On being on the VA panel as a fee appraiser.

[RSW]

I have requested several fee increases for VA appraisals & they have been approved. You just have to explain why the property is complex & why it will require additional time. I've had some VA appraisals that took up to 16 hours to complete.

 

[Tiffany Gibbons]

I have requested several fee increases for VA appraisals & they have been approved. You just have to explain why the property is complex & why it will require additional time. I've had some VA appraisals that took up to 16 hours to complete.

Thank you so much for this post. I have always been turned down for any sort of fee increase from the Atlanta RLC, no matter if it is a $1.5 million horse farm property, all the crazy angled houses for $1 million plus, a buyer who said he needed an industrial warehouse for his large family to come visit (in reality, owned a cab company), $1 million lakeside properties, etc. I have tried explaining that these are more complex properties to no avail. I have since dropped some of these counties just because I can no longer justify what I am getting paid for doing these. I have had a property in a subdivision in which all homes have their own airplane hangar, and a property with an indoor archery range in past months. All of which I am provided the previous appraisal where I can see the invoice for $1000. My VAcation was not long enough, for sure.

 

[Tim Hicks (Texas)]

Yet, during slow downs you will be thankful for VA assignments.

 

[Tiffany Gibbons]

Yet, during slow downs you will be thankful for VA assignments.

Well, I'm always grateful for VA assignments as I only do VA assignments. I'm wondering how one appraiser in Tennessee is getting approval for higher fees, and I am flat turned down no matter what the assignment entails. Never mind, probably an East Tennessee appraiser, they get more to start with than Middle Tennessee per the most recent fee updates in August 2019. Not to mention, you are in Texas, different RLC.

 

[bnmappraisal]

Yet, during slow downs you will be thankful for VA assignments.

And why Us "non VA" appraisers should (Have?) diversify our business

 

[glenn walker]

Actually I have seen over the years VA loans dry up in slow times outside of areas that are heavy Military like Virginia-San Diego CA and other places the VA appraisers starved for many years. Between 1990 & 2007 we saw almost no VA loans coming through the pipeline and being on the VA panel was like being the Maytag Repair Man waiting for a phone call. In SO CA we are already starting to see more and more sellers not accepting VA offers because we have to much cash floating around here and sellers do not want to do any repairs. So if your on the panel thats fine but in some areas don't expect to live off it year after year.

Near the final tops in markets its common for the VA orders to start to get harder and more complex because the veterans are pushed further and further out or get stuck with the weirdo type properties. As far as C & R--There is no such thing as C & R for complex properties-Each one is bid on by what the appraiser whats C & R to one is not C & R to another appraiser : )

 

[Alsie35]

Got my first ever VA ROV request today. A VA staff appraiser actually gridded out the borrower's suggested comparables, with adjustments, and sent that along to me on a spreadsheet along with his analysis (he dismissed 3 of the 4 suggested sales, recommended the 4th one be used.)

You've got to love the VA. They really go "the extra mile".

 

[Zoe]

Actually I have seen over the years VA loans dry up in slow times outside of areas that are heavy Military like Virginia-San Diego CA and other places the VA appraisers starved for many years. Between 1990 & 2007 we saw almost no VA loans coming through the pipeline and being on the VA panel was like being the Maytag Repair Man waiting for a phone call. In SO CA we are already starting to see more and more sellers not accepting VA offers because we have to much cash floating around here and sellers do not want to do any repairs. So if your on the panel thats fine but in some areas don't expect to live off it year after year.

Near the final tops in markets its common for the VA orders to start to get harder and more complex because the veterans are pushed further and further out or get stuck with the weirdo type properties. As far as C & R--There is no such thing as C & R for complex properties-Each one is bid on by what the appraiser whats C & R to one is not C & R to another appraiser : )

No doubt VA is best loan program available for qualified veterans.

It's not even a question to me. I have been around and involved with mortgage lending most of my life. VA is best long term mortgage program for veterans if they qualify. NOT EVEN CLOSE.

 

[Zoe]

Looks like I will get my first fee increase approved that I mentioned early in this thread. Told you I should not have bid. I bid too low. I told you I should have asked what they (lender) thought was reasonable.

That is first fee increase request I have ever made on a VA loan. Been on the panel for a long time. This is major national lender too that do all kinds of loans, commercial, FHA, conventional, short term, long term, etc, etc. Any kind of loan you can think of. I dropped the ball.

 

[NortheastAppraising]

Near the final tops in markets its common for the VA orders to start to get harder and more complex because the veterans are pushed further and further out or get stuck with the weirdo type properties.

This is a really great point. Over the past few months EVERY lending appraisal I’ve done is complex….likely because the easy/common properties are going for cash.

Just another symptom of being above the cloud tops.