Remote Commercial Review Appraiser?

[spandrel]

Hi. Can anyone speak to the nature of being a remote commercial review appraiser for an AMC? It seems that most of these jobs are salary positions with benefits. Any idea what the expected salary range is? Obviously I know it will vary but just looking for a ballpark figure. If one is efficient at the job, is there adequate time to still do fee appraisals on the side....assuming one doesn't violate the non-compete?

 

[Michigan CG]

I have moved this to the Commercial section where you will get a lot more responses.

Moderator.

 

[JTip]

So you want a job with flexible hours, work out of your house and make good money with lots of benefits?

You are looking in the wrong place......

 

[spandrel]

So you want a job with flexible hours, work out of your house and make good money with lots of benefits?

You are looking in the wrong place......

Where do you suggest I look?

 

[Deleted member 126639]

So you want a job with flexible hours, work out of your house and make good money with lots of benefits?

You are looking in the wrong place......

In all fairness, we don't know exactly what the original poster intends. They may very well be happy with a relatively low salary. From what I've seen, they do have such jobs but they pay in the $60K to $100K range. I've got a friend in a secondary Southern city who makes about $60K a year doing reviews part time (on a contract basis), and probably another $60K writing appraisals. The beauty of review work is that you can do it anywhere. I've long dreamed of such a job in a low cost of living place.

 

[spandrel]

In all fairness, we don't know exactly what the original poster intends. They may very well be happy with a relatively low salary. From what I've seen, they do have such jobs but they pay in the $60K to $100K range. I've got a friend in a secondary Southern city who makes about $60K a year doing reviews part time (on a contract basis), and probably another $60K writing appraisals. The beauty of review work is that you can do it anywhere. I've long dreamed of such a job in a low cost of living place.

Yes RebelNYC, you are correct, I may be happy with a *relatively* low salary....and just trying to evaluate the review gigs that are remote. Perhaps it is a good source of supplemental income if one can arrange it in such a fashion. I'm currently a fee appraiser and looking for other avenues within the appraisal profession and to diversify income.

 

[hastalavista]

It really depends on the review SOW.
Presumably, compliance with the IAG/USPAP (really the same in most cases) and client engagement requirements are the minimum. Also, for this work, there is usually no independent review value; just a conclusion as to whether the report can be relied upon or not for its intended use.

When there are issues, the client will likely expect an itemized list of what needs to be addressed in order to meet the acceptability threshold.

Some commercial clients are fine with a very brief summary. Some want a little more.

 

[spandrel]

It really depends on the review SOW.
Presumably, compliance with the IAG/USPAP (really the same in most cases) and client engagement requirements are the minimum. Also, for this work, there is usually no independent review value; just a conclusion as to whether the report can be relied upon or not for its intended use.

When there are issues, the client will likely expect an itemized list of what needs to be addressed in order to meet the acceptability threshold.

Some commercial clients are fine with a very brief summary. Some want a little more.

Thank you

 

[Terrel L. Shields]

Don't take this wrong but the reviews I've had done on my reports and on others I've seen (not that many however) aren't worth the electrons they are (virtual) printed on. Often the reviewer isn't familiar with the area, the market, nor even the property type. Exception, government (FmHA) reviewers access a lot of farm appraisals and do a field review, but they can take their time. And even then I've been ripped over things I had right.

Thus such reviews are a bank compliance document with little real use.

 

[hastalavista]

Thus such reviews are a bank compliance document with little real use.

(my bold)

As someone who has and currently does work with banks' and credit unions' compliance and risk departments, I can disagree with the bolded part emphatically.
Appraisals and appraisal reviews are not the end-all in the loan process. Many of us have an over-inflated view of what we do as it fits within the entire dynamic. However, when there are issues, the appraisal and appraisal review becomes very important. And when an institution is holding the paper, that importance is more than just compliance.

Clients expect appraisals to be credible (and usually they are). Client's expect reviews to confirm whatever the review SOW requires (and usually they do).
When the appraisal isn't credible or fails some other benchmark (IAG compliance, for example), that stops the process and I assure you stopping the process moves the appraisal and appraisal review it to a higher degree of scrutiny.
An entity producing appraisals is not going to last too long if that entity continues to produce non-credible or non-compliant appraisals.
An entity producing appraisal reviews is not going to last too long if that entity doesn't know what it is doing and cannot support the reason why it has stopped the process to have some item in the original appraisal addressed.

There is a real use for reviews. It ranks to the same level as the real use of appraisals. If one thinks that appraisals are of little real use, then a review appraisal would fall in that same bucket.

Personally, I think my appraisals are of real use (and apparently, so do the clients who pay me; otherwise, they'd get it done by someone else for less and quicker). I say the same for my reviews (and apparently, so do the clients who pay me; otherwise, they'd get it done by someone else for less and quicker).