The Lowest of the Low

[Ray Miller]

I was honored today by an AMC calling me, wanting to know my turn times and fee. I figured I must be some where near the top of their list and it was an honor that I was being asked. I ask location, 90 miles to the west of me, I stated a fee of $375 and told her I would be at an auction in the area on Thursday and I would look at the property after the auction. She said the fee was high for the area, I ask how much would she be willing to pay, she said they had been getting them done for $125 \\1004’s. Turn time was 24 hours from time placed. I told her I could not work for that, but I would come down to $350 but would not get to it back to her before next Monday. She said she would call me back if she could not place the order. I call her about 4:45 p.m. and she had found an appraiser that would do it for $100 and have it to her tomorrow afternoon. I can sell veggies and make a lot more income with a lot less expense and liability then I can write appraisals for now days.

Any way got in two more reservation appraisal today at full fee and there is no time rush. They tried two low ball and fast appraisers and they screwed up from the get go doing them as "fee simple".

 

[Michigan CG]

I done enough ranting on my own...I figured I'd give someone else a shot.

I'm actually not outraged. These people can offer whatever they want, and appraisers can accept it if they want...that's their business decision.

I don't know, should I be outraged at an appraiser offering other appraisers $75 for a 2055? Or is he just a POS who thinks he is going to make money off of other appraisers who are desperate?

It is hard for a lot of appraisers, giving up their current (or past) work, to go have to answer to a boss after being self employed. But sometimes that is life.

The outrage would come from the fact that this guy is an appraiser trying to take advantage of other appraisers who are at their low point trying to survive. The guy is a POS to the fullest extent, forcing appraisers to turn in quick reports that cannot be fully developed or justified, and then charging $1 for every mistake they make? He actually has the balls to take money away from a $75 2055 appraisal? What kind of quality does he expect from that fee?

Thank God I don't have to work for these people.

 

[Wendy]

At this point I am actually wanting the AMCs and leeches to keep going lower and lower with their fees. Point being that they will eventually sink both themselves and the idiot appraisers who accept those ridiculous fees.

 

[laynelucia]

That guy called me too and I literally laughed on the phone and said "good luck to you and have a nice day"

 

[timd354]

Just more proof that there is an oversupply of idiots, what else is new?

 

[Tom Barclay]

I got a call today from an appraiser in Portland who wants to represent to an AMC that they cover the entire state. "The AMC pays $250, and we would need to discuss a fee split." I would quit appraisal entirely before working for what the AMC's are willing to pay, and I certainly am not willing to give 40% of that to some clown so they can corner the market.

 

[timd354]

I got a call today from an appraiser in Portland who wants to represent to an AMC that they cover the entire state. "The AMC pays $250, and we would need to discuss a fee split." I would quit appraisal entirely before working for what the AMC's are willing to pay, and I certainly am not willing to give 40% of that to some clown so they can corner the market.

You will not do that because you are not an idiot.....but that appraiser will find a sufficient number of idiots who will be willing to work for 60% of $250.....its sad, but that's just the way it is.

 

[Tom Barclay]

You will not do that because you are not an idiot.....but that appraiser will find a sufficient number of idiots who will be willing to work for 60% of $250.....its sad, but that's just the way it is.

I just hope I get a chance to review some of that work.

 

[Bearslide]

Plenty of outrage here, Tim - it seems appraisers are coming up with all kinds of schemes to take advantage of other appraisers. I've gotten several calls for similar scenarios. After I quit laughing, I wished them luck and told them they will get exactly what they are paying for.

The clients who go along with this kind of nonesense are getting exactly what they deserve.