AI Generated review conditions?

[Tom4value]

I have to say, all of those “stips” are legitimate questions. I was taught from my time as an itty bitty appraiser to anticipate questions and answer them THE FIRST TIME in the sales comparison comments.

All of those things would cause me to think, “wha, oh! Better find comps for those!” If you can’t find comps for those, at least find sales that have those things and compare them to similar sales so you can derive an adjustment or not adjustment. Then say what you did! You did the work. Brag about it!

One thing I have learned is if you address things the first time, you get a lot more leeway then having to address them after they ask.

 

[TC]

The reverse appears to be the case.

It looks like the OP came in higher than all the comps as adjusted with the exception of one superior sale comp.

I stand corrected. Guess I'll never make it as a review appraiser.

 

[J Grant]

I have no idea if it was AI-generated, but if it was, then AI is really impressive.

However, I doubt it - because that means AI would be able to read an appraisal, identify the deficiencies on a deep level, and then search for alternate comps the way a reviewer can to see if the appraiser cherry-picked sales or ignored good sales, among other things.

AI can be used to review paragraphs and sentences to correct grammar or rephrase verbiage for a more polished presentation, but that is not AI-generated - it is using AI as an editing tool.

 

[Carnivore]

I have to say, all of those “stips” are legitimate questions. I was taught from my time as an itty bitty appraiser to anticipate questions and answer them THE FIRST TIME in the sales comparison comments.

All of those things would cause me to think, “wha, oh! Better find comps for those!” If you can’t find comps for those, at least find sales that have those things and compare them to similar sales so you can derive an adjustment or not adjustment. Then say what you did! You did the work. Brag about it!

One thing I have learned is if you address things the first time, you get a lot more leeway then having to address them after they ask.

The question is why did the appraiser not address those issues up front? 1. He is a rookie 2. or poorly trained OR 3. he thought he could skate by because he got away with it in the past.

The need for speed and low fees s killing this profession. Until the over-supply of res appraisers declines it won't get any better. I could have spelled that out better, but you get the drift. 3.6 is a game changer. I heard through the grape vine that the AMC's our going to lower fees and demand faster turn times. Why because their is not enough work available to support their overhead. apprx half of the AMC's in NC have not renewed. thats very telling because desktop fees are so low there is not enough money to support their overhead
I even heard/read somewhere that a number of AMC's are merging ...not sure why but probably because of scale and less competition and reducing the need for the number of checker dudes

 

[Surf Cat]

The need for speed and low fees s killing this profession. Until the over-supply of res appraisers declines it won't get any better.

12 CFR Part 34 (Real Estate Lending and Appraisals): This regulation, issued by the Office of the Comptroller of the Currency, mandates appraiser independence (§ 34.45) and requires that appraisals be performed by State certified or licensed appraisers who meet specific competency standards (§ 34.46). It applies to federally regulated institutions lending on real estate.

According to the above....someone's messing up.... back in the mortgage broker days, one had to provide three appraisal samples to the lenders to prove competency. It wasn't just about licensure.

I heard through the grape vine that the AMC's our going to lower fees and demand faster turn times.

Faster turn times? They shouldn't have come up with the 3.6 then....lots of experienced, competent, appraisers here on the Forum can't even get through it on a practice run. It's going to be a cluster if they go live and all these software provider's programs freeze and crash......