NAR Fights Back. Appraisal Debacle!

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  • I have been an appraiser for 27 years, and as an appraiser, I am paid for my opinion. It is my opinion, that real estate agents do not know how to valuate property, and when the appraisal value is low it is the appraiser fault. A real estate agent that knows the neighborhood, the market, and how to valuate real estate will never have a low appraisal. Agents start taking appraisal classes and learn how to valuate property.

    Leon Abacherli November 24, 2015 3:50 am Reply
    • Amen brother. I have a college degree in RE appraisal, 35 years of experience in mortgage lending (loan officer), staff appraiser for a top 10 (at the time) national lender, an ex-wife who was a top producer as a loan originator, I can tell all of you from the front lines.

      Until the select few that run the RE industry are exposed and imprisoned, nothing will get better, it will only sink to new depths of opportunity for the thieves who look to steal where the stealing is easy–the real estate market. Just think, if there were no referees in the NFL, NBA, NHL, NCAA, how easy would it be to win bets, if you could control the referees? Think about it.

      Me November 30, 2015 1:21 pm Reply
  • Appraisers are registered as Financial entities and are not exclusive to the Real Estate Industry, although they are required by NAR to pay dues for MLS access (as in RTW union dues). The “Out of Area” appraiser works both ways. There are appraisers that rarely work their own areas due to AMC’s not wanting to pay C&R fees or due to LO’s and Agent conflicts. The problem is nobody’s on the same page when it comes to compensation. Lobby NAR, so they can lobby the Fed’s and the States to have Appraisers make commission instead of fees. Then we’ll all be on the same page. Yea that will work, right?

    Glenn November 24, 2015 4:12 am Reply
  • No, AMC’s do not go by a rotation when assigning orders. They hunt down the lowest fee, then demand the fastest turn time. Not that turn time matters, once a report is submitted it may be a week before we get those revision, additional comp, please address stuff that is already in the report because we are just monkeys doing a word search and have no idea what an appraisal is requests. Then 3 days later another request to add the borrowers middle name and then another 3 days later a revised purchase agreement.

    Then the lender gets the report, and they want something else addressed that is also already in the report. Its not our turn time that sucks, its the middle level leaches that feed off of the work of hard working folks on the street.

    Oh, yeah, did I mention that the AMC’s send the assignments to the lowest possible fee they can get some chump to accept, no matter where they are from or how qualified they are? The lower the fee the more they can skim off the top.

    Joe T. 25 yr. Appraiser November 24, 2015 7:03 am Reply
  • Absolutely a tough industry for appraisers today. I did want to note that not all AMCs are bad. As a 10 year veteran of the industry, I decided to start and appraiser friendly AMC with two 20+ appraisers. No shameless plugs – I won’t even mention us by name, but I wanted to comment to let you all know that many lenders are now vetting AMCs partially based on their appraiser relationships, and our appraiser-first model seems to be catching on like wildfire. There are AMCs out there who respect appraisers and pay above C&R. I think this will be the growing trend as long as the appraisers in the industry demand it.

    Greg November 24, 2015 7:36 am Reply
  • I had an apprentice when the market went bust and we got AMCed. Had to let him go because I couldn’t work more hours for less and then split it with someone. I then just shifted to doing sales and rentals to no accept the lowered fees. Now I cherry pick what appraisals I do because of the 38 page reports and the crazy requirements with the odder properties. I do rentals, investing, consulting with sellers, investors, buyers and attorneys to fill in the income. I can’t imagine graduating from college and saying,”hey, let’s be an indentured servant and make less in more time than at a restaraunt”.

    Don November 24, 2015 8:25 pm Reply
  • I am a certified appraiser for 16 years. I am making less money today than I did 14 years ago. With all the added forms required, the AMC’s taking their cut of the fees, I am probably making less than $10/hour. I sometimes wonder if its worth it. Only 8 more years and I can retire !

    Judy November 25, 2015 6:18 am Reply
  • Din’t think you wanted to read that.

    Me November 30, 2015 1:23 pm Reply
  • Pingback: WCA Needs Your Help | Wisconsin Appraiser

  • Where were the appraisers when the industry was hit with and trying to challenge HVCC? Mortgage professionals led the rally with some participation from the real estate community, and crickets from the appraiser side. They were hiding under rocks..that’s where.

    Nick January 26, 2016 10:38 am Reply

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