Collateral Valuation Report

[Terrel L. Shields]

Anyone care to explain that in 100 words or less? Is it a regression based appraisal??? How large is a typical report? would it work as a substitute for an evaluation? And, if not, what purpose does it serve? oh, and how much does it cost?

 

[Pittsburgh Pete]

Didn't take the training but I understand from others who have that it is based on regression analysis. The person I know who has performed them has charged between $175 and $250--completed them for both private individuals and banks.

The first one took him 1.5 hours; shorter as he became more accustomed to the system/process.

That is the extent of my knowledge.

 

[NC Appraising]

sample
http://www.appraisalworld.com/CVR/cvr_info.pdf
all you need to know
http://www.appraisalworld.com/CVR/


T,

This may surprise you, but I'm all for new products like this.

Another reason for the low amount of work is that the AVMs are being used for "pre-loan" decisions by a lot of mortgage brokers and lenders. Yeah, they replaced our "comp check". But who really won? The AVM or the appraiser? Appraisers complained about "comp checks", so they now use AVM's. I'd much rather do a USPAP complaint so called comp check for $35.00 or nothing at all.


My only problem is that it's hard to compete with a $20 AVM. They can give all the fancy graphs and regression too.

 

[Terrel L. Shields]

I have no quarrel with minimal products so long as someone can assure me that it is economic to do and USPAP compliant.

 

[OCApp]

There's a section of the report that uses regression analysis to determine value and there's also a section of the report where the software grids and adjusts sales and listings to come up with a value as well. The appraiser determines which sales to use in the regression sample and also can determine which sales/listings to grid and how many to put into the sales/listing grids. The appraiser can also override adjustments the program makes to the sales and listings if they don't seem to make sense. The appraiser then reconciles the two different approaches to come up with a final value.

It's a pretty cool product and can be used as a desktop, driveby or interior inspection report. It had a few bugs and things I didn't agree with when I played with it, but I'm sure those have been worked out by now.

 

[TJSum]

There's a section of the report that uses regression analysis to determine value and there's also a section of the report where the software grids and adjusts sales and listings to come up with a value as well. The appraiser determines which sales to use in the regression sample and also can determine which sales/listings to grid and how many to put into the sales/listing grids. The appraiser can also override adjustments the program makes to the sales and listings if they don't seem to make sense. The appraiser then reconciles the two different approaches to come up with a final value.

It's a pretty cool product and can be used as a desktop, driveby or interior inspection report. It had a few bugs and things I didn't agree with when I played with it, but I'm sure those have been worked out by now.

So the appraiser comes up with their own value in an hour or less? What about the liability, you can't blame the AVM when the appraiser makes the final call on value...

 

[markjp99]

I'd like to make those of you on this forum discussion topic aware of a webinar series we plan on launching in October that will be regionally based throughout the U.S. The series will give anyone interested a very good look into the CVR and CompCruncher with the ability to ask questions. We're hoping to make our presentation market specific as much as possible to provide our listeners the most value.

At any time I welcome you to call me directly if you have questions or my sales team. There is no pressure to buy and we would be happy to provide video links, documentation, and answer your questions.

Thank you,
Mark Patenaude
Director of U.S. Sales
Bradford Technologies, Inc.
AppraisalWorld, Inc.
www.appraisalworld.com
800-622-8727 Sales Team
My extension: 214

 

[cawsax1]

Bradford Technologies not looking at the broad picture

Good morning,

I am writing you concerning your Bradford Technologies information you advertise everywhere. I have visually looked at your software, screenshots, videos etc but not yet gone through the training. In reviewing this I think your company are very short sighted with residential appraisers. Your company is provided exactly what lenders always want, more work for less pay. This hasn't changed. I do 30 to 35 appraisals a month for a decent fees. I am not interested in doing 65 to 85 more appraisals (increasing my exposure liability wise for half price or less.) Companies like yours are the reason there will be a shortage of appraisers, those fees do not support me taking the time to train an assistant. Why should I, I am not working at a not for profit. Appraisers will leave in droves, unless they are larger firms that can milk the larger clients utilizing your technology. Just so you know I am 35, not a grey beard. Lenders are always looking to cut costs and essentially get something for nothing. Enabling them is not the answer.

 

[Fritz in NY]

$ 499. for the software and $ 25. fee for each report. I don't think so. Someones just selling software and if you read into the sales pitch, we go in and sell it to Credit Unions etc. for $ 175. minus the $ 25. per.
If my clients and market dictate it, maybe, but right now it's almost like buying into a "zone", remember ZAIO.

 

[markjp99]

Misconceptions

There are many misconceptions in the market about the CVR and it's purpose. The product came as a solution to many of the economic challenges appraisers have been faced with over the past few years. The downward spiral of the housing market, constantly changing regulations, and the inability of appraisers to control their income in part drove the creation of CompCruncher and the CVR.

We are not driving down the pricing in the marketplace. Conversely, we have created and entirely new market for appraisers to make additional income, in addition to your URAR/1004 type work you are currently doing.

The main focus of the CVR is allowing appraisers to compete against BPO's which they have not had the ability to compete against in the past. The CVR provides a much greater value to lenders as it is data rich, with in depth analytics, supported by (most important part) local market experts, the appraiser, not Real Estate agents. This is a new market that has now been opened up to appraisers to provide an additional income stream, to augment your current appraisal business, and/or to fill those voids within a 12 month period where you may have a slow down in orders.

BPO's are not the only area that the CVR opens up for appraisers to compete in. Our core focus is providing a vehicle (CVR) to allow appraisers to be the ones providing valuations to every area of need where a valuation is required.

Pricing: The key point to remember here is this is a different model than the common appraisal model. The CVR is a desktop review product. It takes on average between 30-45 minutes to complete. For those that market the CVR to their local lenders/Credit Unions we have seen an average selling price point of $175 or greater. After our $25 per report fee that pays for the data usage, you make $150 for 30 minutes worth of work....that's $300 per hour!

There is no annual renewal for CompCruncher. You can literally not use the product all year and you won't pay a dime. You only pay for the data you use when you use it. This data, such as Fidelity/LPS, Pictometry, VeroForecasting, etc. is much more expensive if purchased outside the CVR. By paying the fee to become a CVR Certified Specialist you add another credential to your resume and get listed on the AppraisalWorld web site to be visible to those lenders facilitating CVR orders regionally and nationally.

If anyone is interested in the facts about the CVR and CompCruncher, please feel free to contact me directly. We have a series of webinars this week that can shed some clarity on the opportunity the real value this product has to appraisers. The CVR was created by appraisers for appraisers.

I welcome your comments and feedback.

Thank you,
Mark Patenaude
Director of Sales
Bradford Technologies, Inc.
AppraisalWorld, Inc.
800-622-8727 ext. 214
markp@bradfordsoftware.com