Appraisal turned me down… now I owe lots of money
I am doing a takeoff on another Medium.com about someone who was turned down by Facebook and then wound up selling his business for 4 billion dollars I think to Facebook later down the line.
This is a good thing to look at so you can think about your chances of winning the Lottery. I am being joking, but the odds of selling a business for billions, millions or even hundreds of thousands is remote for 99% of us.
But, when you hear the story of how they got rich.. how other people keep getting rich and you are just one of the “Working Poor.”
Sure, I know not to quit, or I would have done it 20 years ago. When the Federal Government is against your business and blames the “Big Short” on Real Estate Appraisers… time to look yet again for that opening that will get me at least 1 billion, if not fifty cents and a cup of coffee.
I have studied with the best our Society has to offer for 30 years. I have PMA (Positive Mental Attitude) and all of the self help training anyone could do in that time period.
I have also had 2 businesses in the six figure incomes. I thought that Real Estate was the USA’s most sure way to go. That is until 2009 when all appraisers became indentured slaves to Appraisal Management Companies, or AMCs.
Because Lenders were screwing around with Wall Street, selling A loans and throwing in for “Fun” B, C and D loans that failed and were foreclosed on, the appraiser’s needed a “Go Between” that was mandated by the Dodd-Frank Act. I think Barney should stick to sucking…. you know… and forget about knowing why Real Estate has gone bust. And on top of it, as long as they are “Seperated,” the same Lender can own the AMC as well.
When you work for an AMC, you are an employee, only you get a 1099 at the end of the year, making it seem like you were self employed.
The Industry I am in is losing at least 20% of the existing appraisers and within the next 10 years, will go bust as there is not only no incentive to train and get a 4 year degree and then have to apprentice with someone who has no time to train you because instead of 2 weeks, you now have a full total of 1 week and 2 days after an inspection that you must write a report that used to take 1 hour and now takes 4 to 6 hours and … what, have time to train someone in your 2 free minutes?
I know, you hear me bitch about Real Estate over and over. That is what I do. I beat the injustice into the ground. The worst is that the Lender or AMC puts the $500 appraisal fee on the credit card of the borrower and makes them think that it is going directly to the appraiser. Not until someone called me angry that I just charged them $500 and then wanted a $150 fee for a final inspection. I was not even paid the $275 for the deal which was my “Cut” of the $500 and won’t get it for a month or 2 when the AMC has enough use of my money.
No where in the Sucking Dodd-Frank Act does it say that the fee is to be taken out of the appraiser’s hide. No where does it say that the appraiser can no longer pay bills, waiting for the cut of the money they got up front.
Yes, get up after each failure. Just, that the 1 think we “Working Poor” had was the equity in our homes. Thanks to the “Big Short” and all of the Banks and Mortgage Companies, we, the appraisers, have been taken down lower and to the bottom.
Yes, get up… but think hard before taking your next move.