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Old 08-04-2018, 11:48 PM
 
130 posts, read 326,217 times
Reputation: 139

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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?
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Old 08-05-2018, 05:00 AM
 
Location: The Triad (NC)
26,837 posts, read 57,830,396 times
Reputation: 29220
Quote:
Originally Posted by Mounty View Post
From what I know, it's about 2-3hrs worth of work (on site).
How on Earth did we end up eating $700-800 fees...?
Where are you?
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Old 08-05-2018, 05:12 AM
 
Location: Central Mexico and Central Florida
6,934 posts, read 3,011,940 times
Reputation: 9718
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?
You know very little about being an appraiser. Certifications from the state are normally required and must be maintained.

The number of research hours varies depending on the available comparables for the house in question.

Field time can also add hours to the appraisal, not just at the subject house, but at the comparables as well.

I was a certified appraiser in Virginia prior to my retirement. I was not a private appraiser but a local tax assessor and was required to hold an appraiser certificate as part of my job requirements.
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Old 08-05-2018, 09:44 AM
Status: "be kind." (set 23 days ago)
 
2,673 posts, read 3,880,201 times
Reputation: 6221
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's like saying "'I had heart surgery and it only took two hours. Why did it cost so much for two hours of work?".

You need to do some research into what is involved in real estate appraising.
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Old 08-05-2018, 10:37 AM
 
Location: Raleigh NC
7,754 posts, read 6,110,007 times
Reputation: 6882
apparently, the OP doesn't understand much about appraisals
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Old 08-05-2018, 12:08 PM
 
385 posts, read 354,423 times
Reputation: 1019
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?
You should have stopped at "From what I know".

An average appraisal takes 6 - 8 hours, plus gas.

Appraisers are required to have a Bachelor's degree.

Appraisers must work as a trainee for a minimum of two years before being qualified to sign off on appraisals. After that, the majority of lenders require 5+ years experience before hiring them.

There is a significant amount of research and analysis needed for every appraisal.

The actual appraiser only gets a portion of the $700 - $800 fee you are paying.

Despite significant increases in licensing, education, reporting and liability, the average cost of an appraisal has only increased about $100 over the last 20+/- years, in my area.

You're getting a deal, as expert appraisal consulting fees are $200 to $250/hr.
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Old 08-05-2018, 12:24 PM
 
975 posts, read 279,560 times
Reputation: 1423
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?
I asked a friend in Washington State if that is where you are and this is what he sent me. If you're in a different state, extrapolate/online search. After a trainee, 2000 to 3000 hours of work, 150 to 300 hours of classes, a bachelor's degree, tests. And you say you're getting a minimal skill zero intellectual person? How did that happen?



Washington Real Estate Appraiser Trainee
Basic Requirements: Must be 18 years or older and submit a completed application
Training Requirements: None
Education Requirements: 79 hours of qualifying education courses
Fee: $200.00
State Required Test: No

Washington Licensed Real Estate Appraiser
Basic Requirements: Must be 18 years or older and submit a completed application
Training Requirements: 2,000 hours of experience in no fewer than 24 months under the supervision of a certified appraiser
Education Requirements: Must have an Associateís degree OR 30 semester hours of specified courses; 150 hours of qualifying education courses
Fee: $190.00
State Required Test: Yes

Washington Certified Residential Real Estate Appraiser
Basic Requirements: Must be 18 years or older and submit a completed application
Training Requirements: 2,500 hours of appraisal work in no fewer than 24 months under the supervision of a certified appraiser
Education Requirements: Must have an Bachelorís Degree; 200 hours of qualifying education courses
Fee: $370.00
State Required Test: Yes

Washington General Real Estate Appraiser
Basic Requirements: Must be 18 years or older and submit a completed application
Training Requirements: 3,000 hours of experience in no fewer than 30 months under the supervision of a certified appraiser; 1,500 hours must be non-residential
Education Requirements: Must have a Bachelorís degree; 300 hours of qualifying education courses
Fee: $370.00
State Required Test: Yes
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Old 08-05-2018, 02:53 PM
 
Location: Austin
7,077 posts, read 16,885,085 times
Reputation: 9484
What market are you in that the appraisal cost $700-800? It must have been an acreage property because they only get that high when there is acreage involved in my market. Otherwise, they are $450-500.
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Old 08-05-2018, 03:17 PM
 
Location: Salem, OR
13,740 posts, read 31,550,338 times
Reputation: 12105
Quote:
Originally Posted by FalconheadWest View Post
What market are you in that the appraisal cost $700-800? It must have been an acreage property because they only get that high when there is acreage involved in my market. Otherwise, they are $450-500.
They are $750-$950 in my market for normal residential homes. We have an appraiser shortage out here.
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Old 08-05-2018, 03:36 PM
 
Location: Austin
7,077 posts, read 16,885,085 times
Reputation: 9484
Quote:
Originally Posted by Silverfall View Post
They are $750-$950 in my market for normal residential homes. We have an appraiser shortage out here.
Dang! Most buyers in the lower price range in my area would never be able to afford that. They beg for sellers to pay their closing costs, but appraisal is outside of closing.
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