AGREA
Association of Georgia Real Estate Appraisers

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Welcome to the Association of Georgia Real Estate Appraisers

 
The Association of Georgia Real Estate Appraisers was formed to promote respect and profitability, and build professional networking opportunities for Georgia Real Estate Appraisers.

Certified AGREA appraisers are the highest qualified and are amongst the leading professional home appraisers throughout Georgia.

We value our members and have established minimum requirements for maintaining membership within our organization.  We will confer membership designations to properly qualified appraisers and strive to always serve the needs of our members. 

Positive changes is begining to occur as the appraisers of Georgia begin to work together!

August 24, 2010

Appraiser Rally At Georgia State Capital - Pending permits

RSVP for Rally

This is not an anti-HVCC or anti-AMC rally but instead a rally to bring attention to the importance of real estate appraisers in the US financial market and to get the attention of mortgage lenders.  We want to let them know that we are here to be their "eyes and ears" and we need fair pay for our profession. 

The AMC's, who currently control 90% of appraisal orders, charge $375.00 - $450.00 on these reports.  Many of the lenders don't know that the appraisers are only receiving 40% of these fees, and frankly the lenders don’t care because the appraisers are still getting them done!  



Changes to industry (conventional 1004 URAR) in the past 10 years

 

   Then...  Now...
 Fee paid /report
  • $300 fee
  •  $165 - $225 fee

Time required /report
  • 3 hrs +/-
  • 5 hrs +/-

Reports /day
Potential revenue /year
  • 2 reports/day - $600/day
  • $142,800 before expenses (taxes, fuel, E&O, vehicle maintenance, marketing cost, software, CE classes. Typical expenses $58,000)
  • 1 report/day - $225/day
  • $69,700 before expenses (taxes, fuel, E&O, vehicle maintenance, marketing cost, software, CE classes. Typical expenses $36,000)
Forms required
  •  4 page 1004
  • 6 page 1004
  • 1004MC
  • HVCC Compliant Affidavit
Comps required
  • 3 closed sales 
  • 3-4 closed sales
  • 2 active sales
  • 1 pending sale
Comp photos
  • MLS photos accepted
  • Appraiser required to take all sale and listing comp photos
Cost approach
  • At appraiser's discretion
  • Required, not discretional 
 Subject photos
  • Front
  • Rear
  • Street scene
  • 3 interior
  • All 4 sides of subject
  • 1 Street scene in each direction
  • Photos of all rooms
  • House #
Turn around time
post inspection

  • 3 days
  • 24 hours
Educational required
  • 120 hours CE
  • 1,500 hours experience hours
  • 200 hours CE
  • Associate degree or higher
  • 2,500 hours experience hours

 

AMC's do have expenses to cover, however we as appraisers bare the heaviest burden from lawsuits, Georgia Real Estate Appraisers Board complaints and subsequent loss of our livelihood.  So in addition to taking on greater risk, we have heavy expenses such as car maintenance, software, data, gas, computer equipment, and the cost and time to maintain educational requirements.  Without question it is unacceptable that we should be paid the very least amount of money in a mortgage transaction!

HVCC should not have hurt the appraisers! 
 

 

Join Today!

Hot topic of the month (July 2010)

The Association of Georgia Real Estate Appraisers is proposing a HUD, Freddie Mac, Fannie mae and lender supported amendment to HVCC as well as currently working with our local senator and congressmen's office on a bill that:

      • specifies that AMC's recieve no more than 10% of an appraisal fee similar to NM SB138 
      • requires that lenders pay appraisers directly and pay AMC's a seperate management/finders fee similar to NC Senate Bill 829 and VA House Bill 408
      • any employee of the appraisal management company that has the responsibility to review the work of independent appraisers shall be certified by the state in which the property being appraised is located
      • specifies that appraisers be paid a minimum $350.00 for conventional, non-complex, single family assignments
      • specifies that appraisers be paid a minimum fee specified in a chart to be provided by AGREA for other products (to adequately compensate professional appraisers for research, driving, and typing time) 
      • designates BPO products that develop and report a value; an appraisal product that requires a state certified real estate appraiser
      • specifies that the current allowance for transactions of $250,000 or less that do not require the services of a licensed or certified appraiser be changed to $50,000.
      • specifies that any employee of the appraisal management company that has the responsibility to review the work of independent appraisers shall be certified by the state in which the property being appraised is loca
      • restrict the act of "appraisal scope stuffing" (the act of adding additional requirements without additional payments such as the MC form, additional comps, 216, additional listings, pending sales, ect.) requiring each product to be treated as and paid for as a seperate product
      • restricts lenders and AMC's from requiring reports to be turned in in less than 2 days from inspection

      We need the appraisers of Georgia to STAND UP for a fair living wage!   

        
      

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August 24, 2010

Appraiser Rally At Georgia State Capital - Pending permits

RSVP for Rally

This is not an anti-HVCC or anti-AMC rally but instead a rally to bring attention to the importance of real estate appraisers in the US financial market and to get the attention of mortgage lenders.  We want to let them know that we are here to be their "eyes and ears" and we need fair pay for our profession. 

The AMC's, who currently control 90% of appraisal orders, charge $375.00 - $450.00 on these reports.  Many of the lenders don't know that the appraisers are only receiving 40% of these fees, and frankly the lenders don’t care because the appraisers are still getting them done!  



Changes to industry (conventional 1004 URAR) in the past 10 years

 

   Then...  Now...
 Fee paid /report
  • $300 fee
  •  $165 - $225 fee

Time required /report
  • 3 hrs +/-
  • 5 hrs +/-

Reports /day
Potential revenue /year
  • 2 reports/day - $600/day
  • $142,800 before expenses (taxes, fuel, E&O, vehicle maintenance, marketing cost, software, CE classes. Typical expenses $58,000)
  • 1 report/day - $225/day
  • $69,700 before expenses (taxes, fuel, E&O, vehicle maintenance, marketing cost, software, CE classes. Typical expenses $36,000)
Forms required
  •  4 page 1004
  • 6 page 1004
  • 1004MC
  • HVCC Compliant Affidavit
Comps required
  • 3 closed sales 
  • 3-4 closed sales
  • 2 active sales
  • 1 pending sale
Comp photos
  • MLS photos accepted
  • Appraiser required to take all sale and listing comp photos
Cost approach
  • At appraiser's discretion
  • Required, not discretional 
 Subject photos
  • Front
  • Rear
  • Street scene
  • 3 interior
  • All 4 sides of subject
  • 1 Street scene in each direction
  • Photos of all rooms
  • House #
Turn around time
post inspection

  • 3 days
  • 24 hours
Educational required
  • 120 hours CE
  • 1,500 hours experience hours
  • 200 hours CE
  • Associate degree or higher
  • 2,500 hours experience hours

 

AMC's do have expenses to cover, however we as appraisers bare the heaviest burden from lawsuits, Georgia Real Estate Appraisers Board complaints and subsequent loss of our livelihood.  So in addition to taking on greater risk, we have heavy expenses such as car maintenance, software, data, gas, computer equipment, and the cost and time to maintain educational requirements.  Without question it is unacceptable that we should be paid the very least amount of money in a mortgage transaction!

HVCC should not have hurt the appraisers! 

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