Profiting From Appraisal

[xmtpedprl]

Wow, this is really something. I hope my link works, you'll really enjoy this article:

http://img385.imageshack.us/my.php?image=nyagwallstreetjournalre6.jpg

Dave...

 

[Lawrence R.]

Good start.

At least someone is telling the public about a facet of our industry. That could be good.

Of course, it didn't go far enough to implicate the AI and others as limp and inactive over the last 4 or 5 years while this whole thing ramped up.

But I am glad to see that the G.P is getting a taste of what it is like for us.

Good link.

 

[stefan olafson]

I'm pretty sure the writer of the piece is from Grand Forks ND. His dad (now deceased) worked at the local paper for ages and his mom, Marilyn still wites a weekly column. I know their son was in Hong Kong for the WS Journal for quite some time.

I'll be seeing Marilyn next Thursday and I'll ask her. Maybe I can get him to write another article with the facts laid out a little bit better?

 

[Eminent Domain]

from Grand Forks ND.

While your there have a cold one at Bonzers (sp?) bar for me if its still there. Man I remember the huge mosquitos would drain your blood in a matter of minutes when I was there.

BF

 

[Mike Boyd]

Great artical. Thanks for sharing.

 

[Randy G]

Hi everyone. I just joined the board. I work in the So Cal area.

I received the fee schedule from a management company offering peanuts for appraisals and I sent them an email telling them I hoped all quality appraisers approched by them would turn down their 1975'ish fee schedule.

One of the larger lenders in the area I do work for is taking 25-30% off the top. I was given the list of charges to the lender by the management company and compared it to the fee schedule paid to appraisers.

I don't mind doing work for the management companies that pay a fair fee. The broker who used to supply me with the bulk of my business wore me out ordering comp checks but no appraisals.

RG

 

[RSW]

Hi everyone. I just joined the board. I work in the So Cal area.

I received the fee schedule from a management company offering peanuts for appraisals and I sent them an email telling them I hoped all quality appraisers approched by them would turn down their 1975'ish fee schedule.

One of the larger lenders in the area I do work for is taking 25-30% off the top. I was given the list of charges to the lender by the management company and compared it to the fee schedule paid to appraisers.

I don't mind doing work for the management companies that pay a fair fee. The broker who used to supply me with the bulk of my business wore me out ordering comp checks but no appraisals.

RG

Don't tell us that you were doing comp checks?

 

[Blueprint]

This was posted a week ago.

http://appraisersforum.com/showthread.php?t=138469

It's a good article that needs a bit of clarification.

 

[Tudor]

Too funny, article says that "AMC's say they pay the market rate". Yeah, the market rate that they force downwards by playing the "hey if you lower your price you can get more work" game. They want cheap, fast and the majority doing the work aren't even licensed.

 

[J Grant]

Some AMC's are now adding "quality control" a fake, useless review process to justify their high take of a fee and to prove that they are "appraisal partners"...their quality control would be a joke except that it wastes the appraiser's time responding to idiotic requests to comment on things the appraiser has already commented on, etc. The "quality control" is done by either a computer program, a hastily trained staff memeber, maybe even an appraiser, or ex appriaser...however, since AMC's handle thousands of appraisals a week from all over the country, even if they have one of thier appraisers look it over, the appraiser is not licensed in the state the appraisal was done in and worse than that, has no knowledge of the local market.