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This Is Why Some Lenders Keep / Employ A Small Staff Of Appraisers

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ucbruin

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Certified Residential Appraiser
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homesweethome's post #40 hits the nail on the head....

https://appraisersforum.com/forums/threads/the-system-is-broken.215198/page-4

I know during my 13 years as a bank staff appraiser (1987-2000), I would hear that some fee appraisers thought the appraisal dept. assigned the "crap" assignments to the fee panel. Not so.....
The staff had the honor of working on the "crap"....
If for some reason residential dept. didn't have someone with the required experience, it was kick up to the commercial dept.
 

Terrel L. Shields

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Arkansas
I would hear that some fee appraisers thought the appraisal dept. assigned the "crap" assignments to the fee panel. Not so.....
Yes, and got some crap reports as well. I was assigned one a few years ago when the borrower objected. I had solid sales that were averaging $1,000 more per acre. But we got a lot of RIMS bids that no one got because they were doing it in house but wanted us to bid to get an idea what to charge apparently since once they forgot to scrub a note off the email chain saying "the project had been assigned but please circulate"
 

ucbruin

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Certified Residential Appraiser
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Massachusetts
Yes, and got some crap reports as well. I was assigned one a few years ago when the borrower objected. I had solid sales that were averaging $1,000 more per acre. But we got a lot of RIMS bids that no one got because they were doing it in house but wanted us to bid to get an idea what to charge apparently since once they forgot to scrub a note off the email chain saying "the project had been assigned but please circulate"

I have posted the same about this in the past and was pooh poohed.

Back in the day, the bank just assigned fee appraisers the work, no bidding....
When the bank did ask for a bid it was to decide what to pay the staff for the assignment.
That's why it would **** off staff when fee appraisers provided low bids, but they didn't know they weren't going to get the assignment under any circumstances...
 

AMF13

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Certified Residential Appraiser
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I was really glad when they shuffled territories and I no longer had to cover Malibu.
Beautiful place, but unless you have a condo, you are probably going to be spending a lot of extra time.
Researching, driving, inspecting, analyzing, writing.
Every blarney step of the way is much harder than a conforming property in a normal place. :leeann2:

OK, the jobs tend to be interesting. The real problem was the bank had 1 credit for 1 job.
I would rather get my credit easy on a tract house in the valley than some one off place in the Boo. :leeann:
 

ucbruin

Elite Member
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Mar 11, 2014
Professional Status
Certified Residential Appraiser
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Massachusetts
I was really glad when they shuffled territories and I no longer had to cover Malibu.
Beautiful place, but unless you have a condo, you are probably going to be spending a lot of extra time.
Researching, driving, inspecting, analyzing, writing.
Every blarney step of the way is much harder than a conforming property in a normal place. :leeann2:

OK, the jobs tend to be interesting. The real problem was the bank had 1 credit for 1 job.
I would rather get my credit easy on a tract house in the valley than some one off place in the Boo. :leeann:

No extra for difficult assignments???
That's harsh.....

On an side....
I never had to appraise homes along PCH in LA county. I always thought how awful it would be to find parking, then take your house front and street scene photos as the cars are travelling 50+ mph....
 

jay trotta

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Feb 8, 2004
Professional Status
Certified Residential Appraiser
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Connecticut
Back in the day, the bank just assigned fee appraisers the work, no bidding....

my bold and we would always get a mixed bag, both good & bad, although the office I worked seemed to give me the more complex jobs, nobody else wanted. Thought it was great, because I could request a Fee increase, no muss, no fuss; the Lenders knew our work and had the confidence in our work, as we very rarely had a slow time. We covered everything, the Good, The Bad and the Ugly.

AMC's, haven't a clue, they worry about scorecards......
 

ucbruin

Elite Member
Joined
Mar 11, 2014
Professional Status
Certified Residential Appraiser
State
Massachusetts
my bold and we would always get a mixed bag, both good & bad, although the office I worked seemed to give me the more complex jobs, nobody else wanted. Thought it was great, because I could request a Fee increase, no muss, no fuss; the Lenders knew our work and had the confidence in our work, as we very rarely had a slow time. We covered everything, the Good, The Bad and the Ugly.

AMC's, haven't a clue, they worry about scorecards......

You're correct....
If the fee appraiser let the appraisal dept manager know that the property was complex, a fee increase would be typically approved. Even additional days to complete the report.
 

AMF13

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Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
I never had to appraise homes along PCH in LA county.

Did one maybe 20 years ago on the beach near Big Rock. About 5,000 SF, tenant was some rock star singer type.
Remember Kick Start My Heart? Flying a pirate flag off the balcony. Mr Tenant left in his Ferrari just after I arrived.
That was memorable, except I have no memory how many miles along the beach I went for comps. :leeann2:

Then there was a 7,000 square footer up Trancas Canyon. Inhabited by one Asian dude and a bunch of Post Office plastic boxes.
Mail order millionaire? :shrug:
Anyway, ocean and coast view there was truly awesome, glad he called to reschedule when it came up foggy. :cool:

This is the war stories thread, right? :ROFLMAO:
 

ucbruin

Elite Member
Joined
Mar 11, 2014
Professional Status
Certified Residential Appraiser
State
Massachusetts
Was it this guy????


It's seasonally appropriate.....
At least for some of us....
Hope I didn't jinx the Pats....
 
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