nauthead
Senior Member
- Joined
- Nov 26, 2004
- Professional Status
- Certified General Appraiser
- State
- Florida
I decided to download Appraise-It and use the new 3.6 format on my home. I live in an average home in an average community with tons of sales nearby where the adjustments in the sales grid would be minimal. I had everything in my file I thought I would need before starting, including property card, tax bill, survey, sketch, photos, all the data for the comps, including adjustments.
I excluded the Cost Approach and Income Approach.
After I finished using Appraise-It, I used Clickforms UAD 2.6 as a benchmark to appraise my house because I have used Bradford since 1999 for residential assignments. I know that’s not comparing apples to apples since I had never used the Appraise-It software before, but with Bradford switching to Nightrider, Chickenhawk or whatever they are going to call their version of this fiasco, I assume theirs will be a huge learning curve as well, and the first 3.6 reports will be a challenge whether using a new software vendor or current one.
The total time with Appraise-It was roughly nine hours, excluding the numerous breaks I took. I got stuck in several places in the Appraise-It software and have to email tech support for help. They responded quickly and each time they were able to explain what I needed to do. Props to them.
The total with Clickforms was one hour.
Even without the learning curve on the new software, I don’t think there is any way to match the completion time of the 2.6 version. My guess is you can add at least an hour to the time to write each report.
The inspection time will be where appraisers will spend way more time than before unless they use a tablet with some sort of tech that calculates the cubic footage of the subject. I know there will be apps for tablets that will calculate total cubic feet, but how accurate will they be, especially at first? Even with that, you will still have to measure the total SF of the windows, along with the entry door elevation.
A few observations on 3.6:
The finished product looks to me like something computer generated.
With 2.6 you could essentially see what the finished product looks like, but not with 3.6
Most of the new report can be completed one handed with all of the dropdown menus.
Most of the cells for additional comments are too limited on the number of characters; the zoning description is limited to 264 characters for example. If you need to add commentary about a property that is legal non-conforming, you will have to add those comments elsewhere or learn to play the abbreviation game.
There are going to be tons of revision requests, especially from underwriters/reviewers who do not grasp that additional commentary is limited because Fannie Mae has put such restrictions in place.
There is a sales comparables page that details the adjustments
Additional data now required:
Window SF
High speed internet, yes or no
Total building cubic feet
Front door elevation
List price for comparables
Two fields for heating and cooling for comps
Separates interior quality and condition ratings for the subject and comps
It will be interesting to see how much more lenders will be willing to pay for this product. My guess is they will argue that the added time is offset by not needing to inspect comps, which most appraisers have not been doing anyway based on the reports I have seen recently.
Most appraisers will probably take it up the rectum and whine about the extra time but hesitate to raise fees very much or retire/change careers.
Longer form, longer field inspection, greater liability no doubt, more software/apps needed, tablet with lidar.
The road goes on forever and the party never ends.
I excluded the Cost Approach and Income Approach.
After I finished using Appraise-It, I used Clickforms UAD 2.6 as a benchmark to appraise my house because I have used Bradford since 1999 for residential assignments. I know that’s not comparing apples to apples since I had never used the Appraise-It software before, but with Bradford switching to Nightrider, Chickenhawk or whatever they are going to call their version of this fiasco, I assume theirs will be a huge learning curve as well, and the first 3.6 reports will be a challenge whether using a new software vendor or current one.
The total time with Appraise-It was roughly nine hours, excluding the numerous breaks I took. I got stuck in several places in the Appraise-It software and have to email tech support for help. They responded quickly and each time they were able to explain what I needed to do. Props to them.
The total with Clickforms was one hour.
Even without the learning curve on the new software, I don’t think there is any way to match the completion time of the 2.6 version. My guess is you can add at least an hour to the time to write each report.
The inspection time will be where appraisers will spend way more time than before unless they use a tablet with some sort of tech that calculates the cubic footage of the subject. I know there will be apps for tablets that will calculate total cubic feet, but how accurate will they be, especially at first? Even with that, you will still have to measure the total SF of the windows, along with the entry door elevation.
A few observations on 3.6:
The finished product looks to me like something computer generated.
With 2.6 you could essentially see what the finished product looks like, but not with 3.6
Most of the new report can be completed one handed with all of the dropdown menus.
Most of the cells for additional comments are too limited on the number of characters; the zoning description is limited to 264 characters for example. If you need to add commentary about a property that is legal non-conforming, you will have to add those comments elsewhere or learn to play the abbreviation game.
There are going to be tons of revision requests, especially from underwriters/reviewers who do not grasp that additional commentary is limited because Fannie Mae has put such restrictions in place.
There is a sales comparables page that details the adjustments
Additional data now required:
Window SF
High speed internet, yes or no
Total building cubic feet
Front door elevation
List price for comparables
Two fields for heating and cooling for comps
Separates interior quality and condition ratings for the subject and comps
It will be interesting to see how much more lenders will be willing to pay for this product. My guess is they will argue that the added time is offset by not needing to inspect comps, which most appraisers have not been doing anyway based on the reports I have seen recently.
Most appraisers will probably take it up the rectum and whine about the extra time but hesitate to raise fees very much or retire/change careers.
Longer form, longer field inspection, greater liability no doubt, more software/apps needed, tablet with lidar.
The road goes on forever and the party never ends.