HELP WANTED

Real Estate Appraisers

REQUIREMENTS

Active appraiser license, preferably certified, a computer, appraisal software, MLS, E&O insurance, dependable vehicle, camera, smart phone, a background check (by us) because the one your state requires every year is just not good enough and good communication skills (see smart phone requirement).

JOB DESCRIPTION

You will be responsible to perform valuations subject to 30 pages of requirements set forth in the engagement letter. We will require availability always to answer our redundant calls and emails.

Special note: if you live in ND and have a license in GA, TX, and NJ you qualify for our special desktop hybrids and never have to visit a property site again.

Using your smartphone, assignments will be broadcast at fees WE determine acceptable for the area. The fee is non-negotiable as we have included our special fee in addition to your fee and cannot go back to the lender/client for more money. All jobs will be bid out to our panel of appraisers and those who accept the assignment first will get the order (so make sure you are quick and have that smart phone or tablet with you at all times to accept the orders).

On occasion, we will ask for a fee and turn time to build an AMC C&R survey. Jobs are assigned to the lowest fee and fastest turn time submitted to us. You don’t have to be located near the subject property but reports are required within 48 hours. Nearby proximity to a subject property and expertise are not important factors.

Upon completion, please be available at all times to answer superfluous stipulations to meet UAD or address all value reconsiderations or sales sent to us by the lender, realtor or any party that believes your opinion of value is not high enough.

COMPENSATION

DO NOT INCLUDE INVOICE WITH APPRAISAL REPORTS. We do not accept invoices this way by our team members. Upon completion, we will send you your payment in 30-days or more, depending on your state AMC regulations and rules.

COMPANY MISSION AND VISION

Our mission is to maintain infinite client satisfaction.

If you feel that you can meet the job description, send your resume, three sample appraisals, your driver’s license, bank account info, credit check and health history.

AMC

Unintended Consequences, USA

Weird Science

Remember the movie Weird Science where the two guys develop technology to make a doll real? If you’re my age, I’m sure you do. If not get to googling Kelly LeBrock.  

She did some amazing things. She looked great, was sexy and had odd powers that turned the older brother into a pile of emoji poop. Weird huh? Everything about her was amazing on the outside, but something was weird. That’s how I feel about new technologies that AMCS, Zillow and others have offered the public. On the outside, it looks great but what’s really happening on the inside?

I’ve seen examples of this technology when it comes to appraisals. They claim to be faster, cheaper and accurate but even Zillow’s owner’s home price was way off base. Let me explain to you just how inaccurate this is.

Many of these companies rely on dirty data i.e. tax records and other public data that isn’t always accurate or vetted. What happens when you put an addition on your house, but the tax office missed that after the sale? Or that you’ve completely renovated your home? Maybe the neighbor hasn’t renovated in twenty years and the interior is falling apart. How can unverified data be superior to trained experts who are on site? Dependency on technology sites that produce and profit from bad information is dangerous.

Here’s another example how bad data works, because lets face it even you aren’t being fully honest.  Say I said my car was in good condition on Kelley Blue Book when it’s only fair condition. What I see as good is not necessarily what a neutral professionally trained individual would see. If I use the wrong data when I go sell, that car will result in disappointment. The same applies to big data in real estate. On the upside, it goes the other way, too. Home sellers don’t want to leave money on the table.  

Lenders and AMCS developed this technology, using unvetted data, to stream line your appraisal process making it cheaper and faster. That sounds good on the surface and some data is correct but as an appraiser, I often find mistakes in the data, big mistakes and lots of them. This is not an isolated extreme; it’s happening everywhere, and consumers need to be wise and sharp when it comes to cheap and fast.

Ask yourself these questions: did anyone come see your fabulous remodel? Did anyone accurately measure your home and new addition? Do these sites know the area or the surrounding amenities that help drive markets? If the answer to any of these is NO, then how confident are you knowing your net worth is being valued properly by these new technologies? 

While technology is great in many ways and helped many areas of the appraisal profession, trying to determine your value based on sites like Zillow or an AMC hybrid is a risk in and of itself.

As a home buyer, seller, or if refinancing, it’s worth your attention to verify the sources and validity of your value estimates. The best way to truly know your net worth is to hire an appraiser who is independent of banks and AMCs and can give you that neutral, unbiased, on site and verified service.

ROUND AND ROUND

I’m a 43-year-old guy and I grew up in the 80’s when music was odd and fun. I had some favorite bands like Def Leppard, Guns N Roses, Bon Jovi (hello I’m from NJ) and Ratt. Yes, Ratt and one of my all-time favorite songs is Round and Round. Here’s the throwback: https://youtu.be0u8teXR8VE4

Funny, it’s relevant to me today in the valuation, regulatory and real estate appraisal sectors. One specific lyric offers so much insight into the Lender/ Real Estate Appraisal world…

“Round and Round

What comes around goes around

I’ll tell you why”

Here is where I tell you why

The real estate crash 10 years ago was due to lender pressure on consumers to buy property they could not afford and appraisers to inflate values. If appraisers didn’t fall in line and file to meet those inflated values, they were blacklisted or told you would get no more work. Lenders all over the US were pressuring appraisers to “make value” so that they could lend money; it was never about your biggest family investment as a consumer. Appraisers were giving their unbiased professional opinions of value only to have the lenders strike back with unreasonable demands and some going as far as blacklisting them. Many appraisers did not give into these pressures and eventually wouldn’t see any work. The appraiser was doing his or her job correctly and protecting the public trust only to have the lenders ultimately have the final say.

Round and Round, what comes around goes around and 10 years later it’s happening again.

Appraisers are once again vocalizing about the pressures of lenders and AMCS to make values, do what they say or suffer the consequences. Those consequences are once again blacklisting, removal from appraisal panels, limited work or nonpayment for their services. Isn’t the whole idea to have an appraisal to assist the lender to lend money or not? Assist in the risk? Seems like we are back to 2008 again when the warning shots were being fired but the regulators and public ignored those warnings. The question is, will they ignore them once again?

You don’t believe me, do you? Well here is a recent example from an appraiser this past year and the messages from the lender (shown in 1st pic below). The appraiser did a report, but the lender wasn’t happy with the results. So, they hired another appraiser who appraised it for a higher amount to make the deal work. As you can see the first appraiser was pressured and then removed from getting work. But it doesn’t stop there. In the second picture the lender basically told the appraiser that he knew this wasn’t going to go well and that he (the appraiser) should have said something if it wasn’t going to come in close to the Sales Price (SP) to stay in the GOOD GRACES of the lender. What??? So, I guess that means they would find someone out there to make the deal happen?

Round and round as we are now back to pre-crash pressures and taxpayers may get taken for another ride. To me it sounds like the lenders only care about making a deal work for them while the honest, unbiased appraisers are once again being forced to the side, being strong armed and the consumers are paying the price.

as the song says ” you put an arrow through my heart”.