GunnmeTaLCURA04

I was wondering for those of you that work in this line of duty.. For a person that does (spelling) Apreisals. Or its called being an Apreiser (spelling)..

my friend says that he is taking some courses to get i guess a lisence.. and that his girl that works as a realtor already basically got him a job making 200.00 a house that he apreises. is this common to make this much money per house. Becuase if it is i am considering taking these classes and doing my full time job a part time and this apreisal on the side also... around how much can it take to do one house a day? thanks

ShopTalker

Appraisal...

fsttyms1

yes they can and do make alot.
especially when interest rates started droping. they were making a killing.
most of it depends on the market and area. being hired by a bank to do most of their work is where they make their money.

there are also different apprasial lisence's to get. ones woking for teh state (assessors lisence) the too can make alot

mattg

it's usually the lender (bank) that does the appraisal. i'm not sure if the banks hire independent contractors or if the appraiser actually works for the bank.

the time an appraisal takes depends on the house. in some situations they will do what is called a drive by appraisal. in that case they don't even go in the house, they do it all from the outside.

GoDucksCLSPride

Im a lender and have to contract out my appraisals for all the loans i originate. The type of appraisal required depends on the loan type.

For a purchase, a full appraisal is usually required and my appraiser charges me about $400. (standard rate in Oregon). For a refi, sometimes only an outside, or drive by appraisal is required, Those vary between $100 and $250.

It is good cash, but not as strait forward as you might think. Appraisers have overhead to run their business and they have to find that business themselves. Its not like a lightswitch where once your lisenced, business comes knocking down your door.

You must go out and find lenders to send you business, which is hard because they dont change their business contacts easily. I send my appraisals to the same dude every time and will never use anyone else. He's fast, accessible and efficient. So if it aint broke, dont fix it. This is what you will experience when you are starting out.

Eggplant-EX is a successful appraiser in Washington and should be able to offer you some insider advice if he sees this thread.

Doom878

In wholesale the brokers or borrowers hire the appraiser. Usually the appraiser charges $300 per file that either the broker or borr. will pay (usually the borrower). The lender that the broker submits the file to will review the appraisal and as long as it's legit and we have his license we're okay. Remember you have to do lots of driving and go to some not so good hoods at times.

GunnmeTaLCURA04

well thanks all for the info. But being that contacts have already been established i dont think it would be hard to start once lisenced. But i was just wondering about the money factor. ITS GREAT!! and they will start out with 1 house a day because its like being a beginer. Wow it would be great to do 2 or 3 homes a day. at lets say AT LEAST 100 each. its 300x5=1500 bucks a week minus taxes. wow.. and thats saying at least 100 each home. which this company said its about 250. But dont want to get HIGH hopes.. I wouldnt mind 1 house a day. at 250.. and the rest of the day is off. lol.. we will see how my friend does for the first month. then i will jump in. The good thing is that his girl is a realtor, her aunt also, and the girls uncle is a broker. so liek i said they have theie work done for themselves and as far as job, basically hired before even geting the lisence.. just need to get it.. But i dont want to leave my job. thats why i want to see how he does for the first month. and go from full time to part time. and do the house too.. $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$

CrockPot

good luck, and make sure to learn proper grammar before going for the license (as opposed to lisence).

dallison

gl

GoDucksCLSPride

can't say thought hadn't crossed my mind when read it either

( please ignore the double negative in my follow up)

pgatour1

I didn't feel like reading the other posts...but I will comment on one thing

The guy that just appraised our place in the city and our home in Rye gets $500 a pop

Came over in a new 5 series Bimmer, lives in Darien, CT.

I'd say he is doing pretty good for himself.

EmuMessenger

I work in the mortgage industry and my primary appraiser gets $400 per.

To help get you started, the APPRAISER does APPRAISALS.

The first step to being successful in your field is knowing how to spell your job title.

Best of luck.

Eggplant-EX

Here in WA

Full Appraisal is $400-450
Limited Appraisal/drive bye $275
Limited Appraisal/walk-in $325

Bear in mind, anyone can get the License by taking courses, but Appraising is not as easy as it appears (I know). Also, with Appraising, you need Errors & Omissions insurance and your data base (at least 2). That is a chuck of change.

Now that you have all that, you need someone to give you the work. And most Lenders do not accept an Appraisal unless signed (or co-signed) by a State Certified Appraiser.

Good luck. If you can get in, it is a great living. I work for a very large Bank and work out of home. I set my own sked but also work too many dang hrs.

Doom878

It is true about the grammar. There will be several occassions where you have to give full detailed explanations, type up addendums, and calculate comparable values all why the mobile home is worth $500,000 and that's because it was owned by Elvis.

GunnmeTaLCURA04

Hey thank all of you guys for the info and tips.. And to all those english grammar teachers. lol...j/k.. I guess i will keep you guys updated if you are interested when i go through with it in like about 2 weeks.