On being on the VA panel as a fee appraiser.

[Zoe]

Too far to drive to go to another county.

Average price I do for the VA is around $1.8M. Mostly refi's with an occasional purchase with large cash downs.

The "one size fits all" the VA uses for pricing is tough to swallow around here.

I got you. I feel your pain. Idk if there are many $1.8 million dollar houses in west TN. Last really tough one I did was 8,000 +sf in GLA, pool, pool house, detached workshop studio about 60 x 30. It was not fun. 4 acres. It didn't even reach a million. Some NBA players live in neighborhood. I literally would have charged $2,000 to anybody else.

 

[Alsie35]

I got you. I feel your pain. Idk if there are many $1.8 million dollar houses in west TN. Last really tough one I did was 8,000 +sf in GLA, pool, pool house, detached workshop studio about 60 x 30. It was not fun. 4 acres. It didn't even reach a million. Some NBA players live in neighborhood. I literally would have charged $2,000 to anybody else.

OTOH, here's a couple of "tidbits of insanity" for some of you in "Flyover Country" to shake your heads at:

Was doing a realtor's refinance this morning when she told me her clients are bidding $50-$80K over list price on homes ... and still not always winning the bid.

Then this afternoon I had a purchase order come across my desk for an 1160sf, 3/2, 45-year old home in a lower-middle class type of mid-size town near here (near RT80 and the Bay Area commute route), recently remodeled, listed at $430, under contract for $475K (!!!!). Turned it down because I don't want to waste my time on a cut sale and possible ROV when I have plenty of other work. The home is literally 1/3 the size of the home we are buying in Texas, and selling at a higher price. (I hope it lasts through September so I can unload my own CA home handsomely as we get outta here ...)

 

[James Mpls]

My point, as I am sure you are well aware, is that VA appraisal fees are not keeping up with inflation. Furthermore, are you predicting that todays the inflation rate is not going to increase dramatically in the next 2-6-years?

Also, what is the percentage of the appraisal fee as it compares to home prices?

Ive been on the VA panel for many years and enjoy it. I have mentioned the fees being a bit behind the market to some reps at my RLC. Hopefully it gets raised sometime soon; especially with the ever increasing cost of goods and increasing inflation rates/lower value of the dollar.

 

[Joe Flacco]

I don't think appraisers should really complain about VA. They limit the number of people on the panel so that the appraisers get orders regularly and pay above the going rate for probably at least 90% of assignments. They don't limit the panel based on skills or exceptional work quality or something like that. They limit it strictly based on if they have enough appraisers to fill demand. Not happy with them then just drop out off the panel.

 

[Ariba]

I love helping fellow Vets, keeping them out of trouble mostly, but the VA in Cleveland seems to hold back my orders due to my increasing Tidewater reports.

and you know this how?

 

[KYLECODY]

For all the VA complaints here...all I know is 3 comps and done. We were told thats all they want and don't waster our time with listings, pendings or bracketing nonsense. Just give us your best three closed sales. Also, I almost never get a revision request. They train the lenders not to kick back stuff for typical nonsense that most other AMC's and lenders do. Have been very busy lately with high fee, non VA stuff and just the frustration factor alone from "revisions" on so many reports has been enough to put me close to the edge. One client who I did 22 for last month, kicked back 17 of them, and its their little initial checklist reviewer and gets kicked back within 20 minutes or so of submission. If the fees weren't like stealing with this group I would drop them in a second. So frustrating to spend hours typing up a complex, well thought out report and have it come back within 20 minutes for something thats already in the report. Wish they were all low maintenance like the VA.

 

[NortheastAppraising]

For all the VA complaints here...all I know is 3 comps and done. We were told thats all they want and don't waster our time with listings, pendings or bracketing nonsense. Just give us your best three closed sales. Also, I almost never get a revision request. They train the lenders not to kick back stuff for typical nonsense that most other AMC's and lenders do. Have been very busy lately with high fee, non VA stuff and just the frustration factor alone from "revisions" on so many reports has been enough to put me close to the edge. One client who I did 22 for last month, kicked back 17 of them, and its their little initial checklist reviewer and gets kicked back within 20 minutes or so of submission. If the fees weren't like stealing with this group I would drop them in a second. So frustrating to spend hours typing up a complex, well thought out report and have it come back within 20 minutes for something thats already in the report. Wish they were all low maintenance like the VA.

when it gets kicked back within 20 minutes with a comment “lender has requested...” I always reply by asked who at “the lender,” specifically, by name and position, is requesting this revision.

9 times out of ten it goes away.

 

[KenAZ]

when it gets kicked back within 20 minutes with a comment “lender has requested...” I always reply by asked who at “the lender,” specifically, by name and position, is requesting this revision.

9 times out of ten it goes away.

Or "Our investors demand this"
Who are these phantom investors?

 

[Ariba]

They don't limit the panel based on skills or exceptional work quality or something like that. They limit it strictly based on if they have enough appraisers to fill demand.

Sorry to see you have such a low opinion of yourself. Don't be so hard on yourself.

 

[Tru Red]

Update 05/27/2021. Just got a 1,700 sf home on a 12,000 site - both typical for the area........assigned to me, non-VA (conventional loan) paying $916.

Day before, VA assigned a job for a 4,500 sf $3,000,000 home for a purchase for the standard $600.

SMH. Argue all you or anyone wants, the one-size-fits-all VA does not work anymore.