Can you believe this? How many are out there lowering their fees?

[Paula Lombardo]

A letter sent to me today:

Good Morning:

Sorry I missed your call. Our client has referred your office to NREIS for approval. Since National Real Estate Information Service (NREIS) is a management company, the fees are competitive. In your coverage area we have appraisers at $225 for a 1004 MC and $175 for a 2055/Ext drive by. As a general rule, the lower fee appraisers receive the work first providing they meet consistent service levels. I understand that this may not fit all business models however if you are interested and can meet the fees, please respond and I will forward the application.

Thank you in advance.

Regards
Sue


_______________________________________________

Recruiter - Appraisal Vendor Relations

Title | Appraisal | Settlement | Default

[Nancy Price]

It is very pathetic. There was an advertised order for Landsafe on their site all day yesterday that paid $240 for a 1004 MC and it was in a rural area. To compound that Appraisal Port takes $10 for their cut in the deal. I knew someone would take it. As bad as it has been for me this past year and a half I have decided that I will not accept them anymore for this fee. As it has been stated many times on this forum I cannot continue to work for these fees considering time spent on reports.

[Steve]

Sad, but of so true.

[Paula Lombardo]

I can hardly bare it. All the years invested…. Now the extra forms and follow ups with new and ever on going conditions… and all for lower and lower fees. Are we at minimum wage yet? Miles, wear and tear on car, hours and hours at the desk………I believe we are. A good industry bites the dust. Who will be doing the work? The young and restless?

[Peter Spannenberger]

AMC's send out assignments with low fee's as long as appraisers will accept them. If ALL appraisers did not accept the low fee's, the AMC's would have little choice but to raise the fee's to acceptable levels. I do some assignments for several AMC's that pay full price on assignments. So, they are out there and the banks they work for want quality in return. Until they all understand this, we as appraisers must decline assignments with low fee's or it will become the standard.

[Nancy Price]

Where are you located? I do not wish to compete with you, however, I would like to apply at full price AMC's.

[Paula Lombardo]

Yeah, I would like to sign up to the ones that pay full fee as well. Who are they?

[Peter Spannenberger]

Nancy, The AMC's are from California and serve local credit unions. I had to get approved on the credit union's list of appraisers which was difficult as they only accept new appraisers if there is a need in a specific area. I have been approved with them for years. But now they use the AMC's for the order process only because of the HVCC. I have found this true with a few direct lenders as well. So, maybe the best way for you to get full fee's is to get approved with direct lenders. Good Luck.