Any appraisers here specialize in same day turn time appraisals?

[shrubberyvaluation]

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

And part or most of the analysis could of been done pre-inspection.

 

[Tim Hicks (Texas)]

If you get an assignment for a same plan new home as you did the previous week, it might be pretty easy to get one out the same day. If you get an assignment in your subdivision, it is probably doable. If you are the only appraiser that goes to a certain town and you know all the comparable sales, it is doable. If you do most of the appraisals for a large builder (Centex, Lennar, D R Horton, etc) for your client/bank it is quite possible. I can probably come up with about ten different scenarios where it can be done and I have done it. How do you know what you can and cannot do without trying? Maybe mocking others for what they can do, but you cannot is a fault of your own and not theirs? There are a great many appraisers that crank out adequate reports in volume, but have learned not to disclose their volume because the reaction it gets from the "can't do's" on this forum. They shouldn't have to hide in the shadows of the forum because they know they will be mocked and challenged. Remember how everyone treated Digger, Mr LA, etc.

 

[Tom D]

big city, little row home appraiser. never do AMC work, lender work. never asked for business, but always have it, or get new client out of the blue. remember, i am not suburban or long rural. less than 30 minute drive, 10-15 comps within several blocks, little GLA row homes. my business model has always been same day inspection, same day delivery. and i get my fee all the time. been doing this since i had to type the appraisal. right now, 1 appraisal a day and it's not a hard day so i guess you can call me appraisal privileged. and when i bought my house it seemed to be in the middle of everywhere, so that helped when they looked for a close appraiser. i run an appraisal business. some of you, well, you know what's good for you. now, i don't do same day order appraisal, but my term time most lenders like.

 

[Flakey]

So, if I happen to produce a credible, well supported report, I get gigged by an Appraiser Trainee because it didn't take long enough?

 

[NC Appraising]

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.

Wow. I thought I wrote that!! I agree 100%. Skippy's running wild!!! They give us a bad name.

Now that I am slow, I can get it back on the same day of the inspection, mostly only for purchases. Sometimes for refis if my data is good.

Here is my process:
1. The day before, I will start the report on my desktop, pull comps, and, add my maps, PDF's, fill the 1004 mc, add my charts, fill out most of the report.
2. I will upload the report to my tablet and do the field inspection. When the field inspection is finished, I will sit in my car and finish the improvement section.
3. Before I leave the house, the improvement section is complete, the photos are in and the sketch.
4. The report is now about 95% complete.
5. Upload the report back to my desktop and finish it up. Most of my inspections are at 10 am to avoid traffic.

Now if the home is near me and I have recently appraised in the subdivision, I can get it back on the same day......only because I am slow.

So the effective date is the same as of the signature date.

FWIW, I only cover 2 counties and most of my work is within a 15 mile radius.

 

[ucbruin]

Wow. I thought I wrote that!! I agree 100%. Skippy's running wild!!! They give us a bad name.

Now that I am slow, I can get it back on the same day of the inspection, mostly only for purchases. Sometimes for refis if my data is good.

Here is my process:
1. The day before, I will start the report on my desktop, pull comps, and, add my maps, PDF's, fill the 1004 mc, add my charts, fill out most of the report.
2. I will upload the report to my tablet and do the field inspection. When the field inspection is finished, I will sit in my car and finish the improvement section.
3. Before I leave the house, the improvement section is complete, the photos are in and the sketch.
4. The report is now about 95% complete.
5. Upload the report back to my desktop and finish it up. Most of my inspections are at 10 am to avoid traffic.

Now if the home is near me and I have recently appraised in the subdivision, I can get it back on the same day......only because I am slow.

So the effective date is the same as of the signature date.

FWIW, I only cover 2 counties and most of my work is within a 15 mile radius.

I know I'm going to **** you off....
But how can you say what you do and then call others skippies....
I don't get it....

 

[NC Appraising]

I know I'm going to **** you off....
But how can you say what you do and then call others skippies....
I don't get it....

Keyboard warrior is getting fumed LOL..here it comes.

I was giving an example of how it can be done? I also said that I can only do this when things are slow, really slow and I cover a very small area.

There can be BOTH Skippy's and ethical appraisers that can get reports back on the same day, especially during the slow times.

What the OP described is both shetty reports and one day turn times?

What I produce is the same day reports, but of much higher quality. The OP never said that they are seeing QUALITY reports that are being turned in of the same day.

Gotta go. Mom is calling me from the basement for dinner. Keyboard warrior out. LOL.

 

[Fritz in NY]

Why are we talking about this? Any profession has the SAME timeline possibility. I had a burst Appendix, my surgeon just completed a simple removal of same. I would be more likely to ask for that surgeon regardless of years, designations, "DEATHS", he just performed and did his/her job an hour ago. I'm happy.
Or a person I have never heard of, dealt with, have any past "Deals" with. Face to Face, Walk the walk, you can tell who is your peer in a sentence or two.
Every profession has the same problems.

 

[ucbruin]

Keyboard warrior is getting fumed LOL..here it comes.

I was giving an example of how it can be done? I also said that I can only do this when things are slow, really slow and I cover a very small area.

There can be BOTH Skippy's and ethical appraisers that can get reports back on the same day, especially during the slow times.

What the OP described is both shetty reports and one day turn times?

What I produce is the same day reports, but of much higher quality. The OP never said that they are seeing QUALITY reports that are being turned in of the same day.

Gotta go. Mom is calling me from the basement for dinner. Keyboard warrior out. LOL.

I don't force people to share with the forum....
I don't hack forumites' accounts....
I just read what folks voluntarily type and share....
Just as folks read what I post and share....
And sometimes other folks respond to my posts with criticism....
I get labeled all kinds of names, troll, keyboard warrior, even skippy/jiffy by our good friend ResGuy, etc....
Isn't it just part of the way it is....

And by the way....
I didn't say your system was wrong or deficient....
It can work....
No harm doing what you do....
I just find it curious why forumites who have a system that works for them....
Wish to criticize other appraisers who have their own systems that work....
As long as others aren't committing fraud....
And even if they are....
It's not my business....
That's why I've never called another appraiser a slippy....

 

[NC Appraising]

I don't force people to share with the forum....
I don't hack forumites' accounts....
I just read what folks voluntarily type and share....
Just as folks read what I post and share....
And sometimes other folks respond to my posts with criticism....
I get labeled all kinds of names, troll, keyboard warrior, even skippy/jiffy by our good friend ResGuy, etc....
Isn't it just part of the way it is....

And by the way....
I didn't say your system was wrong or deficient....
It can work....
No harm doing what you do....
I just find it curious why forumites who have a system that works for them....
Wish to criticize other appraisers who have their own systems that work....
As long as others aren't committing fraud....
And even if they are....
It's not my business....
That's why I've never called another appraiser a slippy....

Calm down. It's Friday have a drink.

I was laughing at myself. Post what you want, I could careless.

I just wished you would actually help. You remind me of pittsburg Pete. A male version of a Karen. Take some time and give some helpful advice every once and awhile instead of just f with people.

Now stop stalking me