Louisiana Appraisal Board

[Eli]

When something is both Federal and State law?....

Well.........

 

[Roy Courtney]

When something is both Federal and State law?....

Well.........

Are you referring to fees paid for appraisals? I know that VA caps the fee in my area at $400. but no one is forced to work with them. Did I miss some law that says I have to work for an AMC for some government imposed fee?

 

[Eli]

It appears the laws don't apply to you directly, but it already applies in the majority of gse assignments, or at least those run through an AMC in the state of LA. I think there is probably an easier way. It seems to me all federal management would have been easier, but hey, looks like LA got tired of waiting. The law is the law.

 

[Don Clark]

Virginia Coalition of Appraiser Professionals(VaCap) has participated with others in commissioning a similar study in Virginia. Should be available soon.

I am in the process of writing and hope to have published, my opinion that there should be regulation of AMC's at the Federal Level, enforced by the states, similar to the laws that govern appraiser licensing under FIRREA as they manage, direct, and often pressure appraisers to do their bidding, and not always in the best interest of the public.

 

[Eli]

Virginia Coalition of Appraiser Professionals(VaCap) has participated with others in commissioning a similar study in Virginia. Should be available soon.

I am in the process of writing and hope to have published, my opinion that there should be regulation of AMC's at the Federal Level, enforced by the states, similar to the laws that govern appraiser licensing under FIRREA as they manage, direct, and often pressure appraisers to do their bidding, and not always in the best interest of the public.

Thank you as a member of the public and a U.S. citizen. I can always price my services to whoever and for whatever I want, but....as a public member, I very much appreciate your efforts.

 

[Roy Courtney]

It appears the laws don't apply to you directly, but it will apply in the majority of gse assignments, or at least those run through an AMC in the state of LA.

I may be wrong but it seems to me that the C&R thing does not mean much to the AMC or to the appraiser. My office does not accept AMC assignments but each AMC that calls always asks what our fee and turn time is. If they were somehow bound by a fixed price such as C&R why would they ask what my fee is?

Yes, I know each of us work in different areas. It has been my observation that when I receive those AMC calls a tone of desperation is in their voice. It seems that they have called every appraiser in the whole area and cannot find anyone to accept the assignment. Why would I say that? Well the same lady called the office over a week ago trying to place the same assignment. Now they are calling again.

I have also learned that if you want to turn down an assignment just say no. A different AMC lady asked me to just please provide a quote. I thought I was doing the right thing when I quoted the AMC a fee of $550. and a month. Well as you can guess, I got the assignment. Then I had to eat crow while declining it!

 

[Eli]

I may be wrong but it seems to me that the C&R thing does not mean much to the AMC or to the appraiser. My office does not accept AMC assignments but each AMC that calls always asks what our fee and turn time is. If they were somehow bound by a fixed price such as C&R why would they ask what my fee is?

Yes, I know each of us work in different areas. It has been my observation that when I receive those AMC calls a tone of desperation is in their voice. It seems that they have called every appraiser in the whole area and cannot find anyone to accept the assignment. Why would I say that? Well the same lady called the office over a week ago trying to place the same assignment. Now they are calling again.

I have also learned that if you want to turn down an assignment just say no. A different AMC lady asked me to just please provide a quote. I thought I was doing the right thing when I quoted the AMC a fee of $550. and a month. Well as you can guess, I got the assignment. Then I had to eat crow while declining it!

The way you sound (like someone with integrity), the public would have been better off if you got it at $650, $750, $850, etc..That is true in a lot of cases, no doubt in my mind.

 

[Rick Stillman]

My lending clients do not see much difference in what they think they should pay for an appraisal. I am offered $450. to do the 1,200 sq. ft. frame home on a small lot. I am offered $450. to do Mr. and Mrs. Jed's home. I bet you can figure out which assignment I will choose. It reminds me of the story about the old bull and the young bull!

As an old bull myself, I don't see why you would choose. That goes against the very essence of the difference between a young bull and an old bull, right? (Yes, I know the story)

 

[Roy Courtney]

As an old bull myself, I don't see why you would choose. That goes against the very essence of the difference between a young bull and an old bull, right? (Yes, I know the story)

You do not understand why I would choose between an appraisal for a 1,200 square foot home at $450 and a McMansion at $450? It is 11:48 a.m. and I have already turned down one assignment from an individual because he was in a hurry. I have accepted one litigation appraisal with a turn time of 6 weeks and accepted a bank assignment of a cracker box house at $450 with a 2 week turn time. I am not sure about you but I can do several of those cracker box appraisals in the same amount of time as the McMansion. Maybe I am missing something. What is it? Thanks!

 

[Rick Stillman]

I am not sure about you but I can do several of those cracker box appraisals in the same amount of time as the McMansion. Maybe I am missing something. What is it? Thanks!

Well Roy, it was based on your comment about the old bull. The old bull would not choose, but would take them all. I guess this boils down to what your time is worth, and how much time you have left over. As a good friend of mine that owns a restaurant tells me - the most expensive thing in her restaurant is an empty chair - that is lost profit potential. How many hours are you not producing income in a week? If you are not working a day or two every week, then you should take the good with the bad - but if you are fully booked, then by all means be choosy.

I am amazed at how much my lifestyle can change just by doing one more appraisal a week. Over a month that is a house payment. That's the theory - it's better to spend two or three hours on an assignment than to waste time being unproductive.

And one more thing - thanks for the insight on your work load. I'm raising my fees and spend a day or two every week upgrading my client list. You are ahead of the game of most people, by far. I will be closing that gap a little bit - I hope.