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REO Appraisal Fees

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Wastewaterman

Thread Starter
Freshman Member
Joined
Dec 2, 2007
Professional Status
Certified Residential Appraiser
State
Illinois
I’ve had an increase in relocation appraisals in the past month or so. I’ve been charging $325.00. These babies are alot of work and research and I’m thinking I should be charging more. Can anybody tell me what he or she is charging on average so I’m not screwing myself? Any help would be greatly appreciated.
 

TJSum

Elite Member
Joined
Nov 12, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
Each area seems to have their own fee schedule, so a national forum wouldn't tell you much. People tend to frown on "price fixing" anyway.
Yes they are a lot of work, but each and every appraisal right now seems to have about the same amount of work due to the soft markets.
 

Caterina Platt

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
New Mexico
Do you mean ERC appraisals (relocation) or REO as in real estate owned (repo)?

In either case, it's a business decision, but both are far more involved than your typical 1004, regardless of the market conditions. You end up giving two to four values, estimating repairs in many cases, and they are certainly worth more than your standard 1004. If you are charging less for your REO work than a typical 1004, then you may indeed want to consider an increase.
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
I like to see 1/3 to 1/2 beaver pelts more on the REO depending on how complex it is and the amout of time. For ERC 1/2 more beaver pelts or double for a standard 1004 again depending on how complex. Reviews 1/3 to 1/2 more with a new value 1/3 to 1/2 plus the original cost of a 1004 in fox pelts. Or you can be like the w h o r e on the street. As Letterman said last night you can work like the ones on Time Square for .25 cents. Its up to you.
 

Jim Buckner

Sophomore Member
Joined
Dec 30, 2004
Professional Status
Certified General Appraiser
State
Arkansas
I think you can almost double your current fee for an ERC and still be competitive with reputable appraisers. I don't try to compete with Skippy.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
Back when appraisals were $250 (retail) they paid me either $350 or $375
That's +40% to +50%
Take it from there
 

Doug in NC

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
So which is it, "REO" or "Relo"? Entirely different assignment types. Relos are generally much more complex IMO. REOs are typically a 1004 assignment plus additional photos, a REO addendum, and may require 2-5 different value conclusions. So, it only makes sense to take your 1004 fee and add for the additional time and analysis that are involved.
 

Mike Siegfried

Junior Member
Joined
Nov 6, 2005
Professional Status
Certified General Appraiser
State
California
I like to see 1/3 to 1/2 beaver pelts more on the REO depending on how complex it is and the amout of time. For ERC 1/2 more beaver pelts or double for a standard 1004 again depending on how complex. Reviews 1/3 to 1/2 more with a new value 1/3 to 1/2 plus the original cost of a 1004 in fox pelts. Or you can be like the w h o r e on the street. As Letterman said last night you can work like the ones on Time Square for .25 cents. Its up to you.

LOL. There's a guy on a motorcycle forum I visit who is from Minnesota and refers to everything in terms of how many Beavr pelts. I'm startin' to think you guys in the Great White North actually trade those things. ;-)

Mike
 

Shane Trotta

Sophomore Member
Joined
Feb 18, 2005
Professional Status
Certified Residential Appraiser
State
Connecticut
People tend to frown on "price fixing" anyway.

you mean USPAP people?

REO or RELO?

RELO/REC almost double your typical fee

REO we add $75 to typical fee
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Got two calls today for REO's, they were each a different direction.

I tried that ask what your high fee you can pay today bit and 200 beaver pelts (and yes we do trade them, got a nice beaver hat, cap and gloves) was the answer for some reason I said 400 beaver pelts and she said she would check and call me back. I still waiting for the call.
 
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