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Old 08-07-2018, 06:48 AM
 
Location: Dallas/Ft. Worth, TX
3,037 posts, read 8,317,536 times
Reputation: 5631

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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..
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Old 08-07-2018, 06:52 AM
 
Location: Cary, NC
43,015 posts, read 76,510,473 times
Reputation: 45323
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.
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Old 08-07-2018, 07:04 AM
 
Location: Dallas/Ft. Worth, TX
3,037 posts, read 8,317,536 times
Reputation: 5631
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.
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Old 08-07-2018, 08:38 AM
 
Location: Saint John, IN
11,583 posts, read 6,665,944 times
Reputation: 14786
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!
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Old 08-07-2018, 09:10 AM
 
12,016 posts, read 12,624,709 times
Reputation: 13420
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.
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Old 08-07-2018, 11:32 AM
 
6,835 posts, read 2,371,651 times
Reputation: 2727
It can be even worse if the appraiser is a nagging mother-in-law.
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Old 08-07-2018, 12:54 PM
 
Location: Columbia, SC
10,891 posts, read 21,844,719 times
Reputation: 10485
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.
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Old 08-07-2018, 01:35 PM
 
Location: DFW
40,919 posts, read 48,828,683 times
Reputation: 54900
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.
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Old 08-07-2018, 01:48 PM
 
6,277 posts, read 4,138,067 times
Reputation: 24726
Quote:
Originally Posted by kokonutty View Post
Hmmm. You do realize that you are the only one here discussing house inspections, right?
Duh thanks.
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Old 08-07-2018, 02:26 PM
 
3,223 posts, read 3,508,243 times
Reputation: 3549
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).
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