 5 - 10 per month. Somethimes even more. It seems like they come in bunches. Then, it just drys up. How about you?

Well, locally, the guys i know are staying fairly busy. Have spoke with three local friends this week, 2 i asked about business, they both indicated it was good.
Personally, i came in today and had 4 new orders, 3 of which are REO's. Generally, i would say that i do probably 5-7 REO assignments every week, the rest is mixed between refis, purchases and legal work. And thankfully it has stayed consistant.

I think a great business relationship just came to an end though. We billed over 25k last year alone to PCV Murcor doing strictly REO work. But, they turned into complete jerks overnight and quite frankly, its not worth my time to deal with them anymore. Also fired Valocity last year because, well becuase i could. They have to be the biggest morons i have ever dealt with.

I have a core group of 4 clients that provide only REO work. My other clients generally deal in refis or purchases.

As Jean stated, i also saw the crash coming during the crazy refi boom, we took serious steps two years ago to get into REO appraising. It was just getting too crazy to not forsee a crash.

Who knows what will happen with the HVCC. My opinion, it wont happen. But if it does it will not be in the form currently on the table. We will see what happens, thankfully the kind of work i do it wont really affect it.

Dean

 

[RSW]

I'm about in the same boat as you, Dean. I let Valocity go several years ago. I still get calls from the every so often wanting to know If I will do an appraisal for them. They do a lot of BoA stuff and I hate doing BoA appraisals. I have let several AMC's go in the last seveal years. I used to do a lot for Atlantic Assurance when they ordered appraisals out of Kingsport. I was doing over 50K a year with them alone. When they were sold to Transunion, My business just died. They also wanted me to do those desktop appraisals and they said if you don't do them then you cannot do their regular appraisals. I told them to take a hike. I wasn't going to do the desktop appraisals.

 

[Pa'akai]

Received another order today. Actually I've been on AppraisalPort for over 2 years now and have never received one order.

I might have to go the AMC route but it's hard to accept a fee at less than what I was making 20 years ago. Was making $275. to $300 in 1987.

I would love to ask some of the heads of the AMC's who state that these fees are fair, that we should be grateful, and that our costs are less now than before due to digital photos, etc. so we should be charging less, what they would say if their bosses asked them to take a pay cut to what they were making in 1987. And ask some the the order takers what their reaction would be if they knew they would not be getting a raise for 20 years and then take a pay cut 20 years from now.