24 Hour Appraisals

[shrubberyvaluation]

It is all a part of the plan to AVM the appraisal process. Even though there are serious flaws in the process it is their hopeful wish. With monthly market trend adjustments (which can be flawed in limited markets like rural areas), adjustment support programs (which I find highly flawed based on depreciated cost and garbage in/garbage out data) all being pushed on the appraiser, it is too make the appraisal process more like the AVM product and make the AVMs just as reliable as they water down the appraisal process.

I think they want to make it more onerous on appraisers to make the alternatives more attractive.

 

[TC]

If the appraisers who agree to do the 24 hours charge a rush fee, then they can not deliver the product for the same cost. Just saying....

It seems Zoe Syndrome is spreading on the AF.

 

[Non Sequitur]

I guess we'll have to wait until October to see if they can deliver the 24hr turn time, but presently they can't. Today someone posted on LinkedIn Regorra is 6 days out just to place/order an appraisal:

 

[Gooooose]

I can only assume that the 24 hour appraisal comes with an inspection that has already taken place. Which, if that's the case, is a bit disingenuous. From the lender's perspective, the clock starts when the first product is ordered (in this case the PDR). If he's starting the clock at the point of assignment to the appraiser, he's conveniently not counting the 2-3 day inspection turntime...

Marketing Slop as usual.

 

[Non Sequitur]

It's no secret how this is going to be done.

Someone other than the appraiser will do the site inspection, whether that's an Uber driver or the occupant via a link to an app is the only question.

Someone other than the appraiser will populate the form.

Someone other than the appraiser will pick the comps.

Someone other than the appraiser will calculate the adjustments.

Someone other than the appraiser will write the report narrative, highest and best use, reconciliation. etc.

Someone other than the appraiser will data dump everything into a file and call it a work file.

The only thing the appraiser will do is skim read it, then sign it. Lather, rinse, and repeat multiple times a day for roughly $50 a report.

 

[alebrewer]

If you're right - and if I could get them to guarantee me 10 reports a day, I could make some dough if I charged $100 a pop...

 

[alebrewer]

In all seriousness - I did break down and buy an iPad. I'm a legit apple hater, but they're the only ones with LiDar. Per the dude that owns Freedom, Samsung had LiDar before anyone, but no one used it so they trashed it.

 

[Non Sequitur]

If you're right - and if I could get them to guarantee me 10 reports a day, I could make some dough if I charged $100 a pop...

That’s always the big sell isn’t it; You can do up to 10 a day! Problem is in this business nothing is linear, not even those made up graphs we are forced to put into reports now. Anyway, there may be a unicorn out there who gets that kind of volume, but you can bet your butt they are either staff or connected. 99% of the appraisers will never get anywhere near that except at peak time. The reality is, there isn’t an AMC out there that is going to pay an independent appraiser $300,000 a year to sit on their butt at home.

 

[cashcatz]

In all seriousness - I did break down and buy an iPad. I'm a legit apple hater, but they're the only ones with LiDar. Per the dude that owns Freedom, Samsung had LiDar before anyone, but no one used it so they trashed it.

Love them or hate them, Apple produces the best end to end devices because they control both the hardware and software experience. Their AI attempts still suck and Siri is just embarrisingly bad, but I expect that to change. Welcome to the dark side.

 

[J Grant]

It's no secret how this is going to be done.

Someone other than the appraiser will do the site inspection, whether that's an Uber driver or the occupant via a link to an app is the only question.

Someone other than the appraiser will populate the form.

Someone other than the appraiser will pick the comps.

Someone other than the appraiser will calculate the adjustments.

Someone other than the appraiser will write the report narrative, highest and best use, reconciliation. etc.

Someone other than the appraiser will data dump everything into a file and call it a work file.

The only thing the appraiser will do is skim read it, then sign it. Lather, rinse, and repeat multiple times a day for roughly $50 a report.

Why would anyone be stupid enough to sign for $50 a report and get a license to do that? If they don't pick the comps and analyze them, they have not done an appraisal and are lying each time they sign.