Posted by LilyMD on 10/17/05 2:07pm
Msg #70947

appraisers?

I'm considering getting into the appraisal field. I've been researching the MD requirements/classes. Any of you doing appraisals? Would love some input.
TIA

Reply by Brasring_Ca on 10/17/05 2:50pm
Msg #70960

I am in California and used Allied Business Schools for my Real Estate Appraisal Licensing school. They are great and I have passed their tests and now am awaiting the state exam. School was intense and then you have to pass the state exam and complete 2000 hours of internship under someone else's license before you can be on your own. For the first 2000 hours you will make 30-50% of the appraiser's fee. It takes time to get this business going and you do not make much while interning but I feel that it will be a good investment once I am on my own. I am not sure about the specifics for your state but you can checkout www.alliedschools.com and they might be able to give you specifics for your state. You can do their course at home at your pace. Good Luck!

Reply by Kath_CA on 10/17/05 3:07pm
Msg #70961

You are right about the 2000 hrs and the interning, but I've had my Trainee license for 2 years now and find it very difficult to find licensed appraisers who will take on trainees. The one's I've contacted will only let me work on assignments that I bring to the business. And they barely have time to train me on those. Maybe some of you have had better luck. Also, check the OREA (CA) website. The educational requirements are going to change after 2007. That will impact both trainees and licensed appraisers here in CA. I don't know about other states.

Reply by LilyMD on 10/17/05 3:13pm
Msg #70962

If I'm understanding things here in MD, the classes are "in classroom" and seems to be pretty comprehensive.

Reply by Kath_CA on 10/17/05 3:17pm
Msg #70963

I took my courses in a classroom and enjoyed the interaction with the students, plus the instructor took us to several homes to learn how to measure, etc.

Reply by LilyMD on 10/17/05 3:47pm
Msg #70968

That sounds great. I would like some "hands on" training.

Reply by Nathan Ellsworth on 10/17/05 7:46pm
Msg #70988

I recently started doing appraisals as well. I think it ties in somewhat with doing closings, but the problem is it's tied to the real estate industry and there is a lot of complaining by existing appraisers about over saturation and appraiser low balling. In addition, there are appraisal management companies just like signing companies which act is a middle man and thru economies of scale drive down the fees. If you want to get involved go for it, however, you are not going to be diversifying against the risk of a real estate slow down. I recommend that you check out http://appraisersforum.com. Like this forum there is a wealth of information and opinions and you can probably get a Maryland appraiser to answer some of your questions and maybe even find a mentor. Good Luck.

Reply by newlysmomva on 10/18/05 12:14pm
Msg #71046

I did the classes but no one would give me the 2000 hours...didn't want any competition I guess, so I gave it up.

Reply by Anonymous on 10/18/05 2:07pm
Msg #71059

The appraisal field is very difficult to break into right now. Volumes are starting to go down and the appraisers are being squeezed hard by banks on pricing. Also, one of the reasons that it is hard to find an appraiser to provide training is that many of the lenders will not allow a trainee to complete their appraisals, even with supervision. Tough business but if you're good at it you can do ok.