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Archive for the ‘Appraiser News’ category

Selling an Appraisal Business, Appraisal Fee Report

October 21st, 2014

Thoughts and Concerns of a Massachusetts Appraiser Regarding Selling Her Appraisal Business

Susan M. Louisignau SRA, RA, M.Ed. of Louisignau Appraisal Services writes: “I’ve been appraising over 30 years and have a very good practice.  I’m actually considering selling my business.  In the past I have had several appraisers work for me and have worked with trainees.  Now, for the past ten years, it’s just been me.

My territory is very solid.  What I’m curious about is how to advertise?  I am an SRA with the Appraisal Institute and may contact them.  I am also an RA with the Massachusetts Board of Real Estate Appraisers, MBREA.  I do VA work and am NEVER slow as I cover a unique area.  I do not want to train anyone but would like to find someone who may be in an area where there are too many appraisers and therefore not enough work.

Any suggestions?  I know of a couple of appraisers who have bought/sold businesses.  I am in Northfield, Massachusetts which abuts New Hampshire and Vermont.  I do work in the three states.  I’ve actually thought of offering a package…the farmhouse, barn and office plus the business on a few acres.  I’m sure there might be someone very interested especially since I am located in a very desirable part of the country.
Might be a very good article…Who wants to sell and who wants to buy?”

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Five Things To Consider In Selling Your Appraisal Business

1). How far in advance should I start prepping my appraisal business for sale? Should I start one year before putting it on the market?  Would a two year period of organization and preparation for sale be more realistic?  Do I really understand the various means of marketing an appraisal business?

2). How many of my clients would continue with a new owner upon the sale of my business?  What would the comfort level be for a prospective purchaser as to retaining most of my clients?  What can I do to insure greater customer retention (and a healthier sale price)?

3). What simple steps can I take to make my appraisal business more attractive to a prospective purchaser?  Would a small investment in technology (i.e. computers, printers, mobile devices, newer software, new website) project a stronger image to buyers?

4). Is my appraisal business best marketed to a younger appraiser just starting out or should I be marketing it to a larger appraisal firm?  Do I have any particular niche (geographic, specialty, type of client, etc.) that would have value for a certain prospective purchaser?

5). Would I be willing to receive a large part of the sale price as a consulting fee or as a percentage of revenue to be received for several years after the sale?  If such an arrangement might help to maximize my return, what steps do I need to take to insure that I receive payments in the future as contractually agreed upon?

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AppraiserNews is a FREE publication, supported by advertising and sales of products designed to help appraisers support and grow their businesses. Please consider supporting us today by seeing what we and our sponsors have to offer.

Superior E&O insurance from the Landy Insurance Agency- click here to apply and receive your policy in about two hours!


Angie Celebrates

Angie is feeling good this week and has decided to increase her contest prizes. this week, she has announced three new winners…see below!

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Virginia Center for Housing Research and Virginia Tech Program in Real Estate Release Report on Appraisal Fees

The release of this report, made in response to Dodd-Frank and the requirement for lenders to pay appraisers “customary and reasonable fees”, found a marked difference in fees for appraisal assignments ordered by AMCs and non-AMC clients.  The study found that a 1004 single-family appraisal assignment ordered by an AMC had an average fee of $328 while a non-AMC client paid an average fee of $401.  A 1004-FHA appraisal for an AMC had an average fee of $352 while the average fee paid by a non-AMC client was $427.

The entire report on appraisal fees can be found here: 2013 Virginia Residential Real Estate Appraiser Renumeration: Survey and Report

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Reader Comments from the Last Newsletter

Sally Knoll of AmerAppraise writes:

“The process of becoming an appraiser needs to be completely changed.  This should now become a 2 year degree, administered by the Community College network and taught by AQB qualified instructors.

The quality, content and experience would be the same across the board.  Trust me, I learned very little of ‘real life and experiences’ from the Company I worked for during my limited years.

If we want to maintain this profession for years to come, it has to get moved to a college level curriculum.”

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Some Random Tweets To Make You Smile

1) Inviting your friends to play Candy Crush Saga is like hosting an intervention and providing the crack.

2) Mom used to bake cookies with me.  Now she plays Candy Crush, so I pretty much raise myself.

3) I feel there’s still hope for this world every time my computer’s spellcheck doesn’t recognize Kardashian.

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Appraiser Help’s 2014 Directory of AMCs and National Appraisal Companies is Now Available!

To help appraisers evaluate how AMCs will work for their appraisal practices, we have compiled this expanded directory of AMCs and National Appraisal Companies, listing complete, contact information and other details for each listing.

If you’re looking to maintain or expand your mortgage appraisal practice, our Directory of Appraisal Management and National Appraisal Companies is a great place to start. Order it today for $69.99 and download it immediately!

Please visit our website now to make your purchase securely or contact us at (877) 434-2825 for more information on this comprehensive directory!

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Rates & Dates

Freddie Mac, the Mortgage Brokers Association (MBA) and HSH Market Trends all reported sharply declining mortgage interest rates in their most recent surveys. 

In their survey on October 16th, Freddie Mac reported that 30-year fixed-rate mortgages fell to 3.97% from 4.12% the previous week. They also noted that last year at this time the 30-year rate was 4.28%.

The Mortgage Bankers Association (MBA) reported on October 15th (for the week ending October 10th) that 30-year rates with conforming loan balances ($417,500 or less) dropped to 4.20% from 4.30%.  The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) moved downward to 4.14% from 4.21% while rates for FHA backed mortgages also fell, from 4.00% to 3.90%. 

Mortgage applications increased by 5.6% from the previous week with the share of refinance applications as a percentage of all applications increasing to 59% from 56%.

On October 17th, HSH Market Trends reported that 30-year mortgage rates plunged to 4.04% from 4.15% the previous week.  This is the lowest rate since May of 2013.  Rates for FHA-backed mortgages also declined, from 3.85% to 3.73%.

Additional information from Freddie Mac can be found by going to: Primary Mortgage Market Survey PMMS – Freddie Mac

Additional information from the Mortgage Bankers Association can be found by going to their site at: Research and Forecasts – Mortgage Bankers Association

Additional information from HSH can be found by going to: HSH.Com

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Appraiser Help has Released its 2014 Directory of AMC’s and National Appraisal Companies. Click the link above to learn more and to download your copy today!


Ask Angie

Angie would first like to congratulate her most recent winners: California appraiser Ginny Furr of Ginny Furr Appraisal Service; Florida appraiser Diego Lopez of Advance Real Estate Appraisal; and New Jersey appraiser Jim Bogris of Bogris Appraisal LLC.  Ginny covers the northern California counties of Shasta and Trinity; Diego covers the southern Florida counties of Miami-Dade, Broward and Palm Beach; and Jim covers all of New Jersey.  They were the first to answer correctly that Emily Dickinson was the answer to all three of Angie’s questions in the last newsletter: “Saying nothing…sometimes says the most”;I dwell in possibility”; and “Forever is composed of nows.”

Today’s Questions:

1. Who said: “One morning I shot an elephant in my pajamas.  How he got into my pajamas I’ll never know.”

a) Groucho Marx
b) Chico Marx
c) Harpo Marx
d) Karl Marx
e) None of the above

2. Who said: "A child of five would understand this.  Send someone to fetch a child of five.”

a) Groucho Marx
b) Chico Marx
c) Harpo Marx
d) Karl Marx
e) None of the above

3. Who said: “Humor is reason gone mad.”

a) Groucho Marx
b) Chico Marx
c) Harpo Marx
d) Karl Marx
e) None of the above

The first person to respond with the correct answers wins a choice of one of the following:

One Free Regular Listing on AppraiserHelp.com

A Free Copy of the 2014 Directory of Appraisal Management Companies (Available to Members of AppraiserHelp.com and FHAAppraisers.com FREE!)

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Tell us what you think!

We invite your responses to any of the issues raised in this newsletter. Please e-mail us at: bill@appraiserhelp.com with your thoughts!

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We really hope you find our newsletter to be informative!  If you have any input on future topics for discussion, please email me your questions and I will do my best to address them in the next issue.  If you want to look back at past issues you can see our archive at www.appraisernews.com

Regards,

Bill Collins, Appraiser Help Inc.

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