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Appraisers are like any profession, they have a lot of costs that the public does not take into consideration. A good appraiser will have office expenses, and an assistant or two they have to pay a wage, and other employer costs. They have to recover their costs of gaining their education, such as student loan payments.
They have equipment costs, cost of a vehicle for business purposes.
It takes a lot more time than the public thinks to do an appraisal.
Like any business, the total income will have to deduct the prorated costs listed above and other expenses, in addition to paying the appraiser his wages/income.
There are other work hours where the appraiser has to do other duties, and the income from appraisals have to cover those hours also.
The thread topic is like asking why does it cost so much to use an attorney or go to a doctor for a procedure. Appraisers are professionals and doesn't happen overnight, they to do an internship for a specified period of time before they can hang their own shingle on their own office. As oldtrader pointed out so clearly, there are many expenses involved.
1. If you just consider the Appraiser/Appraisal the Document yourself - sure it seems overpriced, "paying $500 for this??!"
2. Spend a day with one (or a GOOD Realtor) and see whats involved before any cost valuation is made
I'm currently working with my Realtor & Lender daily, I feel bad for the amount of hours they are logging.
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.
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.
I bet appraisals are simple data entry into a software that does all the calculations and form preparation.
Dont care about experience required, mist jobs require some supervised training.
State tests are irrelevant. Most professions require some form of test.
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.
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.
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.
You seriously don’t know what you are talking about. But I don’t want to repeat what your friends and family tell you daily. So I will just instruct you to shut up and pay the damned bill. You have no choice. Pay. Now.
Appraisers are going to be killed off by software.
"OK, Computer: How Much Is My House Worth?
Proposed regulations would allow the majority of homes to be bought and sold without being appraised by a human"
Appraisers are going to be killed off by software.
"OK, Computer: How Much Is My House Worth?
Proposed regulations would allow the majority of homes to be bought and sold without being appraised by a human"
Already happened. The regulation is trailing market reality. Most transactions are now waived from the appraisal requirement, and they have been using AVMs (Automated Valuation Models) for years. It’s not going to kill off appraisers, only appraisers who depend on mortgage appraisal work. I haven’t done much mortgage work in years. I do mostly attorneys, relocation, and private appraisals. Divorces aren’t slowing down any time soon!
Furthermore, the government should not be mandating appraisals anyway. The free market can take care of that. A person or company should be in charge of deciding whether they need an appraisal, an AVM, a broker’s opinion, or what-have-you in terms of a real estate value estimate.
Appraisers should not be conspiring with The State to mandate that private parties use their services. Full disclosure: I am a licensed appraiser.
Appraisers are like any profession, they have a lot of costs that the public does not take into consideration. A good appraiser will have office expenses, and an assistant or two they have to pay a wage, and other employer costs. They have to recover their costs of gaining their education, such as student loan payments.
They have equipment costs, cost of a vehicle for business purposes.
I don't care about their student loans or divorce costs, your their expensive porn subscription that helps them relieve boredom and stress from having the most boring job in the world. Everybody has that.
What equipment? The appraiser that came to me had a pen, a notepad, and a measuring tape. Total cost $2.79+tax. All three probably last 3 months. So that's $0.93/mo.
They have assistant because they can afford it, because us suckers are letting them have that by paying their stupid costs. Why do actual work if your assistant can entry data, thus basically doing 99% of your work. You just show up to the house, look smart, make notes, measure the living room and leave. Give your slave the address, have him put it in while you, appraiser, sit in a massage chair, and after the assistant is done, have him print the report, get out of the massage chair, and email that to the bank.
How come I have zero experience in the field and yet all my estimates (well, myself and my realtor) are always 100% matched by appraisals. If I say "I'm going to buy this house for $246,671 and not a dollar more, guess what the house comes back appraised at precisely $246,671. What a coincidence, every single time. I guess I can skip the school and can just apply for the license. Cause I just did 10 hours of appraiser's work and it only took me 0.01 sec to do that. Maybe I'm super smart. Or they're super stupid.
Pay cash. No one can force you to have an appraisal.
Problem solved.
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