Considering becoming a home appraiser

fng4life

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Anyone with experiance in this or a related field. I've done some homework on it but would like to here from someone who has spent time doing it. If you tried it but changed your mind I would like to know why as well.

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JDeanP

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I hear James T. Hodgkinson left that job to get into politics.
 

KJH

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I had a appraiser come to my lake house and asked me what I needed it to be appraised at right after it was built... He then said OK, I'll make it that amount and do some research so I can support it. 3-5 minutes tops. Took him 2 hours to drive there. Didn't go in or walk around... nothing.

That's the extent of my experience.

If its done right and you do your market research and other inspection I think its a legit profession.
 

twall13

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I took a real estate class in college where we had to do an mock appraisal on a house. It's a really simple process. Technically appraisers are supposed to be unbiased but if they don't get things to appraise where they need to they won't be hired again in the future so they use some leeway and make the comparable properties fit the needs. I now work in commercial real estate and see it all the time now. We have much better appraisals when we provide comparable properties for the appraiser to review.

To me, it's not a difficult job and if you can crank out the volume you can make good money. The other good thing about it is that you will have work when the economy is good and when it's bad. You'll do a lot more bank ordered appraisals when times are bad and banks are taking properties back. I'm not sure what you have to do to get on the bank approved lists but once you are on them you will consistently have work. My uncle is an appraiser and that's been his experience. He enjoys that he gets to travel all over the area and see many different properties.
 

Ben Nicholson

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I am a Realtor and prior to that I was a mortgage loan officer for many years. So, while not an appraiser, I have several friends who are. It is a great career choice. Being self employed is the way to go. Good luck!

-Ben
 

connorwilliams

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I am a realtor and have considered becoming an appraiser myself. I would bet that each state has it's own requirements. (in WA you are required to have a bachelors degree, and x # of hours as an apprentice under a licensed appraiser) Great job, not a guaranteed income however unless you can somehow work under a contract or salary.
 
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fng4life

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Thanks for all the replies! Keep it coming.

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Jauwater

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I started out as a Real Estate Agent, and years later got my Appraisers License. Honestly you can make a lot more money selling then you might if you were Appraising. Appraisers work a lot more. You can make good money, but I got out of it due to the work load to income ratio I was experiencing. And whether how good you are at your job, and how thorough you are, if your appraisal doesn't make their value then your hated. All it takes is for them too write the board, and bam, your being investigated. That's regardless if you did everything by the book or not, the appraisal board has to look into every complaint, and this will take time out of your schedule. If you get into a situation where your appraising 50-80 homes a month complaints will come regularly. Nature of the beast. I also believe appraisers are gonna be a thing of the past within the next 10-15 years. Everything is going to computer programs. There will still be a need for field appraisers just not nearly as many. If your gonna do it, try to get on with someone who works strictly for the VA. The VA always pays, and plus your dealing with veterans which is nice. Good luck.

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austinphps

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If you're appraising in CO; you'll probably make out like a bandit. I just had a house appraised that I will be purchasing at the end of the month. It hurt the old checkbook alright.
 
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fng4life

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If you're appraising in CO; you'll probably make out like a bandit. I just had a house appraised that I will be purchasing at the end of the month. It hurt the old checkbook alright.
Ya, fiquered it would be a hot market. Not sure I want to be a part of driving up home values 😃

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austinphps

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I was honestly a little disgusted with the price after reading up on what they actually do. The reason our lender gave us was because of the area (conifer), which isn't that far from Denver, and that there is a shortage of appraisers.
 
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fng4life

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I was honestly a little disgusted with the price after reading up on what they actually do. The reason our lender gave us was because of the area (conifer), which isn't that far from Denver, and that there is a shortage of appraisers.
We refinanced last fall and the appraisal hurt. There are some out there parts of conifer but most is 5-10 mins off 285. The king's valley area is a bit hard to navigate with it's many tight turns my gps doesn't know what street I'm on half of time. I guess my 15 years of driving the jeffco foothills and metro Denver may give me an advantage. Had a customer in kittridge last week who's appraiser quit due to "the scary road, can't find the street on my map".

My thought when going up the hill is to always have a day pack and fishing pole in the car. Make the best of the drive.

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austinphps

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Place we are getting is right there in Kings Valley! Right off 285. 30 minute drive to my office down in Lakewood; girlfriend works up in Evergreen. I'll take that all day for the area that we will be in.
 
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fng4life

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Place we are getting is right there in Kings Valley! Right off 285. 30 minute drive to my office down in Lakewood; girlfriend works up in Evergreen. I'll take that all day for the area that we will be in.
Small world. I have family up on Kennedy gulch rd. I live in Lakewood

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Jauwater

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Ya, fiquered it would be a hot market. Not sure I want to be a part of driving up home values 😃

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There is very little you can do as an appraiser these days to jack up home values. All adjustment prices are pretty well preset, and your just gonna be plugging in numbers to a program which will spew out the appraised value. Private sales within high demand areas where people are coming in, and paying way above market value for the property due to competition from other buyers has more to do with raising property values then an appraiser ever will.

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