AVM's and AO-18

[Fred]

Dale,
I understand their request. My sarcasm did not come through in print.

 

[Fred]

Bill,
I am so relieved that you are taking a "strong" stand on this, unlike some of those other issues where you take a weak stand.

 

[BarbaraNJ]

Agree with Ron---Just say NO !!!

If we all had the time to really "Mess" with this outfit (please feel free to substitute a more non-laylike word for "mess), we should all sign up, reject the quickie AVM, upgrade to Desktop, reject the Desktop and tell them that a full MUST be done each and every time !! Think they would get the hint?? How long do you think they would stay in business??

I can only think goodness that most of us have better things to do.

I have said this before, as have we all----these type of companies cannot stay in business without our cooperation. Stay strong and comitted !!

 

[Farm Gal]

Interestingly there are VERY few homes in this area which could be 'done' by AVM... I was thinking of signing up just to see what sort of garbage they sent out!

Most if not all of hte Nationals are seeking such an endrun around fees and turn times....

I suspect that most AVMs in my market would legitimately be turned to upgrades, however since the upgrade fee for a 'desktop' appears to be the same as their insultingly low initial offer I would have to pass...

Bet me, dollars to doughnuts, that the upgrade to a 'full' inspection would likewise be below my threshold.

There may be areas in which such an assessment would be possible, this isn't one of them. The reference to insuring loans via appraiser E&O appears germaine.... Has anyone inquired of their insurance company what thier liability covereage would be for such work??? Adn what next years preemiums are likel to run?

Regards,

Lee Ann

 

[J in Florida]

I myself am able to maintain through high tech gizmos and state of the art arrogance a warehouse of up to date, fully USPAP compliant, accurate valuations of every single home in my market area and can deliver such within 24 hours so that there is no doubt as to the undeniable proof as to the value evertime, everywhere.

Would you like fries with that?

 

[Farm Gal]

J: :lol: :lol:

 

[Fred]

Jim,
I wonder why most seem to think that AVM is not "fully USPAP compliant."

 

[Craig in Oregon]

Hey J in Florida,

Same here! I've got all kinds of mismatched and unconfirmed raw data to sell to the unsuspecting and unwary. I always include a virtual token for a DQ sundae with my computer results, don't you? Sweeten up the deal a bit.

If there are loan officers, bank presidents, Fannie Mae/Freddie Mac execs,
underwriters, S&L boards, etc. reading this thread of posts on AVM's please do yourself a favor. Order an AVM on your own home or on a relative's or neighbor's home that you are familiar with, or some other property where you are not trying to hit a number to make a loan.

How do the reality you perceive first hand and the computer model line up?

How much of your own money would you bet on the AVM?

 

[The Bob]

Unfortunately, this is the future. It is only a matter of time before this type of assignment becomes the norm. I believe a "hybrid" somewhat like this (an AVM coupled with a limited inspection) will probably be the most viable. In some of the areas I do work, a lender could use assessment data and be within 5% of the value. As an aside, I recently bought a new truck. It was financed with an equity line. All I did was sign a piece of paper in the dealers finance office-that was it. No appraisal. No nothing. Unreal.