Appraisers' Free Forum

Mako wrote:These MickeyD fees have driven me out of the business. I've done ONE appraisal since '04...that doesn't even pay for the software & insurance!!!

Those Mickey D fees are the best thing to ever happen to the privateers in this business. I don't ever want efficiency or perfection with the REO machine. A couple of REO purchases from a BPO price can make a year. Right now I expect the fall and winter of 2010-2011 to be time to go shopping, the Sheetz people are already buying because they think it's the bottom of the market and have been conditioned to buy at certain times. When I get a $30 BPO request it goes into my tickler file.

Jim Plante wrote:The one Tracy got wanted to specify fees and turn times, and it had the onerous "hold harmless" and indemnification clauses in it. I was but a mere trainee back then, but that thing got my back up. I sent'em a letter advising them that they could order their appraisals like everybody else, and tossed their contract. Never heard from them again, and never regretted it.

What time period was that?

They didn't dictate fees (then again my memory isn't what it once was). As I recall; I knew I'd have to give Goldenfeather & Ocwen low fees in order to compete. I priced my fees similar to Landsafe & recieved orders on a regular basis. I went from $450-$475 for FHA & mortgage work to $350 for REO's. It was worth it @ the time not to get caught up in this mess we're currently in...not to be pressured.

Number hitters were begatting number hitters, and I was losing mortgage client after mortgage client, and was looking for a parachute. Goldenfeather & Ocwen proved to be my soft landing.

Those Mickey D fees are the best thing to ever happen to the privateers in this business. I don't ever want efficiency or perfection with the REO machine. A couple of REO purchases from a BPO price can make a year. Right now I expect the fall and winter of 2010-2011 to be time to go shopping, the Sheetz people are already buying because they think it's the bottom of the market and have been conditioned to buy at certain times. When I get a $30 BPO request it goes into my tickler file.

One forum member--who doesn't post here anymore--picked up a piece of property w/beach rights courtesy of a dimwitted AMC Appraiser. If memory serves me correctly the appraiser missed the beach right (and a dock I believe), and our Free Forum Member picked up that property for $150k under fair market value. He was psyched when he called me!

My favorite saying;

You wanna pay peanuts hire monkeys!!!

"Right now I expect the fall and winter of 2010-2011 to be time to go shopping, the Sheetz people are already buying because they think it's the bottom of the market and have been conditioned to buy at certain times. When I get a $30 BPO request it goes into my tickler file."

Depending on your locale...I would tend to agree with you. So would many economists.

http://www.realtor.org/RMODaily.nsf/pag ... enDocument

Economists & housing experts predict the region in which I live will improve the quickest once recovery is under way. In fact the area my wife is sitting new construction actually appreciated slightly this summer (only city in the county to do so).

http://www.realtor.org/RMODaily.nsf/pag ... enDocument

Mako wrote:I don't like the word "victim," but Cuomo's HVCC has left appraisers screwed on fees & its blowing real estate deals!

I had something different than HVCC in mind when I said we were victim's of regulation. Simple fact is, that if the state certifies every appraiser to the same level, then the client is likely to choose the one with the lowest fee. Regulation always results in more uniformity of offerings and less competition. I have competed for years be trying to differentiate myself from other appraisers... by being a General Cert with great depth of local knowledge. However, in recent years, the regulators tightened up on who could be General. Because they put a tail on the new regs, it resulted in quite a few residential appraisers who, otherwise, would not have thought of becoming commercial appraisers getting their GC. Because the clients do not know that there is a difference between me and another GC, I have to re-educate them.