Any appraisers here specialize in same day turn time appraisals?

[shrubberyvaluation]

The way you tell is that the effective date is the same date as the report date.

Sometimes you can do a lot of research beforehand if you have good information and sometimes I have revisited a property.

 

[shrubberyvaluation]

It seems a lot of folks are indignant towards the appraisers who can provide credible services that quickly - assuming there are those types of folks. To my earlier point, if there is evidence that those services are 'sloppier' than folks who take longer, then that (IMO) is a valid gripe. Sans such evidence, though, folks are really railing against people who believe they are capable of providing such services - not the services themselves. And I am one of those people. Depending on the property, I have no doubt I could render credible results in one work day.

If everything aligns right I can, but I can't guarantee it. I see plenty of longer turn times where the unadjusted sales prices of the comps are all around the sales price, but they are not good comps, and they make minimal adjustments. Could be houses double the size or more and adjust $10-20 a square foot for GLA. Slap in one that is similar in GLA that hangs lower than the rest in adjusted sales price.

 

[alebrewer]

If everything aligns right I can, but I can't guarantee it. I see plenty of longer turn times where the unadjusted sales prices of the comps are all around the sales price, but they are not good comps, and they make minimal adjustments. Could be houses double the size or more and adjust $10-20 a square foot for GLA. Slap in one that is similar in GLA that hangs lower than the rest in adjusted sales price.

Fully agreed - I could only agree to that level of turn time if I knew the property, and had a pretty solid idea of the analyses required...

 

[J Grant]

Now that appraisal work volume has slowed significantly from last year, review work is increasing. I have come across reviewing several appraisal reports that have same-day turn time, in other words, inspect today, complete the report today, and deliver to the lenders today. Needless to say, the appraisal assignments were most likely awarded to the lowest fee appraiser with the fastest turn time, where the Lender can easily afford to send the cheap appraisal out for a review.

Refinancing work is pretty much close to dead, where most of the review work are for purchase transactions, but the market is still going strong in terms of property values even though sales volume have declined, where analysis are needed in order to make appropriate market timing adjustments to justify value than the last sale.

Those sloppy "5-minute" appraisal jobs really hurt the appraisal profession. If i am the property buyer, i would value toilet paper more than the thick 35-45 page appraisal reports that i have been reviewing. At this point, we can't blame the AMCs for low balling the appraisal fees because it is the appraisers who are undercutting the fees in order to get the work, or starve.

I can only think of one person to give credit to, for those "5-minute" appraisal jobs, he considers himself a coach and brags in his Youtube videos on how he can complete an appraisal in 4 hours. Unless it is an apartment condo that an appraiser has just done one in the same project last month, i just don't see how anyone can spit out a credible appraisal report.

All the appraisal reports i have reviewed recently all came in at the purchase price, but the report lacks credibility when there are so many minor errors such as a high-rise condo building having masonite wood siding and composition roof shingles. And because sales volume have slowed significantly, many appraisers use the verbiage that the comps provided are the best available in order to justify using a 3-bedroom apartment to value a 2-bedroom apartment unit due to lack of recent sales within the past 90 days as required by the lenders.

The Lenders seem to love these reports for 3 reasons: 1) cheap appraisal fee with fast turn time, 2) value is never an issue, 3) these cheap appraisals are fluffy 45-page reports filled with superfluous info such as the history and nuances of the neighborhood that has nothing to do with supporting the appraisal value, but is thick and impressive to "justify value", that has no substance at all.

No matter how sloppy and careless the appraisal, the value is supportable, but not within the report. It is very time consuming and becoming not feasible to do review work if the reviewer must re-write the report to justify and support the value in the report.

You don't sound that credible yourself here - (and I dislike churn/burn tight turntimes ), that said, the work itself is either credible and well supported, or it is not. So which is it for these appraisals you are complaining about ?

any minor errors such as a high-rise condo building having masonite wood sidi

You are dinging appraisal reports for a minor error? That stinks. That is not what makes a report not credible - unless the report is riddled with them and the cumulative effect affected value or assignment results

I did hundreds of field reviews at one time and never went after an appraisal for a minor error -I would point it out, and then say it was too minor to materially affect value. I saved the responses for the important stuff - did they use similar comps, did they use misleading methods wrt manipulate adjustments or value, did they ignore more similar sales etc.
An error that materially reflects results is different than naming a window type wrong or a siding type wrong.

 

[CGinMN]

An appraisal with the same effective date and signature date is not the same as an appraisal that was guaranteed in one business day.

 

[Bobby Bucks]

I seriously doubt anyone can specialize in same day turn around, but with that being said, I completed quite a few same day turn around 1004s and 1073s for Fannie REO after the bubble. 2008-09? Let me be very clear about them. When the subject was a condominium or a cookie cutter and I had recently completed another REO assignment in the subject project or subdivision, sometimes I had completed 2 or even 3 recent REO assignments and practically all the comparables I used were properties I had recently appraised and REOs were the market, I could crank them out. The same thing happened with vacant land appraisals in zombie subdivisions. That was a rarity and I doubt it will ever repeat, although I would like to see that REO volume again. BTW taxation is theft.

 

[Amy Perkins]

They might just import the comps and sign it on the same day they import. It depends on how easy it is and how slow they are.

 

[OSU Beavers]

Would you like fries with that?

 

[Surf Cat]

Any appraisers here specialize in same day turn time appraisals?​

Used to in the mortgage broker days.....I used to dig an additional $200 to drop everything and bolt out the door. I would ask my clients back then "do you want me to shower and shave and press my clothes? Or, go in jeans and a T shirt"? They always said "Just go!" Stayed up late drinking coffee and banging out the report.

For AMC's? At their fees? No.

 

[Alsie35]

Yes that is correct date: effective date is the inspection date, same as signature date.