This is why I got out of this profession

[glenn walker]

Appraisals need to get back to being local.

The Mortgage business became National due to advancing technology and really took off in 1995 on to now. Appraising someday will also be National but done by machines, waivers and simple inspections. Commercial is about 10 years behind residential but it too is changing.

 

[Shawangunk RE]

I think some will lie about their inspection date to comply with the 24 hour turn time after inspection. I never would do that. Sounds like a crappy lender I would tell others never to use. Lenders might not think its not a big deal, but I tell people about lenders that are digging for the lowest quality appraiser who will slam it out in an hour. I think its a good idea to inform people. People don't buy homes much and get shell shocked later in the process with a lender.

Never worked for a company that demanded 24 hr turntime after inspection, but if I did I would make sure I could deliver it 24 hours after inspection. I would have to do a lot of pre-research to make sure I can deliver on it. I would also have to delay the inspection even if I were next door the same day I get the order. So I might schedule it out a week or 2 instead, and I'd have to charge more because I'd have to do more pre-research not knowing what the property will be like exactly. Oh yes and a fee for my pre-research if if they cancel.

Another lender might get it 24 hours or 48 hours after inspection and get the report sooner, but I would respect the lender's SOW if they demanded it 24 hours after inspection if they paid me enough to delay the inspection to a time I'm less busy and do the extra pre research.

Fasullo is some type of AMC. The lender

I think some will lie about their inspection date to comply with the 24 hour turn time after inspection. I never would do that. Sounds like a crappy lender I would tell others never to use. Lenders might not think its not a big deal, but I tell people about lenders that are digging for the lowest quality appraiser who will slam it out in an hour. I think its a good idea to inform people. People don't buy homes much and get shell shocked later in the process with a lender.

Never worked for a company that demanded 24 hr turntime after inspection, but if I did I would make sure I could deliver it 24 hours after inspection. I would have to do a lot of pre-research to make sure I can deliver on it. I would also have to delay the inspection even if I were next door the same day I get the order. So I might schedule it out a week or 2 instead, and I'd have to charge more because I'd have to do more pre-research not knowing what the property will be like exactly. Oh yes and a fee for my pre-research if if they cancel.

Another lender might get it 24 hours or 48 hours after inspection and get the report sooner, but I would respect the lender's SOW if they demanded it 24 hours after inspection if they paid me enough to delay the inspection to a time I'm less busy and do the extra pre research.

Fasullo is some type of AMC, the lender was Citibank. I still have not been paid for that appraisal, done in June. Going to have to take them to small claims court I guess. 24 hour turn times are not feasible here in the Hudson Valley, especially when you factor in having to drive 1 to 1/2 hours for comp pix. I never guarantee a 24 hour turn time.

 

[NC Appraising]

The Mortgage business became National due to advancing technology and really took off in 1995 on to now. Appraising someday will also be National but done by machines, waivers and simple inspections. Commercial is about 10 years behind residential but it too is changing.

Yep.

Just like everything else in the world....we will be controlled by large corporations. It is not the government that will control us, it is the large corporations. The internet paved the way. First to come up on the search page....few controlling the most.

 

[glenn walker]

Fasullo is some type of AMC. The lender

Fasullo is some type of AMC, the lender was Citibank. I still have not been paid for that appraisal, done in June. Going to have to take them to small claims court I guess. 24 hour turn times are not feasible here in the Hudson Valley, especially when you factor in having to drive 1 to 1/2 hours for comp pix. I never guarantee a 24 hour turn time.

Sorry but If you have time to go to small claims over an appraisal your out of business anyway.
Why not just get into a new career where you can make a living .

 

[George Hatch]

The conventional wisdom is that the market judges services by 3 criteria: Price, Quality, and Service.

If/when minimum fees for appraisers are mandated, the AMCs will be using other criteria to select appraisers. Quality and Service. Service being a lot simpler to measure by the numbers.

 

[glenn walker]

Yep.

Just like everything else in the world....we will be controlled by large corporations. It is not the government that will control us, it is the large corporations. The internet paved the way. First to come up on the search page....few controlling the most.

Actually you need to read the Presidents PAVE Program which is now in play by Marcia Fudge of HUD along with 13 plus other Federal Agencies. It completely re-makes the Appraisal Profession and has given all the Money Center Banks and the GSEs the Green Light to dismantle the old worn out system.

Appraisers are focused on all the wrong things and its not AMCs or GSEs but only that they have been taken as partners by the Goverment as part of the larger plan.

 

[shrubberyvaluation]

Fasullo is some type of AMC. The lender

Fasullo is some type of AMC, the lender was Citibank. I still have not been paid for that appraisal, done in June. Going to have to take them to small claims court I guess. 24 hour turn times are not feasible here in the Hudson Valley, especially when you factor in having to drive 1 to 1/2 hours for comp pix. I never guarantee a 24 hour turn time.

Just have to take a ton of comp pix before seeing the property, many that are not going to be comparable, and charge extra for them making you do more work. Of course I doubt they are going to pay you more.

 

[shrubberyvaluation]

Actually you need to read the Presidents PAVE Program which is now in play by Marcia Fudge of HUD along with 13 plus other Federal Agencies. It completely re-makes the Appraisal Profession and has given all the Money Center Banks and the GSEs the Green Light to dismantle the old worn out system.

Appraisers are focused on all the wrong things and its not AMCs or GSEs but only that they have been taken as partners by the Goverment as part of the larger plan.

And some here like JGrant tell us not to look at the warning signs that are right in our faces.

 

[Surf Cat]

Oversupply relative to demand leads to declining fees. Regrettable, but completely predictable.

This very well may be true in the AMC world. Back in the mortgage broker days however, (yes, I know it's never going back to that) the fee amount was never the issue.....even when it was slow. It was can you produce the value needed to make the deal work. And, can I get it yesterday, which one could easily get another c note for without batting an eye.

Dealing with pushy mortgage brokers about the value was like dealing with a child seeing how far they could push the limits. If one had a handle on that, the empty threats of "I can't use you if you can't make it work" we're just that....empty.

With AMC's it's all about the fee and turn time. It's nothing to do with your expertise, geo competency, reliability, or letters after your name stating you took a lot of classes and you're an expert.

The AMC system is for profit and could give a rats a** about any of their appraisers, a well supported report, public trust or any other feel good statement on their website (Our market-value Appraisals are the most accurate approach to determine true market value.) Gag me with a spoon...

 

[chad hampton]

The Mortgage business became National due to advancing technology and really took off in 1995 on to now. Appraising someday will also be National but done by machines, waivers and simple inspections. Commercial is about 10 years behind residential but it too is changing.

You might be right. At least until the next crash.

I would still say that if rates were between four and five, we would all be plenty busy.