BAC Desktop appraisal

[Sherre]

What is it? Where can I learn how to complete one? More and more lenders are asking for them, and I really do not have any idea what form and what exactly they are needing. Can anyone load and example of one? Is there a class that you know of that teaches how to complete one? I do not mean to sound ignorant, I have been a full time Res. Appraiser for 30 years. I am thinking it it time to figure this out.

The form for the Desktop, for me as a CoreLogic Appraiser, is imbedded in the Engagement Letter. It's BAC's form, not one from a Software provider.

 

[Alsie35]

The form for the Desktop, for me as a CoreLogic Appraiser, is imbedded in the Engagement Letter. It's BAC's form, not one from a Software provider.

What do you charge for them, if you don't mind me asking?

 

[Carnivore]

What do you charge for them, if you don't mind me asking?

If I was to take one of these assignments my Fee would be based on the Average/median Price I charge for a 1004 minus the Cost/fee I would charge on a Canceled 1004 assignment where I had already drove out there and did the Physical Inspection.

Example: My Typcal 1004 Fee is 450-550. If I came back to office and Assignment was canceled I would Charge on average range $$125-$175.

$500 Fee - $150 inspection fee = $350 So my average Desktoppie Burb-it Up Report Fee $350 or $300-$400

 

[Alsie35]

If I was to take one of these assignments my Fee would be based on the Average/median Price I charge for a 1004 minus the Cost/fee I would charge on a Canceled 1004 assignment where I had already drove out there and did the Physical Inspection.

Example: My Typcal 1004 Fee is 450-550. If I came back to office and Assignment was canceled I would Charge on average range $$125-$175.

$500 Fee - $150 inspection fee = $350 So my average Desktoppie Burb-it Up Report Fee $350 or $300-$400

I understand your logic if you were doing a 1004 Desktop, but that is not what a Corelogic BAC desktop is. Its (theoretically) a much shorter form - I have never done their "platform" version but the old ACI form was pretty simple. I doubt they pay more than $125 tops for these.

 

[Carnivore]

I understand your logic if you were doing a 1004 Desktop, but that is not what a Corelogic BAC desktop is. Its (theoretically) a much shorter form - I have never done their "platform" version but the old ACI form was pretty simple. I doubt they pay more than $125 tops for these.

What does the Size of the form have anything to do with determining Market Value?

$125 Dollars TOPS... So they are saying the actual 1004 inspection is Worth more than the analysis,

Or its like saying a Restricted Use one page report is worth even less than a BAC Desktop

Or and most likely the appraisers completing a Corelogic BAC Desktop for Chump change don't know their actual value.

One last point. It is very likely the Corelogic Desktop Appraiser Work File is thinner than cheap toilet paper

 

[TerryRohrer]

My objection to the $125 has always been that you can't do any analysis at that price point. If all you did was fill out the form and sign it, sure, that is reasonable. But you have to conclude a value. I have never worked where that could be done without analysis. So, you either do that part for free, or skip it. I expect the latter is the typical approach.

 

[Alsie35]

What does the Size of the form have anything to do with determining Market Value?

$125 Dollars TOPS... So they are saying the actual 1004 inspection is Worth more than the analysis,

Or its like saying a Restricted Use one page report is worth even less than a BAC Desktop

Or and most likely the appraisers completing a Corelogic BAC Desktop for Chump change don't know their actual value.

One last point. It is very likely the Corelogic Desktop Appraiser Work File is thinner than cheap toilet paper

If the form takes you 40 minutes to complete sitting at your desk I don't see how you can justify charging what is basically a standard 1004 fee (less the inspection, as you say). Again, you may be getting confused because of the %$@* new Fannie 1004 "Desktop" critter (that ought to be properly called a 'hybrid' because THAT is what it IS).

"Real" desktops - aka BAC-type desktops and asset valuation desktops used by lenders have been around for 15 years or so and take a lot less time to complete. And they are priced accordingly. (In Corelogic's case I do not do them because I HATE nonstandard "online" forms).

 

[Alsie35]

My objection to the $125 has always been that you can't do any analysis at that price point. If all you did was fill out the form and sign it, sure, that is reasonable. But you have to conclude a value. I have never worked where that could be done without analysis. So, you either do that part for free, or skip it. I expect the latter is the typical approach.

If you have the right software the analysis doesn't have to take very long to do on "cookie cutter" tract homes. Which is the only type of home that true desktops (NOT the misnamed Fannie 1004 HYBRID) are suitable for anyway.

 

[TerryRohrer]

If you have the right software the analysis doesn't have to take very long to do on "cookie cutter" tract homes. Which is the only type of home that true desktops (NOT the misnamed Fannie 1004 HYBRID) are suitable for anyway.

What is "the right software"?

Not that I do much cookie cutter stuff.

 

[Alsie35]

What is "the right software"?

Not that I do much cookie cutter stuff.

There is no single "right software", I suspect - its whatever software works best with your data providers (MLS, etc) to import data pulls into spreadsheets that can be manipulated (ie organized) by different categories at the click of a button above the column, and automatically generate market graphs and 1004_MC charts. So that analyses (again, on SIMPLE tract homes) become something you can do fairly quickly. The ones I use are now 11 years old and proprietary to my biggest client which developed them. They are not "the latest" but so long as I can create picklists for data pulls on my MLS that work with them I am sticking with it. And its all on my computer. No "cloud" BS to deal with. Been using it (and earlier versions of it) since 2002 so I know them like the "back of my hand".