1 Hour Report

[Frederick R. Ruffell]

Bob,
Ryan has been here a while and I think he is above board on this one.
Any one of of us that have been in the Biz for more than 5 years have had this happen. Hell, the single best assignment I got was to appraise all 25 Condo's in a single mid rise building, all owned by the same guy and rented. Seems that it made financial sense to take out individual loans on each unit. I still made 350 pelts per appraisal. All were identical and only the Top floor had any kind of a view amenity that was valued at a premimum by the market. All of them were "slam dunks". All of the reports were identical except the address's and APN's and the 5 top floor reports, which were only marginally different from the rest. Once I created a template it only took me 5 days to complete all 25 reports. Not quite 14,000 pelts per week Tim, but hey I am still learning! :mrgreen:

 

[TC]

Years ago I appraised the townhouse right next to mine. Travel time was minimal and I shot the comps standing in the street. Cloned an old report, took about 45 minutes. It can be done, but not often in this business.

tc

 

[Karl]

The odds are do this long enough & even us Rural Appraisers will get an easy one ONCE in a while. Now U see Y AVM's are gonna be more popular in the heavily populated area's. & they can even QUOTE the Appraisers on this FORUM that it only takes an hour to do a report. It is a GOOD feeling to get one that just seems to FLOW thru, however for some reason those are the ones that come back to BITE U later.

 

[Linda Lynch]

Maybe I'm just lucky but I've found, since the interest rates started going down, down, down, that I've had quite a few "repeats" of homes I've already appraised. I look upon these as justice that make up for the 6000 sq ft house built in the middle of the woods, with 1/2 mile of river frontage, down a icy, unplowed road, with NO COMPARABLES in the ENTIRE COUNTY.

 

[Tom Foster]

I had 1 of those appraisals a few years ago. - 4 year old subject and comps. All comps were the same model as the subject on the same street, everything was similar to subject. No adjustments were made.

The review appraiser says "it's too perfect and looks like fraud, give me 2 more comps"

In order to stay on the good side of the review appraiser - I complied !!!!!!

 

[Bob Alexander]

OK, I admit I was teasing Ryan just a little for his stretch. I have to assume that most of us here are Appraisers and know what is possible and what is called "wishful thinking". Just a quick time line so You all will know why I responded as I did.

Fax Machine Rings & fax begins to come out ............................................... 3 Min
Read Fax and understand appraisal problem and type of report needed ... 1 Min
Make up file and appraisal log ..................................................................... 6 Min
Run Property Data (FARES, DataQick, etc. ................................................... 5 Min
Look up property get coordinates and determine filters & run MLS ............. 5 Min
Read MLS and select most probable Comps and locate on Map B) .................. 16 Min
Call Borrower and set appointment ............................................................. 5 Min
Drive to Subject ........................................................................................... 15 Min
Inspect property ( 1 story) .......................................................................... 20 Min
Drive Comps and take photos ..................................................................... 15 Min
Drive back to office ...................................................................................... 15 Min
Type Report, place photos, maps, plat & location ....................................... 20 Min
Print or transmit EDI .................................................................................... 5 Min
Close out, file, finish Log ............................................................................. 5 Min
=====
1 hr,36 min
This all assumes that you are not appraising your own home, that
the phone does not ring or you don't miss a traffic light. In other words the
perfect appraisal.
Next, I would like to hear from the one who just did a 4 Plex in two hours.
Bob - San Jose

 

[Charlotte Dixon]

Originally posted by Bob Alexander@Apr 20 2003, 02:15 PM

Fax Machine Rings & fax begins to come out ............................................... 3 Min

It's a little different here. Fax machine rings at 8:10 a.m. and the faxes start coming....don't read them, don't try to understand appraisal problem, don't log them in. The date is on the fax and I make sure that I have the correct pages with the orders, then staple and throw them in my blue "IN" basket. Fax machine continues, and so do I. Separate, staple and throw in the blue basket. Fedex man comes, I sign, and with black marker scribble the date on the outside of the express envelope. Then, throw that in the blue basket. Airbourne man comes, knocks on door and leaves. I go get that one, put the date on it and throw it in the basket. The fax machine continues until the phone starts at 8:45 a.m. Thus goes my day. It's no wonder I don't get out of the office to inspect properties until 11 a.m. and stay up half the night writing. I had a processor call the other day and wanted to know if I received the request for _____. I rifled through the many requests in my blue "IN" box that I received within the last 4 days and didn't find it. She said "but I fed-exed it"...."OH".....I went back, retrieved the fedex envelope and told her I found it and would open it now. No need to fedex anything to me I'm doing the best I can

 

[Bob Alexander]

Charlotte,
Now I believe I have heard from a real appraiser. That's pretty much the way it goes for most of us, give or take a couple of rings. My scenario was for the perfect appraisal under the most idealistic conditions. Most of us know that condition never exists. Well, someday this will all come to an end and then we will be counting the hours between rings and we will look forward to a loan processor's call just to have someone to talk to.
Bob - San Jose

 

[TC]

Just curious as to how many still get faxes. About 80% of my requests now come via email. I like it much better as it leaves a trail and is retrievable in case I lose the printed form. I think in about 5 years fax machines will be in the landfill along with IBM selectrics and 8 tracks. Although I'm sure someone in this crowd still uses both.

TC

 

[Tim Hicks (Texas)]

Hey,

I haven't used my 8-tracks since they were stolen in 1990. Actually, I get 50-50 fax and e-mails. I perfer the e-mail, myself. However, I have some geriatric loan officers that still think they have to fax, then call, then call to remind me about their orders. I screen all calls, now.