West Coast Appraisal Fees

[David S]

Here are appraisal fees for California and some other states.

https://www.benefits.VA.gov/homeloans/documents/docs/phoenix_fee.pdf

Most of California is $700.

You can find your state here.

VA.gov | Veterans Affairs

Apply for and manage the VA benefits and services you’ve earned as a Veteran, Servicemember, or family member—like health care, disability, education, and more.

www.benefits.VA.gov

VA requires 5 years experience and recommendation letters from 2 other appraisers. My understanding is that their business is so slow that they are not adding appraisers to their panel in California at this time.

Thanks!

5 years from AT or AR? So basically every sector of appraisal business is slow?

 

[bk_cali]

Thanks!

5 years from AT or AR? So basically every sector of appraisal business is slow?

I'm not an expert on this, but I would think 5 yrs from AR. Residential is slow everywhere.

 

[RCA]

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!

California residential fees are low and the cost of living is high. I know appraisers who have left California for places like Kansas and say they never regretted it.

If you are on Social Security already with a pretty high pay check > $4000/month, and you need some extra income, you might consider it.

The private commercial appraisal companies will burn you out, - if you can find one that has the work. - And you still won't make enough to buy anything more than a 1 bedroom condo.

The only kind of job to go for, and they do exist - is working for the government. The pay is not that great - but it is consistent. And, you most likely will have to rent, unless you can get low-income housing, for which there are invariably waiting lists. But, I sense you need connections to get these jobs.

[Caveat - there are appraisers with houses - but they most likely inherited the money or have wives with good jobs and/or money. -- Or they do more than appraisal, e.g. are CCIMs involved in consulting. ]

 

[ZZGAMAZZ]

I figured. A lot of it has to do with your connections where you are, your network and any referrals you may get. Even here, in Cleveland, same deal. I guess I'll have to see as I go.
It's funny you mentioned Riverside though, because that's usually where we go as well.

Riverside is an extremely interesting City that appears to be doing well financially unlike near-by San Bernardino that is formally bankrupt, with a thriving gang environment....and ****ty f'g SFR's in ghetto hoods selling for way above half-million dollars. Next time you're in Riverside please let me know. GM, AR033192

 

[ZZGAMAZZ]

Wow. Yeah, it makes sense for SoCal. I'm hearing overall there's a shortage of appraisers. Last year, apparently, around 10,000 left the field nationally. I'm sure your coverage and network play a huge factor in where you are.

I'm 50 miles from LA City or Orange County although the population density here probably exceeds 75% of the towns nationwide. I got about 4 jobs last month from a major AMC in my hometown of Riverside (city), where 200 homes are pending sale TODAY. I don't even try to figure out the allocation of assignments.

 

[ZZGAMAZZ]

California residential fees are low and the cost of living is high. I know appraisers who have left California for places like Kansas and say they never regretted it.

If you are on Social Security already with a pretty high pay check > $4000/month, and you need some extra income, you might consider it.

The private commercial appraisal companies will burn you out, - if you can find one that has the work. - And you still won't make enough to buy anything more than a 1 bedroom condo.

The only kind of job to go for, and they do exist - is working for the government. The pay is not that great - but it is consistent. And, you most likely will have to rent, unless you can get low-income housing, for which there are invariably waiting lists. But, I sense you need connections to get these jobs.

[Caveat - there are appraisers with houses - but they most likely inherited the money or have wives with good jobs and/or money. -- Or they do more than appraisal, e.g. are CCIMs involved in consulting. ]

I received about $6600/month in retirement income so 4 appraisals a week pushes me up to just below $150K annually....and I can't afford to live in SoCal, even 50 miles inland, where my condo rent is $3500/month + utilities. Everytime I appraise a purchase and I have an opportunity to speak with the sellers, I ask "So when are you moving to Texas?" Damned if most of them respond "How did you know where we are moving." Many friends of mine also moving to the Lone Star for political or philosophical reasons, e.g. gun ownership.

 

[RCA]

I received about $6600/month in retirement income so 4 appraisals a week pushes me up to just below $150K annually....and I can't afford to live in SoCal, even 50 miles inland, where my condo rent is $3500/month + utilities. Everytime I appraise a purchase and I have an opportunity to speak with the sellers, I ask "So when are you moving to Texas?" Damned if most of them respond "How did you know where we are moving." Many friends of mine also moving to the Lone Star for political or philosophical reasons, e.g. gun ownership.

If you had the assets to make a good downpayment on a home - back when interest rates were below 3%, then you would be doing just fine, except for the property tax. Now, with respect to that, if you had bought the house before 2000 and in a decent location, you would be in a really good situation.

Despite the many terrible areas inland, such as Modesto and Stockton, there are some areas in California, along the coast (Fort Bragg, Pacifica, El Granada, Monterey, Carmel, Santa Barbara, ...) , that cannot be beat for temperate climate, air quality and beauty. Even some inland areas, like Vaccaville are pretty nice. [San Diego used to be nice, but anymore I would say it is just too crowded.]

 

[breakmaker]

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.

haha, please don't wonder why fees are low. 7/8 retired boomer is taking low fees as a hobby since they don't need the money. AMC work fees range from 300 to 800 for a standard single family in SO California.

 

[ZZGAMAZZ]

haha, please don't wonder why fees are low. 7/8 retired boomer is taking low fees as a hobby since they don't need the money. AMC work fees range from 300 to 800 for a standard single family.

I just booked/completed $8,000 in July fees without working more than 5 days a week. Going out on a limb in a few weeks to relocate near the beach [Huntingon, Costa Mesa, Santa Ana, Anaheim, ?????], having been advised by my primary AMC that I'll have assignments anywhere I go because my client satisfaction scores [rated before the OV is expressed] are among the best. WOP WOP. Annual income about $170K without working hard....without more than a few dollars in the bank b/c it's expensive being a single guy!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[ZZGAMAZZ]

If you had the assets to make a good downpayment on a home - back when interest rates were below 3%, then you would be doing just fine, except for the property tax. Now, with respect to that, if you had bought the house before 2000 and in a decent location, you would be in a really good situation.

Despite the many terrible areas inland, such as Modesto and Stockton, there are some areas in California, along the coast (Fort Bragg, Pacifica, El Granada, Monterey, Carmel, Santa Barbara, ...) , that cannot be beat for temperate climate, air quality and beauty. Even some inland areas, like Vaccaville are pretty nice. [San Diego used to be nice, but anymore I would say it is just too crowded.]

Every damn house I appraise, I kick myself in the butt for failing to realize that the crazy low interest rates of a few years ago presented almost a win-win investment opportunity. Man every day I'm appraised terrible homes in terrible conditions owned by uneducated, barely literate [not even to mention non-English-speaking individuals, each with hundreds of thousands of dollars in equity. My investing strategy has always been it seems to "buy high & sell low." Never was able to "time" the stock market either, having migrated Totally to the sidelines last year when the Cali banks started to fail...just before the 10% ++ run-up since then. OUCH.