1004p

[mike32716]

3. Filling out the 1004 and running comparables doesn’t take that long for non-complex properties.

Except we won't get the non-complex properties. The easy, cookie-cutter properties will sail through FNMA's AVM after just the inspection. They don't order an inspection unless they have the data, AND they do not have an old appraisal. If they get the inspection, and the AVM still fails to hit the number then the borrower/LO has the option of getting the desktop.

 

[Lumbappr13]

You, being an appraiser, are competent to make an opinion on Q&C. A Craig's List hire is not.

If the desktop appraiser sees or uses those opinions of Q&C then they have relied upon the work of others. Q&C is a significant contribution to the appraisal. Although it may be that the desktop appraiser never sees your opinion of Q&C in that FNMA is comparing your opinion with the appraisers opinion (based on photos) to see what kind of variance they get given that this is in the test phase.

And as for fees, forget it. Mueller currently charges the client $140 for the inspection and $140 for the desktop if needed. The fees I am seeing for the "data collectors" are in the neighborhood of $30-40, and that does not include expenses. So, say the data collector gets $40 and the appraiser gets $150, that leaves the AMC with $90 along with the need to manage two separate processes.

$30-$40 for the inspection portion..... that seems extremely low. I get $75 or $90 right now with another company. Super easy and all from mobile device. I do 10 to 15 a week between my regular work. #winning

 

[Michigan CG]

The 1004P is nothing like the 1004d

If you are going to quote someone please do it in context and accurately. I did NOT say I would do the 1004P for $150; I said I would do the inspection for $150. There is a big difference.

 

[Evincere]

If you are going to quote someone please do it in context and accurately. I did NOT say I would do the 1004P for $150; I said I would do the inspection for $150. There is a big difference.

You wrote;

“I can live with $150 to do something similar to a 1004d.”

Yeah, there is a big difference. Is a 1004d anything like a 1004p - this thread IS about a 1004p inspection and not 1004d.

I’d gladly do a 1004d for $150 as well. And referencing the 2 very different forms as a comparison in the same thread is what’s ridiculous

 

[ucbruin]

Because the 1004P is a new product, at least to me....
I find myself guilty of having lumped the 100P Property Data Review and the 1004P Appraisal Report together in my posts....

For the record, the 2 assignments I have recently completed for $150/each were 1004P Property Data Review....
Having looked at the 1004P Appraisal Report form, $150 would appear to be low....
So I assume the 1004P Appraisal Report form will be higher than the fee for 1004P Property Data Review....

 

[Deleted member 128537]

Except we won't get the non-complex properties. The easy, cookie-cutter properties will sail through FNMA's AVM after just the inspection. They don't order an inspection unless they have the data, AND they do not have an old appraisal. If they get the inspection, and the AVM still fails to hit the number then the borrower/LO has the option of getting the desktop.

AVM's can't do complex properties. Not enough data.

 

[George Hatch]

I'd like to see those fees start with at least a 2, even if not a 3.

 

[Tim The Enchanter]

I completed a stand alone rental schedule for $150. Have not done one as a stand alone in years. Had to spend extra time to make sure to comment and comply with all the extra uscrap. Err, USPAP. What is the definition of market rent? And the source of the definition?

Oye. I would not touch it if it was not a good client. Fwiw the subject of the rent schedule is the current home of the owners of another property where I did a proposed construction deal. I guess they plan to rent out their current home when the new one is built. Looks like that will be a year or more down the road before it is built. So does not seem all that relevant, but what do I know?

 

[Evincere]

The real Question is...when approached with offers to do these products why aren’t Appraisers saying No, deciding for themselves and setting their own fees on these products instead of complaining about what’s being offered.

There’s been suggestion after suggestion here and elsewhere as to what a proper fee would be considered acceptable. And it ain’t $45 or what’ we’ve seen advertised in the broadcasted email solicitations.

WHO had the hutspa to promote AND decide for Appraisers what the pricing and fees would / should be? Brokers, Quicken, Rocket, Fannie, Amrock, Clear Capital, Proteck?

 

[Eli]

I see the dichotomy. The appraiser is responsible for SOW and someone else is not only developing the SOW but shoving it. That's huge. That's like coming up and shoving somebody back and saying take that. It's like a bully. I have explained before I think that is why Phil Crawford "voice of appraisal" is going down the road he is going down with people like homeowner's (property owners) and real estate agents being his (the appraiser's) client.