Certified residential appraiser, FHA approved.

This rosy outlook from 2006 was inaccurate even before the crash. A lot has changed in three years; I know of more appraisers leaving the field than entering it.

If you're toying with the idea of becoming an appraiser, do your homework BEFORE spending any money on classes. Our office gets calls weekly from people looking to break into this business; the future of appraisal is bleak at best.

If any part of this article is referring to the residential appraisal profession I find it laughable. To be honest the words "appraisal profession" are laughable.

It should be noted that on May 1, 2009 everything changed for borrowers and for appraisers. Appraisers with 30 years of experience and clients were told that their client list was worthless. After May 1 everything would be ordered by middlemen known as AMCs. If you submit the lowest bid you may or may not get an appraisal order located 150 miles from your office. Not only were appraisers told that they no longer had clients they would also be forced to surrent at least 50% of their fees to the AMC who ordered the appraisal.

Borrowers were similary screwed over. While the appraiser's fee was being cut in half, borrowers would now be billed $450 or more.

Example
Old Appraisal Fee: $300
Appraiser received: $300
Borrower paid: $300
Turn time: 2-3 days

New Appraisal Fees: $450+
Appraiser received $150
AMCs receives: $300 (for placing the order)
Borrower paid $450+
Turn time: 3-4 weeks

Since AMCs are owned by banks they are profit driven. This means they engage in bottom fishing to insure the largest profit to the bank. Bottom fishing means they bid the job out to the cheapest and least experienced appraisers.

Bottom fishing may be fine if you have a yard to mow but do you really want to pay beyond top dollar for an appraiser with 3 months experience? I personally would prefer to pay $300 to a guy with 30 years experience.

So...as you see the appraisal profession was turned into a nonprofession overnight. Banks were quite successful in turning into a career ruled by minimum wage form fillers.

Beware attorneys and physicians you're next.