$325 for litigation? I don’t think so. IF it is really non complex, then maybe $750 PLUS confirmation of EW fees at $350 an hour for entire time I am at court, PLUS travel time at $75 an hour. Usually I think $1,500 minimum for litigation (unless I really need to generate income; OR its an interesting assignment-then THAT would be complex and command a higher base anyway).

Its not that lenders give them (AMCs) too much credit; its that lenders simply do not care, and consider themselves to be insulated. ASC on the other hand says that in their eyes and the eyes of all federal regulators there is “virtually no air between the lender and the AMC.”

State coalitions should start keeping track of this with specific cases and documents (since AMC laws are different in each state). Its something I’m going to suggest to the AGA down the road for all 50 states + 5 other jurisdictions. A State by state file of all AMC alleged violations.

WHY we allow a failed GSE to set policy for virtually ALL residential appraisal in America is beyond me.

I suspect the NEXT step will be for borrowers and buyers to hire their own separate second appraisals AFTER the transactions are done in order to sue for renegotiation or rescission! Oh, wait THAT is already happening.

Last week I quoted $1,500 to $2,500 (minimum $1,500 base plus expert witness fees of $350 and hour) for what I believe was only a $750 original appraisal involving a purported $1,000,000 income property. The buyer found out AFTER COE that it was NOT a legal 5 units of 2 Brs each, but rather a legal FOUR or five unit of 1 BRs each! Allegation is $400,000 over payment based on fraud and a bad appraisal. Lots of details still missing. Point is that it was an underpaid, AMC ordered low fee appraiser that was susceptible to being conned by the seller.

Bill Clinton’s signing of Dodd-Frank repealed those crucial provisions of the Glass-Steagall Act, and Bill Clinton so loved Jimmy Carter’s CRA(community reinvestment act), that he gave it a fine polish before signing off as president.  Obama and ACORN played a significant role in 2007-2008 housing collapse by putting undue pressure on banks to make high-risk loans, but we’ll save that for another discussion (who inherited what mess?…come again).

Thanks RA, but I point out the non degree aspect for a reason. I’m no longer bashful about it. Over my life I have proven to my own satisfaction what I am and what I am capable of. I also know that there are so many others out there either ‘like me’ or so far superior THEY embarrass me. My best friend (dyslexic-& non degreed) was one of the best contract ‘analysts’ I ever met. In the mid 1980’s he and I had to research a city’s waterfront master leases and sub leases dating back to the mid 1960’s. The “lease” consisted of two three foot stacks of loose papers. By the time we were finished the City had to rewrite its entire General Plan, as well as make a few other minor concessions to “open government”. But that’s another story. I digress.

Don’t sell bombers short! Lt.Col. Charley Kay (active USAF or USAAC circa late 1940’s – mid 1970’s) His peers always claimed he was one of the first to do a barrel roll in a Canberra Bomber-apparently it was highly frowned upon, so he may also have been the last. (Brother in Law of the equally infamous Lt. Col. Donald G. Page (ret) who according to his son; and a book by a frowned upon French Authoress, used to shoot VC weapons smuggling elephants out the window of his FAC spotter plane. Whole damn family was a little crazy around the edges, but FUN!

Anyway, degrees used to mean far more than they do today. I still have high regard for engineers; doctors, nurses, City Planners, & scientists (aside from those with social engineering agendas).

“Unfortunately, this common personality flaw (independent streak) is also responsible for the destruction of the profession from within”…tends to make trying to get us to do ANYTHING united, like herding cats.

We do have one thing in common Mike.  I walked away from school with a 120+ college hours under my belt towards a double major in History & Political Science.  Why so close to the finish line?  I lost my Air Force ROTC pilot slot and saw no reason in continuing on with what I viewed as a pointless waste of my time.   In the end I found that appraising was a far more satisfactory career for me.  My buddies (competitors) all ended up flying bombers and cargo planes.  God forbid, I likely would have ended up in the same drudgery for seven years.

Appraising is (was) a career specially made for individuals who refuse to take orders because they understand early on that most bosses are idiots.  Unfortunately, this common personality flaw (independent streak) is also responsible for the destruction of the profession from within.