I will be the first to admit that I was clueless when it came to earning a living as an appraiser after HVCC kicked in last May. For this reason I closed my practice after 17 years.

I ran across an appraiser recently who solved the problem after watching a television program that discussed the Walmart business model. After watching the show he hired 2 newly licensed appraisers to inspect properties at $50 per inspection. He then hired typists in poverty stricken countries for less than $2 per day. Problem solved. He now generates 6-8 orders per day while billing only $150 per appraisal.

I had to ask one question: What about the analysis that’s involved with appraising? His answer was “What Analysis? You are still living in a pre HVCC world…lenders care about two things; fee and turn time. Nothing else matters”. Judging from his monthly income I can only assume that he is correct.

This should tell Congress everything they need to know about where HVCC is taking us and the direction the housing market will go in the coming years.

By contrast, I used to have over a dozen clients that I developed a respectful relationship over the past fifteen years. I prided myself on being able to offer a quality, well written and accurate appraisal. I watched the cheap and quick appraisers come and go, falling victim to their own greed and carelessness. My clients respected my opinion and my experience. Each and every appraisal that I ever wrote was as honest and accurate as was possible. I respected myself and as a result, did not allow anyone to influence my work to their benefit. Many tried. I was in for the long haul and not to sell my soul for the quick buck.

I still write to the best of my abilities. Only now, no one notices or cares and I get paid about half what I used to. I am as much a hostage to this fiasco as anyone.

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