future of appraising
237) Future of Appraising
02/08/08
Hi Henry!
I am currently a trainee waiting on an answer back from the state for an upgrade request placed back in October. With the current state of the market and the new requirement changes for 2008, what are my chances in this industry? Is there any need for new appraisers??
If by chance I am not granted the upgrade, I would be denied the opportunity to work on FHA loans and Foreclosure requests, which seem to be the greatest amount of work available currently. Last year I completed an appraisal with an AR signing appraiser; this year it's a requirment for trainees. When I confronted the AR appraiser to continue doing more work, I was told our software is not compatable. This has left me shopping for a new AR Appraiser and I have not been able to accept work in weeks.
Do you have some words of wisdom that can help me? Have all my efforts in the past few years been for nothing? My wife says now that my business is broke after paying my mentor and not doing business for a few weeks, I need to throw in the towel and get a different job. I thought the 2008 changes were intended to promote a wiser appraiser by encouraging advanced education -- not designed simply to put us in the unemployment line!
How far in the future do you see before lenders can begin approving loans again? From what I have been noticing, when a lender does order an appraisal now, the underwriters will pick at it until it is too old to fund.
I welcome hearing from you Henry, and respect your years of experience.
Richard lenzappraisals@charter.net
Dear Richard,
I am sorry to hear about your business problems.
My crystal ball does not work very well. That said, I think appraising is going through a transition as is all real estate right now. In the long run, I believe that appraising is a good profession and will be around for quite some time to come.
H2
I am currently a trainee waiting on an answer back from the state for an upgrade request placed back in October. With the current state of the market and the new requirement changes for 2008, what are my chances in this industry? Is there any need for new appraisers??
If by chance I am not granted the upgrade, I would be denied the opportunity to work on FHA loans and Foreclosure requests, which seem to be the greatest amount of work available currently. Last year I completed an appraisal with an AR signing appraiser; this year it's a requirment for trainees. When I confronted the AR appraiser to continue doing more work, I was told our software is not compatable. This has left me shopping for a new AR Appraiser and I have not been able to accept work in weeks.
Do you have some words of wisdom that can help me? Have all my efforts in the past few years been for nothing? My wife says now that my business is broke after paying my mentor and not doing business for a few weeks, I need to throw in the towel and get a different job. I thought the 2008 changes were intended to promote a wiser appraiser by encouraging advanced education -- not designed simply to put us in the unemployment line!
How far in the future do you see before lenders can begin approving loans again? From what I have been noticing, when a lender does order an appraisal now, the underwriters will pick at it until it is too old to fund.
I welcome hearing from you Henry, and respect your years of experience.
Richard lenzappraisals@charter.net
Dear Richard,
I am sorry to hear about your business problems.
My crystal ball does not work very well. That said, I think appraising is going through a transition as is all real estate right now. In the long run, I believe that appraising is a good profession and will be around for quite some time to come.
H2