It appears as thought AMC’s (Appraisal Management Companies) are really the only viable method for the typical appraiser to get mortgage based appraisal request these days, thanks to uncle sam’s steady stream of new regulations. Below is an example of an email I received on New Year’s Eve for an “appraisal assignment”:
|Property Address:||386## Calle ——— , Murrieta, CA 92562|
|Form Type:||Appraisal Form-1004|
|Lender/Client:|| EMC Mortgage Corp
2780 Lake Vista Dr.
Lewisville , TX 75067
|Due by:||12:30 PM PST on Wednesday, January 06, 2010|
Basically if you are lucky enough to be sitting in front of your computer on New Year’s eve and have a quick finger on your mouse, you may just get a chance to appraise this million dollar home for less than half ($250.00) of what you would typically charge for such an assignment as complex as a custom home on 5 acres.
Do you think this is a responsible method for choosing a qualified appraiser to value this home? Would you appreciate it if your bank was doing this to value your home?
This, my friends, is why I have chosen Real Estate Investing as a primary source of revenue. I’ll keep my Appraiser license current until this all fixes itself someday and I can once again be paid fairly for the work and expertise required for such an assignment. By the way, the hours and pay are much better over here on this side.
If you’d like to earn 8-10% on your money for short-term loans on some of our projects visit Freedom Real Estate’s website by clicking here!
Doug Van Soest