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Avm's New Breed: Collateral Valuation Insurance

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Julio E. Sune Jr. (FL)

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Florida
OOpps! That is threshold---*

*Properties with mortgages in excess of the $322,700. purchase limits of Fannie & Freddie are NOT eligible.

:asleep: :asleep: :asleep:
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
A quote from the link:

QUOTE]''It is idiotic,'' said Stone, ''to spend [$400 or more] on a full appraisal of a condo that you refinanced the year before.'' [/QUOTE]

Yeah........What could change in a year anyway? :lol: Go ahead, take a chance on a CVI.......And then NEXT year.....Do it again....then again.....then again.....Then, better get a REAL appraisal to see what the value REALLY is when you forclose...... :(
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
I'll be happy to give them a value for $200 if.......

#1 it’s an exterior only

#2 there is an insurance policy protecting the lender from my mistakes of value

#3 I have no responsibility whatsoever for the value I come up with

#4 I can do it under the guise of my Real Estate Brokers license.

Heck, I'll even consider doing it for $175 a pop if I don't have to take all of that silly 14 hours per year appraisal continuing education or all of those silly hours of pre-licensing classes or have to worry about being USPAP compliant or carry E&O insurance or pay $175 per year for an appraisers license.

Sounds like a deal I could live with: no responsibility and just kick out protected numbers all day.

What a life! Such a deal!
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
I think TRW tried the insurance thing years ago and I don't think it went anywhere....but you know what always amazes me...they always worry about the costs to the borrower.. instead of taking care of the guys lending the money...isn't that what FIRREA was all about? They all use the same mantra over and over...cost to the borrower.

Honestly, if we are going to compete, it is time for USPAP to be amended to allow licensed appraisers to act as unlicensed evaluators outside of USPAP...dare I say it..just like before pre-licensing. I want to be able to act as Ben Vukicevich,SRA and not Ben Vukicevich, State Certified General Appraiser. Hey, even "men of the cloth" take their collars off...why can't we??

Ben
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Heck, I'll just do them as Roger Strahan, licensed broker. Not near the USPAP/State board hassle.

Roger
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Ben

To paraphrase the Good Book: "Thou art an appraiser forever."


Sorry
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Richard,

Yep, you're right. Sad. Huh.

Roger,

Not that easy..as Richard says..thou art an appraiser forever....I wouldn't want to cut that fine line with the state board....


Ben
 

Greg Brinkley

Freshman Member
Joined
Jun 11, 2003
I may be way off and please correct me if I am, but this doesn't really bother me that much. First, its not being applied to all situations, only lower cost valuations. Now, I understand that many of you work in areas where a large % of your work is under the $322,000 threshold so I understand if you are a bit more worried. Second, who's going to be doing these things for the most part? I would assume we appraisers would. If they are trying to reduce the fee and only have exterior inspection, then I would also have to assume that the form will probably be a cakewalk to fill out and at $175 to $250 a pop you may be able to easily do 5 to 7 or more a day. In a hot market, you may actually be able to make more if you put in a 10 to 12 hour day. When it will really matter is in a down market where you are only doing a few a week and at a lower price.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Greg:

Firstly you don't get the whole piece of the pie... that $figure mentioned is 'cost to client' not 'fee to appraiser' and includes overhead, insuurance, and a whole bundle of other services I beleive inclusive of floodmapping etc...

Secondly, most of the forms are asking for a value or opnion of direction in value: which is (sing along with me kids :rolleyes: ) an appraisal and would therfore require the development of a USPAP compliant report and workfile.... even a very limited scope workorder on a property next door which results in a value opinion is more work than I want to do for 50 coyote pelts!

Aint more than a few homes in that value range in MY work area, but GIGO is going to take care of many of the attempts at value by machine in a fat hurry... takes a locally knowlegable person to sort some of it out census tract or zip code isn't nearly close enough :p

hard to tell but my crystal ball says rough waters ahead until this all settles out.

And if rates rise there are going to be a LOT of hungry realtors... and appraisers
 
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