Staff Appraiser for Wells Fargo or B of A? Pro's & Con's

[Michigander]

Neither is better. Just look to your needs and what makes sense to you.

best wishes for the right decision for yourself

 

[Charles West]

World Savings days were real staff appraisal and easy peasy jobs and so was wells fargo back in those days those Ships sailed a long time ago --like 30 years or more ago : ) LOL

Loved World Savings! I was only there three years and they went crapo. Good chief appraiser who's name escapes me.

 

[Alsie35]

Loved World Savings! I was only there three years and they went crapo. Good chief appraiser who's name escapes me.

Rick Langdon. Great guy. He went on to become the Chief Appraiser at Wells Fargo. Might still be. Basically the WSB appraisal department was held in such high regard in the industry that it first took over the Wachovia appraisal department after the initial merger in 2007, and then took over the Wells Fargo appraisal department when it acquired Wachovia in 2009. Don't know if WF kept the WSB appraisal school in San Antonio. Hopefully they did - it trained a LOT of appraisers over the years (including yours truly).

 

[hoppybun333]

Neither is better. Just look to your needs and what makes sense to you.

best wishes for the right decision for yourself

Agree with Michigander. It works for some people, not for others. A staff job is not a cake walk by any means, with much less flexibility that you may be used to if you are independent.

 

[TMG]

Nobody who is 55 to 60 years old will survive a Wells Cargo or B & A Staff Position in California. Especially one who has been self employed for 10 or more years . Another dirty little secret is if you get a complaint filed against you they do nothing to assist or protect you because you are State Licensed and on your own wheras in the old days as a Real Bank Employee you had certain protections but that ship sailed

This guy lasted 3 years. They found him buried beneath a pile of expense reports and unfinished appraisals.

 

[George Hatch]

That guy could probably outwork everyone else at an Amazon order fulfilment center.

 

[Charles West]

I did three stints on staff. The first was with Long Beach Bank, a bottom feeder lender, but an incredible educational experience for a young appraiser. Then went with Foster Ousley doing review work, and they went under almost immediately then onto World Savings for three years or so. I then went out on my own and started working with a broker/hard money guy. I learned more from that man in three years than I had in the 10 years prior. He had an incredible mind, basically taught me everything I know about investing.

 

[Michigan CG]

I find it curious that one of the cons promoted in this thread is the potential to be laid off when volume drops....
I imagine when volume drops those appraiser working for a fee shop will be laid off....
And if you are an appraiser who hires a fee split staff....
When volume drops, you will lay them off....

During times of low volume, I've considered myself under-employed....

If one is concerned about being laid off when volume drops....
Stay out of residential appraising....

Or be self-employed and adapt to the market and survive. A person who loses a job has no clients. A person who is self-employed should be adapting and anticipating work flow.

 

[Michigan CG]

I've owned a small shop (7 appraisers), owned a VERY small shop (1 appraiser), worked as a staff appraiser and reviewer, managed AMCs, and ran appraisal desks for mortgage lenders as well as large institutional investors. All that to say, I've known quite a few folks on both sides of the aisle. I honestly do think it takes a bit of a different mentality to be an employee - almost an 'institutionalized' mentality. I'm not knocking that - heck, I'm one (I think). In general, I think employee appraisers (whatever the gig) are more compliant, tend to value security over freedom, enjoy working in a 'group' environment more, and enjoy being a part of something larger than themselves. Fee appraisers, OTOH, tend to be more independent (obviously), a bit more 'don't question my work' mentality, value freedom over security - setting their own hours, having the ability to take an afternoon off for golf without using vaca, etc., more driven when it comes to income, and enjoy the 'lone wolf' type work environment more. Neither is good or bad, and I'm not passing judgement either way. I just think it's important to consider your personality/motivations when potentially choosing to make this dramatic a change. I personally don't enjoy the fee appraiser side - keeping up with receipts, wondering EITHER: (1) how you're going to get all the work out, or (2) where your next order is going to come from, dealing with IRS BS over self-employed stuff, no 401K, etc. I am, as I mentioned earlier, probably somewhat 'institutionalized'..

I really like this post. Many of us are very opinionated and don't realize what situations others are in and what makes them/us happy. I could never do corporate or working for others but I am not an expert in other people's lives.

 

[jay trotta]

I've owned a small shop (7 appraisers), owned a VERY small shop (1 appraiser), worked as a staff appraiser and reviewer, managed AMCs, and ran appraisal desks for mortgage lenders as well as large institutional investors. All that to say, I've known quite a few folks on both sides of the aisle. I honestly do think it takes a bit of a different mentality to be an employee - almost an 'institutionalized' mentality. I'm not knocking that - heck, I'm one (I think). In general, I think employee appraisers (whatever the gig) are more compliant, tend to value security over freedom, enjoy working in a 'group' environment more, and enjoy being a part of something larger than themselves. Fee appraisers, OTOH, tend to be more independent (obviously), a bit more 'don't question my work' mentality, value freedom over security - setting their own hours, having the ability to take an afternoon off for golf without using vaca, etc., more driven when it comes to income, and enjoy the 'lone wolf' type work environment more. Neither is good or bad, and I'm not passing judgement either way. I just think it's important to consider your personality/motivations when potentially choosing to make this dramatic a change. I personally don't enjoy the fee appraiser side - keeping up with receipts, wondering EITHER: (1) how you're going to get all the work out, or (2) where your next order is going to come from, dealing with IRS BS over self-employed stuff, no 401K, etc. I am, as I mentioned earlier, probably somewhat 'institutionalized'..

Do you have a "white jacket" with Long Sleves and buckles ????