BAC Desktop appraisal

[Carnivore]

One of the deficient items Tier Three appraisers were cited very often was the prior subject comparable sale history analysis. My guess is they are still deficient in that area with the BOA 0ne page product. Since that product is probably only being used for low LTV loans, meh it doesn't matter.

To your other point about FHA Grade on Slab cookie cutters. Yes, assuming sufficient number of sale. I can see that not being to hard. In my area depending on price point I don't see those having a lot of Low mtg balances that would qualify for a desk assignment.

Still wondering about the work file. I bet its pretty bare.

 

[glenn walker]

May be a good product for retired appraisers. E & 0 Insurance and who cares about liability. LMAO

 

[Dale Smalley]

Tried it once not a lot of fun. All on-line and not worth the effort. Maybe if you can get some volume it might be ok but on a single basis its a loss for me.

 

[Carnivore]

May be a good product for retired appraisers. E & 0 Insurance and who cares about liability.

Since I am not going to officially retire until June 2023 I may just do some of these. Probably since business is very low and there is a lot of competition, I don't see where there will be a lot of Volume or a decent fee.

I turned down one SFR and one condo report request this month that I should have taken because Fee for both was $450 & $500. Both in my County and not really that difficult. It was raining and expected to for several days. I hate working in rain.

If our National Economy goes down the toilet I think these Desk-tops will disappear or at least be drastically reduced.

 

[Tom D]

If our National Economy goes down the toilet I think these Desk-tops will disappear or at least be drastically reduced.

everybody that had good credit, or a low ltv's, has already refied at 3%. there will be very little regular work & no desktop work. if you have been around a long time & have decent long time clients you will survive. in every market, and i have been thru every market, there is some activity. i'm assuming most AMC's will die with only the big devils surviving. hopefully corebaby over payed for all their purchases, and won't be able to pay the monthly debt service, and will be bankrupt soon. so, some hope in this winter of our discontent.

 

[bnmappraisal]

Its (theoretically) a much shorter form

A restricted appraisal report is a "short form" as well

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

For the fee(s) you and others have mentioned ($50-125/150) I still don't see why one would short themselves that much (vs $350-550+ 1004 form) to "make it up in volume"
you have to do anywhere from 3-6 appraisals per day (YES they're still an appraisal report and you are bound to USPAP, etc just like a 1004, etc)

(FYI, I am not really aiming this at you, @Alsie35 because I know you've been around a min and I do respect your posts - I'm more speaking in general to the Forum, just using your posts as reference)

Still wondering about the work file. I bet its pretty bare.

I would agree @Carnivore but to play devil's advocate - I'm sure there's plenty of 1004 reports out there with pretty bare workfiles

 

[bnmappraisal]

My thing with these desktops are the fee(s)
As Alsie and others have stated, in the past and in this thread, these +/- $100 fees are just a slap in the face in my honest opinion
I mean, h*!!, most AMCs/Lenders are paying at least $75-150+ just for a 1004D final inspection or even Disaster Inspection reports and those don't require a value AT ALL!

 

[bnmappraisal]

I just invoiced a private/non lending desktop (use the GPAR form) for $450. Pretty straight forward 1,300 sf 5/2/2
I have another on my desk for $400
I would much rather do these 2 desktops (yes, literally desktops - I never see the property in person, don't measure, etc) than 6-8 of the other Lender ones I read too much about on here
(@CindyR always says 2 @ $400 is not the same as 4 @ $200)

My typical starting fee(s) for lender/AMC SFR range between $400-575 depending on client - and private start at $450/500+
(Some) People out there know what lenders are charging and so when you say $500 (or whatever) for the private work, they typically don't blink an eye because they know they are paying at LEAST that when they refi/purchase, etc through a lender (who many times then use an AMC)

 

[Carnivore]

So each Appraiser has their own business model. Is a Desk Top Report less risk to an Appraiser? I would say yes. Why? Well lenders base their risk on Credit and then Collateral.

Here is a Reasonable Question: If you have good Photos exterior/interior including shots of the flooring etc You Should be able to complete a Report with reasonably supported MV. We do the Same thing with Comparable Sale so why not Subject?

So competing for these assignments or any assignments now will be highly competitive. It's going to be this way for awhile.

When the Crash comes or should I say minor altercation crash there will be opportunity for regular We Inspected assignments. Those are going to be tough. The Appraisal results are going to Stun the owner or seller. Buyers will be happy. So these reports will need to be very thorough with plenty of comments.

I hope it doesn't go down real bad. Who Knows! The Dude in the Head Office doesn't care.

 

[Alsie35]

A restricted appraisal report is a "short form" as well

For the fee(s) you and others have mentioned ($50-125/150) I still don't see why one would short themselves that much (vs $350-550+ 1004 form) to "make it up in volume"
you have to do anywhere from 3-6 appraisals per day (YES they're still an appraisal report and you are bound to USPAP, etc just like a 1004, etc)

(FYI, I am not really aiming this at you, @Alsie35 because I know you've been around a min and I do respect your posts - I'm more speaking in general to the Forum, just using your posts as reference)

I would agree @Carnivore but to play devil's advocate - I'm sure there's plenty of 1004 reports out there with pretty bare workfiles

The desktops that I am primarily talking about are strictly for monitoring non-performing assets of my biggest client. (Direct lender - no AMC intermediary).

They take me about 25 minutes to do apiece (but longer if comp selection is tough). You can't charge a regular 1004 fee for 25 minutes of work.

Their fees are based on a national fee schedule, so there's no bidding. Again, this is a different animal than all these other desktops people are talking about (like the Corelogic BACs which I do not perform).

When there is insufficient data for one of these desktops they turn it into a 2055 order. That's fairly rare in my experience because complex properties normally get "weeded out" before these desktops are assigned. The employee appraisers get first crack at them, so many years there wasn't much desktop work farmed out to panel appraisers when everything was peachy in the market.

Then again, during the last Crash recession they were my bread and butter. (I remember doing 100+ of them in one month back in 2011!)

Nowadays they can help to round out the week without interfering with the other workload. THAT is what I term a "real desktop" because its limitations are OK for lenders' asset valuation purposes. And still far more accurate than any AVM will ever be - that is why they still utilize them.