West Coast Appraisal Fees

[Najy Karanouh]

Hello there!

I'm a certified residential appraiser in Ohio who is planning on relocating to the West Coast, namely Washington State, and getting my reciprocal license there as well as California, since my wife's family lives there, and we hope to visit often. I've been doing some research for the West Coast and trying to get an idea of the market average for appraisal fees. For some more context, I'm an independent appraiser with my own business, and work with AMCs, agents, investors, etc. I started in the field over 4 years ago and I'm coming up on my third year of being actually licensed. Currently, for private appraisals, I charge $400-450 for a 1004 and between $500-600 for 1025s, and obviously extra for additional forms (1007, 216, ARV). My fees with AMCs are around this as well.

In my research, I found that the average fee for appraisals in Washington State is about $800, as it is in California. I was wondering if any appraisers on here from either state can lend some insight. If it is indeed that high, is that a fee for an independent appraisal, i.e. the entire fee goes to the appraiser/their business? Or is this just the borrower's fee if they go through a lender/AMC and includes the AMC's fee as well, so the appraiser's take-home would be less? I've also seen that the appraisals can hit $1,000+ in this area, I'm assuming based on the complexity of the property/location.

I obviously want to price my services competitively but also don't want to start off below-market, so when potential clients ask for my fees, I can have some background on it.

Any assistance would be appreciated!

 

[sputnam]

Check the VA fee schedule for the county or counties you will be working.

 

[Vermonter]

Each area will be different depending on the amount of appraisers.

There's a $100-$200 appraisal fee difference between neighboring towns around here because no one wants to cover the more rural ones. As a noob to the area, you will have to take what you can get so prepare for everything.

My initial clients steered me to rural work, which I enjoy, but not everyone does.

Try to pin down an area and research from there

 

[ZZGAMAZZ]

Your numbers are extremely optomistic. I had to lower my fees about one year ago, to below $300 for a straightforward 1004, to obtain a single assignment from any AMC here in Riverside, CA, about 50 miles east of LA but in a densely populated area. They've creeped up to the mid- to high-$300's alhough volume is unpredictable but usually from 2 to 4 assignments a week. I receive decent retirement income from various sources so I'm not buggin' or else the fees would barely covered auto expenses. OTOH my former mentor whose book is almost exclusively marital dissolution charges $600/assignment with 100+++ jobs per year. Lots of competition in these parts.

 

[Terrel L. Shields]

getting my reciprocal license there as well as California

You may find that with a Washington address, you will not be able to get a reciprocal license, rather you will have to duly license there and then reciprocate to CA. I know some states do not allow out of state folks who move to the state to get reciprocal licenses. Unless you are going to maintain a half time home in Ohio, I bet a reciprocal license won't work. Check with the board and find out.

 

[Terrel L. Shields]

$600/assignment with 100+++ jobs per year. Lots of competition in these parts.

60,000? Wow. And divorce, to me, is a high-risk appraisal. in the early 2000s I was getting $500 just to testify plus the cost of the appraisal, which I usually did as a narrative and charged a premium over a bank appraisal.

 

[ZZGAMAZZ]

You may find that with a Washington address, you will not be able to get a reciprocal license, rather you will have to duly license there and then reciprocate to CA. I know some states do not allow out of state folks who move to the state to get reciprocal licenses. Unless you are going to maintain a half time home in Ohio, I bet a reciprocal license won't work. Check with the board and find out.

Thinking last year about moving back home to WV from Cali. Shocked to realize that only 3 appraisers were licensed in relatively populus Hancock County where I was raised--probably more appraisers than that on the same block here in SoCal...

 

[Alsie35]

Your timing for the move could have been better - 3 years ago you could have moved and "hit the ground running" at your new location. With much less available business it will be more difficult to build up new clients from scratch. Suggest you ask your current clients if they will send you work at your new location - so you can gauge how many will "come along" with you.

That's what we did before we moved. It took us a year to plan it all out. All that said, good luck to you - it CAN be done and has been done many times. As they say "where there's a will there's a way".

 

[ucbruin]

"Your timing for the move could have been better - 3 years ago you could have moved and "hit the ground running" at your new location."

The Book of Adjustments makes geo competency irrelevant....

 

[BRCJR]

https://dol.wa.gov/sites/default/files/forms/622184.pdf