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why are appraisal management companys not governed by USPAP ?

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CRK81

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*Noobie alert*

So why is it that AMC's have no governing body to control them? Also why has USPAP turned the other way when it comes to the AMC's

I understand why lenders would use them. But when they tell us what they are willing to pay us isn't that an infraction of one of the laws made by USPAP? They can't set our fee....Can they? (I guess they can.... From what I have been reading.)

I am just at the begining of this whole appraisal career thing so please excuse my lack of understanding/knowledge on AMC's and the exact part of the USPAP laws that I am refering to.

It has cost me well over 3 grand to be educated to my states level of acceptance for a trainee and I still have 28 more hours of education to keep my current status.

I want to make this money back..

:fiddle::fiddle::fiddle:
 

Carnivore

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AMC's are regulated they just dont know it yet. I am going to start a thread on this very issue. Stay Tuned
 

Sheikh Yerbouti

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Arizona
But when they tell us what they are willing to pay us isn't that an infraction of one of the laws made by USPAP? They can't set our fee....Can they? (I guess they can.... From what I have been reading.)

AMC's don't set fees...you do. They can offer a fee, but you don't have to take it.

Recently my wife got an order from an AMC for a house that ended up appraising for over $4 million. The AMC offered $220. We countered with $1,200. We got our fee.

Try it. It works more often than you would think.
 

J Grant

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Dave, that is a once a year situtation. In populated areas, there are a lot of appraisers and the AMC's manipulate them into lowering fees. That said, the more people hold out for decent fees, the better. We also need to protest their business model and make information available to public, legislators, appraisal foundation etc. There is legislation in the works to regulate them.
 

Sheikh Yerbouti

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Arizona
Dave, that is a once a year situtation. In populated areas, there are a lot of appraisers and the AMC's manipulate them into lowering fees. That said, the more people hold out for decent fees, the better. We also need to protest their business model and make information available to public, legislators, appraisal foundation etc. There is legislation in the works to regulate them.


For what it's worth, we live in a metro area of over 4 million people, and we are two of several hundred local appraisers who could have done this assignment. That said, AMCs can only manipulate appraisers if appraisers let them. I agree with holding out for decent fees. I don't agree with trying to legislate them out of existence. If enough people just say no, they will either get real or go away on their own. We don't need more toothless law.
 

jnordquist

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For what it's worth, we live in a metro area of over 4 million people, and we are two of several hundred local appraisers who could have done this assignment. That said, AMCs can only manipulate appraisers if appraisers let them. I agree with holding out for decent fees. I don't agree with trying to legislate them out of existence. If enough people just say no, they will either get real or go away on their own. We don't need more toothless law.

I disagree, holding out works once in a while. If you counteroffer they will just call the next guy, once in a while they will agree and call back

They do need legislated, we need oversight, why not them?
 

Michigan CG

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Michigan
....The AMC offered $220. We countered with $1,200. We got our fee.....

Good for you!!!!!!....I would buy you a beer but you just got a $1,200 fee. Buy your own! :)
 

Marcia Langley

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Aug 26, 2005
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Certified Residential Appraiser
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Missouri
If there are any licensed appraisers on the payroll of the AMCs they must comply with USPAP.

I imagine most of them have some appraisers on staff who set policy, etc.

If their policies violate USPAP, they should be reported to their state boards.
 

Mountain Man

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Jan 15, 2002
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Certified General Appraiser
State
Georgia
Over 4 mil? Yeah, you still under bid it. :icon_lol: I would have quoted the same fee I charge for doing a 4 million warehouse appraisal.
 
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