Any appraisers here specialize in same day turn time appraisals?

[NC Appraising]

Why are we talking about this?

Because the appraisers...skippies that producing shetty reports and number hitters are the reason we are in this situation. It makes us all look bad.

 

[J Grant]

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.

I agree that fast /cheap/hit value or hit SC to churn reports can be a menace, but the AMC's and their allied lenders are very much to blame for this , because they decide who gets the work.
That said, we review the report in front of us, and we can not know the total time and effort spent, regardless of the dates on the report. And it is not relevant to the review anyway

I see a contradiction in the above: the value is supportable, but not within the report. It What does that mean??? When we review, (are these desk or field reviews, does it ask did you agree or not agree with the value, or is it just a QC housekeeping review?), normally when we review and value is part of the review, we answer a series of questions such as were the comps the most similar, were adjustments supported etc, THEN we are asked, as the last question, did you agree or disagree with the value. So either the value was supported within the report, or it was not.

Therefore I don't understand this statement about the value is supportable, but not within the report. It is not our job to re -write the report to justify and support the value in the report.

I do not understand what you are doing. You decide, for a reason unexplained here, that the value is "supportable", but not supported in the appraisal report, so you rewrite their report to justify and support the value? That is not what a review is supposed to be doing. If the value was not supported within the appraisal report, then why are you agreeing with it ?

If you agree with the value (why?) then what was wrong with the report, outside of some minor errors? It just does not make any sense.

 

[ucbruin]

From reading comments in this specific thread and from overall general threads on the AF since 2014....
A non-appraiser would probably conclude that unethical appraisers make up the vast majority of working appraisers...
With the only ethical working appraisers being forumites....

I get that I'm going to be criticized for sharing....
But think it....

 

[Alsie35]

Because the appraisers...skippies that producing shetty reports and number hitters are the reason we are in this situation. It makes us all look bad.

With all due respect, that is like not seeing the forest for the trees. Once new regulations (circa 2008) discouraged the taking on of new trainees, the writing was on the wall for the current appraising profession model, due to simple actuarial attrition and retirements. The day we would start being replaced by "big data" became only a matter of time.

The pandemic boom - and the lender dissatisfaction with (apparently) unacceptable appraiser turn times sped us along in that direction.

How much the failure of many appraisers to take on new technology and develop a more efficient appraising system sped the above process along is something we'll never know for sure. But judging by the tenor of many of the posts on this forum that I've seen on this topic over the past 3 years .... I wonder ...

 

[Sadie]

Yes a bit I suppose...but for good reason.

I could not credibly guarantee completion of a credible report within 24 hours. No Appraiser could do so. There are too many variables necessary to ensure a credible Report and quite often this takes time. Time to confirm, call, receive return calls, obtain data from sources, access and on and on and on.

My acceptance of a 24 turn-time requirement is quite potentially contrary to my credibility. It may not always be the case but I don't wish to have the dilemma.

It is possible to complete a credible appraisal report w/in 24 hours. It is property dependant. Such as the purchase of a new home that you did the construction appraisal for. Its not typical but it is possble. Just an aside, how do you get an appointment in the time frame needed for a 24 hour turn time?

 

[Tiffany Gibbons]

It is possible to complete a credible appraisal report w/in 24 hours. It is property dependant. Such as the purchase of a new home that you did the construction appraisal for. Its not typical but it is possble. Just an aside, how do you get an appointment in the time frame needed for a 24 hour turn time?

The 3 little words every appraiser loves, "Vacant Key Box", especially if new construction, doable no problem. Only happens once in a blue moon, though.

 

[Tim Hicks (Texas)]

The 3 little words every appraiser loves, "Vacant Key Box", especially if new construction, doable no problem. Only happens once in a blue moon, though.

Heck, half the time you drive out to a new subdivision and the house will be unlocked during business hours for their contractors to have access.

 

[Alsie35]

Heck, half the time you drive out to a new subdivision and the house will be unlocked during business hours for their contractors to have access.

And then there is this GEM of a service - basic SUPRA ekey that is free with our SABORMLS subscription down here. You can schedule the appointment online through the MLS listing. Get to the property and our phone opens the lockbox. Sometimes technology DOES work!

 

[Bobby Bucks]

Heck, half the time you drive out to a new subdivision and the house will be unlocked during business hours for their contractors to have access.

I figured that out long ago which is why I haven't bought a new appliance in 30 years.....neither has my immediate family.

 

[shrubberyvaluation]

I see a contradiction in the above: the value is supportable, but not within the report. It What does that mean??? When we review, (are these desk or field reviews, does it ask did you agree or not agree with the value, or is it just a QC housekeeping review?), normally when we review and value is part of the review, we answer a series of questions such as were the comps the most similar, were adjustments supported etc, THEN we are asked, as the last question, did you agree or disagree with the value. So either the value was supported within the report, or it was not.

I've seen reports where the OMW is the contract price with cherry picked comps with low adjustments (not because they are similar but because they are putting in nominal adjustments it seems). I have agreed with some even though the analysis was horrible in my opinion. Like a broken clock, number hitters can be correct without a credible report.