U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 08-07-2018, 06:48 AM
 
Location: Dallas/Ft. Worth, TX
1,917 posts, read 5,831,511 times
Reputation: 3207

Advertisements

Quote:
Originally Posted by Mounty View Post
I sold several properties in the last several years. All appraisal reports looked like copy/paste, some terrible pics thrown in and appraised value within 2% of my asking price I pulled put outa my .... seriously.


Appraisers have specific formats they are required to follow. Unfortunately for you they all look like cut and paste. Of course if you want a personalized report to your visual appearance standards would you be willing to pay more than $50/Hr for it or would you still complain but the price based on some lack of knowledge of the appraisal process?


WA licensed appraiser - Associate degree sufficient? Im sure you can get to PhD to justify those insane costs but to appraise a simple house is that really necessary? No.


So are you saying that only a person with a PhD should make $50/Hr and no more?


I bet appraisals are simple data entry into a software that does all the calculations and form preparation.


You would lose that bet without a doubt!


Dont care about experience required, mist jobs require some supervised training.


Just like any other profession the more experience the higher the expected fee would be. That is unless you believe all professionals should set their fees based on the "Wal-Mart pricing strategy"?


State tests are irrelevant. Most professions require some form of test.


So are you saying that if a test is not required for a specific field then it is not a "Profession"? Mechanics have no testing requirements and I know some dang good mechanics who are professionals. Structural framers do not require testing and I know some dang good framers who are very professional. I can go on and on about other "Professions".


Gas money? Thats funny. Here's your $1.50 for driving 5 miles to my house. Do you want to be compensated for food too? Got hungry while typing up my report? Pathetic excuse.


You obviously have no concept of running a business as there many expensed involved that go into the fee structure.


Unless youre a doctor, lawyer or some astro physicyst you shouldn't be making more than $50/hr, thats some real professions requiring bachelor degree, engineering, nursing etc... actual massive knowledge and vast diverse complex skills... not glorified data entry.


Again you are displaying an ignorance to how any business is operated and the expenses incurred. Also you are intimating that those without some form of college degree are not worth paying good money to regardless of how intelligent and capable they are. This one statement displays a lot of your bias'.


I was applying for a loan... all cu and banks are quoting $700+ appraisal. Appraisers are todays real estate mafia. I wish someone in the gvnt would look into that.


The Gooberment did look into this and completely screwed up the appraisal process with the creation of the Appraisal Management Companies as well as many other Gooberment mistakes.



Questions, answers, comments in blue above.


It is sad you have such a hate against a profession that has become extremely difficult to be a member of as far as being an Appraiser. I do believe you might change your thinking if you actually educated yourself on the appraisal profession along with its history!

Last edited by escanlan; 08-07-2018 at 06:58 AM..
Quick reply to this message

 
Old 08-07-2018, 06:52 AM
 
Location: Cary, NC
32,328 posts, read 56,544,084 times
Reputation: 31045
Quote:
Originally Posted by Mounty View Post
From what I know, ...
Quote:
Originally Posted by escanlan View Post
Questions, answers, comments in blue above.


It is sad you have such a hate against a profession that has become extremely difficult to be a member of as far as being an Appraiser. I do believe you might change your thinking if you actually educated yourself on the appraisal profession along with its history!

Don't overlook the OP's qualifier suggesting sincerely a general lack of knowledge.
He is being beat up pretty well here, when his initial phrase disclaimed any knowledge.


Well, he set himself up for it, but still, he clarified from the get-go that he doesn't know much.
Quick reply to this message
 
Old 08-07-2018, 07:04 AM
 
Location: Dallas/Ft. Worth, TX
1,917 posts, read 5,831,511 times
Reputation: 3207
Quote:
Originally Posted by MikeJaquish View Post
Don't overlook the OP's qualifier suggesting sincerely a general lack of knowledge.
He is being beat up pretty well here, when his initial phrase disclaimed any knowledge.


Well, he set himself up for it, but still, he clarified from the get-go that he doesn't know much.

That's quite obvious from the rant. Unfortunately this type of attitude extends well beyond one profession and is part of the overall issues we see as professionals. To many are viewing any professional from a "Wal-Mart pricing" attitude and to many professionals cater to that attitude which only makes it worse.


I'm not an Appraiser but did seriously look at that field before entering the one I'm in now. I sure thank my lucky stars I did not enter it after what happened during the crash of the last decade. The actual Appraiser now is getting the very short end of the stick and it is showing with the drop in their numbers.
Quick reply to this message
 
Old 08-07-2018, 08:38 AM
 
Location: Saint John, IN
10,940 posts, read 3,618,267 times
Reputation: 13307
Quote:
Originally Posted by Mounty View Post
From what I know, it's about 2-3hrs worth of work. At $25/hr for a non-diploma type education clerk work that requires minimal skill and zero intellectual work and 50% company fee this should not exceed $150.

How on Earth did we end up eating $700-800 fees and thinking it's ok?


WOW, that seems high! We paid $400 two years ago and we're in the Chicagoland area!
Quick reply to this message
 
Old 08-07-2018, 09:10 AM
 
10,705 posts, read 7,027,460 times
Reputation: 11371
Quote:
Originally Posted by Mounty View Post
From what I know, it's about 2-3hrs worth of work. At $25/hr for a non-diploma type education clerk work that requires minimal skill and zero intellectual work and 50% company fee this should not exceed $150.

How on Earth did we end up eating $700-800 fees and thinking it's ok?
That sounds high, but it can depend on the size of the house and the local economy as far as costs go for appraisals, mine was about $300 or $350 and it's a small home, but i know they do need to do many hours of research on comps and filling out paperwork, so expecting them to do it for $75 is ludicrous.
Quick reply to this message
 
Old 08-07-2018, 11:32 AM
 
2,823 posts, read 528,980 times
Reputation: 1456
It can be even worse if the appraiser is a nagging mother-in-law.
Quick reply to this message
 
Old 08-07-2018, 12:54 PM
 
Location: Columbia, SC
8,957 posts, read 17,707,135 times
Reputation: 6386
There is a 3rd party company that gets a cut now so there goes some. It's also not a 2-3 hour job. Drive to the property, measure and calculate sf, pay for all the software/equipment, dues for lockbox access, insurance, data entry, find comps and know to make adjustments, know the requirements for different loan types.
Quick reply to this message
 
Old 08-07-2018, 01:35 PM
 
Location: DFW - Coppell / Las Colinas
30,280 posts, read 35,346,673 times
Reputation: 36494
I got my Appraisers License at the Walmart school of Appraising. For $250 you tell me how much you want the house to appraise and I'll make it happen. I'll just do a drive by to make sure the house hasn't burned down.

Deja Vu of 2006-2008.

I also run a roofing company on the side and work in IT during the week.
Quick reply to this message
 
Old 08-07-2018, 01:48 PM
 
2,956 posts, read 1,296,027 times
Reputation: 11343
Quote:
Originally Posted by kokonutty View Post
Hmmm. You do realize that you are the only one here discussing house inspections, right?
Duh thanks.
Quick reply to this message
 
Old 08-07-2018, 02:26 PM
 
2,287 posts, read 2,274,562 times
Reputation: 2257
I can understand questioning the cost for the amount of work done, especially in areas where there is a great deal of cookie cutter type housing where the implication is that a lay person could do some research on recently closed listings and come up with a reasonable estimate, similar to how a realtor determines value due to a CMA. But the bottom line is the bank needs someone to sign off that the collateral is worth the money they are lending. Before they issue hundreds of thousands or millions of dollars, they will want an "official" valuation done by someone with skin in the game in case things go south.

On my last home appraisal (a few months ago), the appraiser commented that his industry in my area was recession proof - as there is tons of new construction these days, lots of people moving up and then when the economy turns, he stays busy with foreclosure business. The irony is that he also appraised the house a few years ago when we refinanced and when he came this time he still spent just as much time taking measurements (even though he presumably had them from the last time).
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 

Quick Reply
Message:
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top