Comp Cruncher

[CANative]

The difference is looking at fewer sales more closely or more sales less closely.

 

[lmurry]

TJ,
You are correct. I forgot to mention that only licensed appraisers can use Comp Cruncher and only if certified by Appraisal World because they are also marketing this software as the best way to go. USPAP and E&O are in play and I don't believe Bradford create a product that E&O would not cover. Of course that is an assumption.

 

[Randolph Kinney]

The difference is looking at fewer sales more closely or more sales less closely.

Very astute Greg.

Just did a triplex and had to do the 1004MC. You have to hand screen each one if you really want a meaningful analysis. Regression might make sense on a price per unit basis however, price versus bedroom, price verses square foot GBA, etc. is not going to be meaningful.

Regression on sameness works great.

PS - this is the one in National City.

 

[CANative]

It seems to me that the product would be a good tool used along with a more conventional appraisal process instead of as a substitute.

 

[Randolph Kinney]

It seems to me that the product would be a good tool used along with a more conventional appraisal process instead of as a substitute.

A spread sheet using the regression capability it has as well as graphing the results accomplishes the same. Nice to show your work and what comps were chosen instead of the "black box" method.

 

[lmurry]

This conversation is going in all direction mainly because only two of us in the conversation have experience, though limited, with the software.
1. This is not a substitute for the 1004 or 1004MC. Please be clear about that fact.
2. Once the regression is done, than as with any other appraisal, let say a drive-by, you pick comps as you always do.
3. This is not a service to replace 1004; but, lenders and broker are turning to BPOs and AVM's like Zillow and taking money from our pockets. This service and software is directed toward that market. For a purchase the 1004, 55, 73 and all the rest will still be required.

I am just saying gentlemen, see the program/service for what it is, no more no less.

 

[Randolph Kinney]

This conversation is going in all direction mainly because only two of us in the conversation have experience, though limited, with the software.
1. This is not a substitute for the 1004 or 1004MC. Please be clear about that fact.
2. Once the regression is done, than as with any other appraisal, let say a drive-by, you pick comps as you always do.
3. This is not a service to replace 1004; but, lenders and broker are turning to BPOs and AVM's like Zillow and taking money from our pockets. This service and software is directed toward that market. For a purchase the 1004, 55, 73 and all the rest will still be required.

I am just saying gentlemen, see the program/service for what it is, no more no less.

My bold.

If the BPO or AVM could not be used for asset disposition or lending, what product would be used instead? If the answer is the 1004 or 2055, then Comp Cruncher is a replacement for the 1004 or 2055.

 

[lmurry]

Randolph,
Go the AppraisalWorld.com for clarity. Otherwise, I want to say that I started this thread for support only. My purpose is not to defend or sing the praises of CompCruncher. I invite you to believe whatever you choose.

 

[Jamice4u2]

The purpose of Comp checker is to further reduce our fees and make us obsolete.

My fellow Appraisers,

Please don't get mislead comp checker only puts money in Bradford pocket and reduces our fees even further. I would never use a product like this as a substitution for an appraisal. How do you read your MLS comps with a product like this. How did you compare the condition of your subject property to the comparables. This is not an appraisal process this only discredits appraisers even further and puts us in the same category as Zillow. This product will only eliminate the need of using appraisers in the future. Why order an appraisal from an appraiser when you can have an AVM do it for you and get the same results. The arguement can be made if it good enough for appraisers then it would be good enough for banks and consumers too. If we want to see and increase in business then we have to some how make BPO illegal in the state that we live in then you will see a big spike in business and fees will go up I guarantee it.

 

[TJSum]

Why order an appraisal from an appraiser when you can have an AVM do it for you and get the same results.

Because the clients want an appraisers signature and E & O tied to the result in case things go south. That is why I posted my earlier post. Are the chump change fees worth the liability? Along with the other concerns you raise regarding the future of the profession.