A couple of years ago, I was in a real estate office to pick up a key for an appraisal inspection when the real estate lady questioned some kind of stupid question, and my response was, “well, what are they worried of, appraisers going wild“? Everybody kind of giggled, but it had a excellent ring to it, I liked it.
What is appraisers gone wild? I don’t know. Right now it is just an thought where I can vent about the everyday trials, tribulations and triumphs of a frustrated appraiser. Not many triumphs these days, though. Not with HVCC, AMCs, inexperienced appraisers low balling fees, underwriters, mortgage brokers, bankers subdue pressuring for values so they can keep their customers, real estate agents, oh, and did I mention underwriters?
It is just a crazy time to be an appraiser. I got in this business for the the makings freedom it offered…after sufficient training and experience, I could work from home! Be in business for myself! Have freedom and income all at the same time!
Well, a amusing thing happened on the way to Utopia. Uncle Cuomo stepped in, made the HVCC, and now all of the relationships I’d built (or at least most), over the past 8 years were worthless. This is today’s residential real estate appraisal profession. It is no longer about relationships with clients, brilliant service, honest opinions of value.
No, today it is about attractive the lottery every day with your name coming up for the AMC to order an appraisal from you. And, by gawd, that form (otherwise knows as the appraisal report) better be filled out accurately, and we need it back in 48 hours, and we are going to pay you $250 while we collect $450 from the borrower. This is the world of Appraisal Management Companies and today’s typical appraisal request.
You and I are no longer rewarded for doing a professional job, and supporting adjustments and painting an right and supported opinion of value. We are only rewarded for getting the report back to some cubicle in Dallas in 48 hours. Residential appraisers are a really frustrated group right now.
Ronnie is a frustrated appraiser who is venturing out into the world of the blogoshpere! Follow him at Appraisers Gone Wild to keep up with the daily trials and tribulations.