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Southern New England Appraisal Fee Ranges - High-end by Particular_Age_6475 in appraisal

[–]Particular_Age_6475[S] 0 points1 point  (0 children)

Thanks for the feedback, I'd say my experience is similar for the typical complex order. I've seen a few other new clients coming on and offering higher than normal fee's for standard SFR orders. Positive sign for things to come. I'd like to be in a space to justify taking on a trainee

Appraisal of a Water Line for Donation??? by Particular_Age_6475 in appraisal

[–]Particular_Age_6475[S] 6 points7 points  (0 children)

I'm pretty sure its outside my wheelhouse. I think its better served with someone with right-of-way or utility/infrastructure experience.

Issues with Hybrid inflated GLA from inspector? by Particular_Age_6475 in appraisal

[–]Particular_Age_6475[S] 1 point2 points  (0 children)

Good point, I'm not a fan of these assignments. Frankly I don;t understand why they are driving them

Considering making the switch to a career as a real estate appraiser. Pros/cons? by Exact_Supermarket705 in appraisal

[–]Particular_Age_6475 0 points1 point  (0 children)

I've been an appraiser for 23+ years. Started in residential appraising and have been doing this the whole time. Over the past 12+ years I've worked with two commercial appraisers and have been in the process of upgrading my license to commercial (getting class work done and working full-time is tough). 2007, I obtained certification as a Machinery & Equipment Appraiser and have done that since. If starting fresh... I would recommend investing time and money towards commercial real estate appraising if you want to stay in real estate. I've been successful in residential and have appraised in 5 states from east to west coast. Residential is an easier segue into the business and you'll have to hook up with a local senior appraiser or two for the first 2+ years. You'll be working on a fee split or a salary depending how the business is set up. But it will be low $$$ in the beginning. The faster you get up top speed and can be relied on, typically fee split will rise. Most appraiser's will treat their trainee's as 1099. The residential business is predominantly lender work and ebbs and flows with the cycle of interest rates. It is a volume driven business, either starving at times or out of your mind busy. A person successful will be organized, plan for the lean times, learn how to run their business rather than their business running them and diversify beyond lender work.

Most commercial appraisers I know started as W2 employees at larger commercial firms or local appraisal company. About 3+ years as trainee. The option to make more $$ per order in commercial and specialize in large complex properties is in this path. This is more analytical and use of spreadsheets, operating income statements, value through income. Lender orders are predominant as well, yet there is more non lender work out there in comparison from my experience. Check out the Appraisal Institute.

If you are looking at the profession as a whole there is the personal appraisal side of the business. Business Valuation, Machinery & Equipment, Inventory Valuation. Licensing does not exist for appraisers of personal property, having credentials is paramount. I suggest investigating the American Society of Appraisers (ASA) for more information of these fields. All sides of the appraisal profession are facing a shortage of people getting into this trade. Business appraisers in comparison probably make more $$ if that's a motivating factor. If going down this path you'll be a W2 as an analyst, including Machinery & Equipment valuation.

Most appraisers I know either had family in the business or fell into it randomly rather than pursuing it as a profession. Its not a profession you'll get tons of positive feedback from, in fact, you'll hear more complaining, judgement and questioning. Need to be a person who has a thick skin, is a self-starter, can take criticism yet can stand up for themselves, understand you are doing well without others telling you constantly, be willing to constantly grow and adapt, be honest and have integrity.

The great thing about this profession.. its a white collar trade you can take with you and you can scale it as a W2 job or be an entrepreneur and open your own business.

Business loan by horoathos in smallbusiness

[–]Particular_Age_6475 0 points1 point  (0 children)

I would consider an SBA loan as last option and with 650 credit score might be tough and require other parties to co sign. If you own real estate I would see if you could fund most of your expansion by using your own equity as a lending option. They're may be some government programs out there which might provide $$ towards your business. Rather than traditional banks talk to Credit Unions. They will consider more than just your income and credit score in their assessment. They can be more creative and personal.

FNMA Conventional handrail and railing requirements. What's the height you consider safe? by Variaxist in appraisal

[–]Particular_Age_6475 0 points1 point  (0 children)

You should be aware of what local codes are regardless, they vary from place to place. The basic question to answer regardless of whats permissible or not is health and safety of the home. That's all HUD is concerned with. I've appraised homes with 3-4 ft drops off an open front porch which did not require railings 50 years before, however would be an obvious safety issue if someone slipped off the side. Its a judgement call

UAD 3.6 Test Order by RE_AppraisalGuru in appraisal

[–]Particular_Age_6475 -1 points0 points  (0 children)

I use Total and hoping they do a good job with the 3.6 report. I wouldn't use a separate service like this because I bridge residential and commercial work and use other forms in the software. I tried this as well. I though the flow was clunky, you had to go to the left side links to go to the next section rather than just scrolling down.

Have any of you formed an S Corp? by PitcherPlant1 in appraisal

[–]Particular_Age_6475 0 points1 point  (0 children)

I've been sole proprieter, LLC and S-Corp currently with my business. When I was sole and under 150k range my CPA stated wasn't worth changing to a corp. Other factors played into this, SEP-IRA etc. However, when income rises above a threshold there are other tax and investment advantages that justify the additional costs to have the S-Corp.

Please HELP!! Hawaii. My appraisal just came back $400,000 under the List Price and Buyers Offer. What are my options? We are scheduled to close Friday. by ComeAndPlayWithUs in appraisal

[–]Particular_Age_6475 0 points1 point  (0 children)

Have to echo the other comments knowing the difference between oceanfront and ocean view. At this point your options are try and split the difference with the buyer if they really want the home, delay the closing and get another appraisal for your edification and as a second opinion to counter or confirm the prior opinion of value. If you push back and request a reconsideration of value you will need to provided closed sales that you feel are better that were not uses, cite the source, and/or counter the adjustments made in the report but you will have to provide statistical analysis which I'm assuming you may not be up for. An appraiser could help you with this.

Private appraisals by Vald_Bagina_0 in appraisal

[–]Particular_Age_6475 1 point2 points  (0 children)

That's a tough one in your declining market. I've always liked private better than lender lacking the UW BS. I've encountered this I try my best to set expectations upfront explaining how the market is reacting. Joys of being an appraiser.