Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > General Appraisal Discussion
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 12-03-2003, 12:35 PM
Pamela Crowley (Florida)'s Avatar
Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
 
Join Date: Jan 2002
Location: Wherever We Are Parked
State: Florida
Professional Status: Retired Appraiser
Posts: 25,254
Default

AVM Usage to Reach 17% by 2008
TowerGroup report looks at AVM technology spending
December 7, 2003

http://mortgagedaily.com/AvmUsageTower120303.asp

Quote:
Spending on Automated Valuation Models, or AVMs, will increase from $33 million this year to $193 million in 2008, according to a research report authored by Craig Focardi, a TowerGroup senior analyst.
Quote:
"AVMs are a real estate appraiser's road to potential loss of business," said Tom Dilts, an independent appraiser in the Cincinnati suburb of Dayton, Ky.

"The appraisal industry sees these as a potential disaster," Dilts said in an email response to questions about AVMs.

"Placing a value on a property without the eyes, experience and expertise of certified professionals could create a flood of mortgage loans with slanted and/or inaccurate information," he said.

But Gary Taylor, president-elect of the Chicago-based Appraisal Institute, said in an interview that appraisers should not fear technology.

Rather, the industry should embrace AVMs as another way to improve productivity and "help consumers and the lending world understand and mitigate risk" of a real estate purchase, he said.

"It's another tool in our tool bin," Taylor said.

But Taylor also said AVMs are not for everyone, that it takes a skilled and confident appraiser to use the technology.

He also said lenders must have the software used in conjunction with the data created and processed in an AVM appraisal.

Some parts of the country have been quicker to embrace the technology that other areas, Taylor said.

MortgageDaily.com is a free subscription.
__________________
All that is necessary for the triumph of evil is that good men/women do nothing.
Fight Back!
Sponsored Links

  #2  
Old 12-03-2003, 12:38 PM
Mike Garrett, RAA's Avatar
Mike Garrett, RAA Mike Garrett, RAA is offline
 
Join Date: Jan 2002
Location: Colorado Springs, CO
State: Colorado
Professional Status: Certified Residential Appraiser
Posts: 20,838
Default

Well you can see who's side the Appraisal Institute is on!
__________________
A Former AQB Certified USPAP Instructor
  #3  
Old 12-03-2003, 03:49 PM
Paul DelleDonne Paul DelleDonne is offline
 
Join Date: Jan 2002
Location: A 1 A
State: Delaware
Professional Status: Certified Residential Appraiser
Posts: 76
Default

Mostly, I am for a variety of appraisal products. I tend to be more of a forward thinking person, but I cannot see the advantage of using the AVM without the experience of the local "Certified Appraiser." I say sell the technology to the nations Certified Appraisers and let's move forward.
  #4  
Old 12-03-2003, 04:04 PM
Farm Gal's Avatar
Farm Gal Farm Gal is offline
 
Join Date: Jan 2002
Location: Currently: Midwest
State: Nebraska
Professional Status: Licensed Appraiser
Posts: 10,076
Default

They have....
Quote:
sell(ed) the technology to the nations Certified Appraisers
but they kept the profit off the deal

for $50 you can tell them the value is right (perform an appraisal).

You get all the liability if'n somethin went wrong or they think somethin went wrong...but you got the biznisss

Sing along with me:
"I Owe my soul to the company store"
__________________
Live in such a way that you would not be ashamed to sell your parrot to the town gossip ~Will Rogers
  #5  
Old 12-03-2003, 06:53 PM
Non Sequitur's Avatar
Non Sequitur Non Sequitur is online now
 
Join Date: Feb 2002
Location: Swamp Land
State: Louisiana
Professional Status: Certified Residential Appraiser
Posts: 7,475
Default

Man o' man, maybe Mr. Taylor should come up with another designation for the AVM's he likes or just let them buy an SRA. That's it! Endorsed by the Appraisal Institute - ValueIT, SRA. Meeting all of your residential needs, whatever that "number" may be.
__________________
No White Flags! Team Gleason
  #6  
Old 12-04-2003, 06:42 AM
Paul DelleDonne Paul DelleDonne is offline
 
Join Date: Jan 2002
Location: A 1 A
State: Delaware
Professional Status: Certified Residential Appraiser
Posts: 76
Default

Lee Ann,

I'm sorry but I don't have the program that runs the AVM. If I were to choose, but I don't, I could be placed on the Amco or some other megalapropertyvaluation corporation approved appraiser list and work the $50 fee. What I'm saying is simply, sell the program that runs the AVM (I don't know why I capitalize AVM) to the State Certified Appraisers so that A: The playing field is leveled out and B: The client has the benefit of the knowledge of the neighborhood professional.
  #7  
Old 12-04-2003, 10:34 AM
Brenda Friesen Brenda Friesen is offline
 
Join Date: Jun 2002
Location: Ocean City, MD

Posts: 68
Default

I have "performed" AVM's. Perameters can be manipulated, therefore results are not "pure". The Info in the public records may be wrong or mislabeled - further tainting the results. Use of AVM's can only add to appraiser's REO work in the future. The greed of some the lenders, LOs, and AVM developers are driving forces for use and misuse of this so-called "TOOL". Above post is correct, when stating that a local licensed/certified appraiser should be the operator of the AVM program. You must know the area/market.
THE AVM is no substitute for the eyes, ears, nose, and knowledge of the appraiser.

AGAIN - AVM'S MEAN MORE REO WORK FOR THE APPRAISERS
AVM'S MEAN MORE LOSSES FOR THE HOMEOWNERS
AVM'S MEAN MORE LOSSES FOR THE LENDING INSTITUTIONS.

The lenders profer that there is less than 1% default -
Well 1% of one trillion dollars is $10,000,000,000. TEN BILLION DOLLARS -down the drain.
Oh well!!!
  #8  
Old 12-04-2003, 03:12 PM
Doug in NC's Avatar
Doug in NC Doug in NC is offline
 
Join Date: Jan 2002
Location: NC Triangle
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 4,155
Default

Quote:
But Gary Taylor, president-elect of the Chicago-based Appraisal Institute, said in an interview that appraisers should not fear technology. Rather, the industry should embrace AVMs ...
Yeah Gary, all of the appraisers signing off on values at $50 a pop should be really happy with more work coming down their pipeline. If they can do 30 a week, that's $1,500 a week!!! ... At least until enough competition starts doing them, then an appraiser might get only $20 per AVM appraisal. The appraiser can still make decent money if he/she can do say 50 a week. Right?
  #9  
Old 12-04-2003, 07:23 PM
SmilingDog's Avatar
SmilingDog SmilingDog is offline
 
Join Date: Apr 2003
Location: California
State: California
Professional Status: Certified Residential Appraiser
Posts: 937
Default

I wonder if that estimate os proportionate to population growth in the U.S. and amount of loans increasing. If it is it would be the same percentage that we have now. Plus I can;t wait for the foreclosures on loans based on these AVM's. Means more review work, more reliance on real "eyes and brains" and more money for me...for us... and don't forget better investment opportunities to buy foreclosre property.

Isn't America great? :eyecrazy:
__________________
Don't Believe Everything You Read
  #10  
Old 12-05-2003, 12:24 AM
Terry Russell Terry Russell is offline
 
Join Date: Feb 2002
Location: SouthWest Montana, Where the road ends and the West begins. Not a place for the light-headed, faint-
State: Montana
Professional Status: Appraiser Trainee
Posts: 1,149
Default

If an AVM can be used to close a transfer in mutuality, seems that it can also be used to close it under duress.

Will the criteria for accuracy be any different. I would say not.

Eh?
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 12:58 AM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93