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.
...Fast forward to today, to become an appraiser you need..2+ yrs of college, 65hrs education(yes it can be done on line in a short period of time), 2 years apprenticeship before they can go it alone...
This information in the above post is incorrect. New standards were announced in 2013 and went into effect 1 January 2015. New standards pertaining to background check requirements go into effect in 2017.
For accurate information pertaining to appraiser qualification requirements, see the Appraisal Subcommittee website at https://www.asc.gov/Home.aspx. See your state's appraisal board website for state-specific requirements.
In my market, some banks pay realtors or brokers to do appraisals under certain circumstances. I was once hired to do a drive by on a short sale and do an appraisal. I never had to get out of my car, just take some exterior photos and do a CMA (Comparative Market Analysis).
In my market, some banks pay realtors or brokers to do appraisals under certain circumstances. I was once hired to do a drive by on a short sale and do an appraisal. I never had to get out of my car, just take some exterior photos and do a CMA (Comparative Market Analysis).
That is not an appraisal. That's a BPO for the bank to get an idea of value.
Yep. It is always the appraiser's fault. Give me a break. My basic turn time right now is up to 10 business days but can be longer with rural and other complex properties.
And try this one on for size ... the appraisal is done when it has been completed to my satisfaction. There is no reason for lenders to wait til the last minute to order the appraisal. Several of my clients order it in the very beginning of the loan process. Works like a charm.
We can put a man on the moon, I can be playing chess with a guy in Russia in 2 seconds via the internet, you can drive from New York to California in 3 days or fly it in a few hours...and the answer i'm hearing is that the poor appraisers are over loaded???? Gosh, why not hire some more? Last time I looked, there were millions of people unemplyed in this country. I'm thinking this house appraisal buisness is a scam or else it's a buisness full of loafers who need a good country ass whoopin.
You obviously do not have a clue what it entails to become an appraiser.
Appraiser shortage - where will AMCs get appraisers?
On the Path to Extinction? ...Not So Fast
Excerpts:
An economic tragedy is unfolding silently across American neighborhoods.
With fewer young careerists joining the residential valuations industry, real estate appraisers foresee a future where lenders and consumers alike face added costs and lengthened real estate delivery timelines due to a shortage of trained appraisers in the residential valuations space.
"The rate of decline in the appraiser population within the U.S. has been averaging between 4 percent and 5 percent," explained Greg Stephens, Chief Appraiser and SVP of Compliance for Metro-West Appraisal Co. "That number is expected to increase due to the high percentage of practicing appraisers who are in their 60s and 70s and who will either be retiring, dying, or leaving the industry within the next decade."
"If this trend continues I believe we will see dramatic increases in the cost and time needed for field appraisals. At the same time, I believe we will see increased adoption of other valuation products, including desktop appraisals and other non-appraiser valuation alternatives."
Michael Floyd, Chief Appraiser and SVP of Compliance for Streetlinks Lender Solutions, blames a complete "lack of incentive" for the dwindling ranks of new appraisers. "With the amount of additional required oversight involved with accompanying an appraiser trainee to every inspection and the liability of being completely responsible for their conclusions, there is simply no discernable ROI to such a relationship," Floyd added.
Editor's note: The Five Star Institute is the parent company of the National Appraisal Congress, MReport, and theMReport.com.
We can put a man on the moon, I can be playing chess with a guy in Russia in 2 seconds via the internet, you can drive from New York to California in 3 days or fly it in a few hours...and the answer i'm hearing is that the poor appraisers are over loaded???? Gosh, why not hire some more? Last time I looked, there were millions of people unemplyed in this country. I'm thinking this house appraisal buisness is a scam or else it's a buisness full of loafers who need a good country ass whoopin.
With the time it takes to become a certified appraiser, and the low amount paid for an appraiser to make an appraisal at this time, the crop of new appraisers entering the business is going down all the time. There are a lot of easier jobs to earn a living than appraising and they pay more money.
We called in an appraiser to appraise a nice upscale home last year for estate purposes. She drove 50 miles each way, and did a formal appraisal. Her fee was only $200. I had done an evaluation and had come to my own evaluation of what the home is worth prior to her appraisal. She was less than $5,000 of of mine, as she did not round up/down to the closest $5,000 as I had done and she was the higher one. As someone that entered the real estate brokerage business in 1972 and stayed in it till I retired, I knew I was on the money but it had to be done by a licensed appraiser. Frankly I would not have been doing appraisals for the amount of money that they are paid. I also did not sell homes for personal use, and was a real estate investment broker/counselor, as I would not work for the money home salespeople make.
There are a lot of easier jobs than appraising, where one is paid considerably more money per hour of work than appraising.
There will continue to be a shortage of appraisers, until the income becomes adequate for the education and training they have to go through. Home buyers would not want to pay what it would cost, to be high enough to attract the number of good appraisers that would be adequate for good and fast appraisals that the OP wants. Home buyers are getting exactly the type of service as to how long it takes, that they are willing to pay for.
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.
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.
