DESKTOP appraisal's - The appraiser's Best Play?

[Michigan CG]

Incenter's RemoteVal.

I watched their promo video and kind of laughed at it. They want a homeowner to install the software on their phone and do the inspection while giving directions to the homeowner and do the measuring. It is a joke. I showed part of the video to my wife who is a pretty smart lady (doctorate degree in her profession) and she said no way would she do this. She said that she is paying for a service (appraisal) and just wants the service provided.

 

[Dale Floyd]

I expect that if anyone involved in pushing this the hardest could take a moment and be truthful and transparent, they would tell you this is the whole idea!

It was funny to me, because of this person‘s need to lie in order to push that insanely low fee for the new product.

XX ended up assigning full appraisals to us at regular fees after lying about other appraisers in my county taking these new orders for tiny fees. My point earlier - There are no other active appraisers in my county so why do that? Seriously? This was just a processor at XX, after all.

 

[The Bob]

I signed up with UWM for them. On the ? about what I will do if no floor plan is available, I'll turn them down. How stupid is it to pay me $75 less and then I'm supposed to hire someone to do a floor plan?

I really don't see these things getting a big share of the work.
Their fees have been $500+ and they just paid $700 for a rural 1004C, so fees $75 less seem reasonable. We'll see how it goes.

 

[Terrel L. Shields]

I'm hesitant to use the word 'shortage' as well, although I think you'd agree that, over the past 3-4 years, demand has most definitely exceeded supply. Had it not been for the 50-60% appraisal waivers from the GSE's, there's absolutely no way the current population of appraisers could have kept up. In addition, some have estimated that over 50% of the appraiser population is within 10 years of 'traditional' retirement. So, whether there is a shortage now or not (debatable), unless there is a large influx of appraisers, or demand for appraisal services diminishes for some reason, there soon will be.

If turn times were reasonable and the pointless stips so many waste time addressing were gone, there would be greater output. The AMCs spent 10 years throttling the appraisers with low fees and rapid turn times, cancelled assignments, and outright non-pay. So elsewhere someone is saying they left the biz years ago and want to come back. How many appraisers went to the sidelines because Walmart paid better than an AMC? So after choking the supply of appraisers and business jumps up and its still the fault of the appraiser for not sitting tight for 10 years behind glass with a sign that says "In case of Emergency, Break Glass"... Well, nobody can stay that long starving and the few who might, well, like me either time has caught up with them or they have a serious attitude with AMCs. But the handwriting is on the wall. This time next year, the market will be much subdued, appraisers will have little to do and all the newly primed PAREA appraisers will be eager to get to work for any fee offered. Welcome to your future. For the rest of us, we'll do what we always have done....the really hard appraisals for a higher fee.

 

[Tiffany Gibbons]

The Digital Transformation of Appraisal Data - Appraisal Buzz

“We tend to overestimate the effect of a technology in the short term and underestimate the effect in the long term.” This is the little-known Law of Amara that describes how we perceive the impact of new technology on our lives. Before we discuss the impact of technology on the future of...

appraisalbuzz.com

The kickbacks must be massive.

Well yeah, they think they are going to increase their subscriptions by 400% because anyone can do appraisals, Jeff probably has a self driving car, I don't.

 

[alebrewer]

and all the newly primed PAREA appraisers will be eager to get to work for any fee offered.

This time next year? I wasn't aware that any states had even passed PAREA into regulation yet?...

 

[alebrewer]

I watched their promo video and kind of laughed at it. They want a homeowner to install the software on their phone and do the inspection while giving directions to the homeowner and do the measuring. It is a joke. I showed part of the video to my wife who is a pretty smart lady (doctorate degree in her profession) and she said no way would she do this. She said that she is paying for a service (appraisal) and just wants the service provided.

Meh. To each his own. I think it's pretty slick technology, but I get that some folks are biased against it even before they try it.

 

[Terrel L. Shields]

This time next year? I wasn't aware that any states had even passed PAREA into regulation yet?...

It's only a matter of time. And timing. We cannot time a recession nor market turndown but we see conditions that almost certain guarantee one. Maybe not tomorrow but this fall? Next summer? 2024? It's coming. but PAREA will be rapidly approved once finalized by the PTB. It's coming and new appraisers will be coming into the profession at exactly the wrong time.

Meh. To each his own. I think it's pretty slick technology, but I get that some folks are biased against it even before they try it.

What technology? Zillowlite? What about the idea that HOs will resist this, especially when they realize they are paying dearly for it, they are "doing our job for us", and again, "The appraiser didn't even sit foot in the house" when the value is "too low" and 99 out of 98 HO's will think we are "too low" if we do have that recession I think is coming above.

 

[alebrewer]

What technology? Zillowlite? What about the idea that HOs will resist this, especially when they realize they are paying dearly for it, they are "doing our job for us", and again, "The appraiser didn't even sit foot in the house" when the value is "too low" and 99 out of 98 HO's will think we are "too low" if we do have that recession I think is coming above.

RemoteVal...

 

[Terrel L. Shields]

RemoteVal...

The borrower can refuse it. The paraplegic, elderly, blind homeowner may have an issue....This is a "sketchpad, photo, etc." So they get the HO to sketch the entire house GLA and not, then "work" backward to "extract out" to get the right GLA answer. But to me this looks like a tool that might be faster for an APPRAISER, much less so for a HO...Am I wrong? I mean I see an hour long video on how to....then I ask, Who the L takes an hour to sketch a rather ordinary small 1 story house? The question is what is the AMC willing to pay? And does it really save the appraiser a single minute? As I read it, it is not a form-filling software itself.