Comp Cruncher

[TJSum]

Scope of work and extraordinary assumptions.

No matter what, we still have to produce credible results, we can not SOW or assume or way out of that one.

For anyone looking into this, have they actually called their E & O provider to see what their thoughts were on this product? If I ever considered it, that would be my first call.

 

[Caterina Platt]

TJ,

There is nothing to say that a credible report could not be developed with the proper scope, extraordinary assumptions, etc. This CVR program does have a regression function built in and does seem to have some merit.

Yes, a call to our E & O providers is certainly germaine, I agree.

 

[lmurry]

It is time to pay up on E&O. I will ask while I am there.

 

[Lloyd Bonafide]

Honestly, I don't see this as the garden variety $45 dollar desktop attempt at comp checks like Rels was trying to pass off. I do see a viable product niche that could develop here say in the $175-250 range.

if you want to compare it to something you are familiar with it would be the 2055, except you don't have to drive by unless the client request it.

If I was a potential client, I would much prefer to get a 2055 if the cost is at all similar. At least then an appraiser will view the subject property in person.

These make-believe products wouldn't cut it for me. Just because the technology is there to do something doesn't make it a viable product to the end-user.

 

[Randolph Kinney]

3. The data is imported from your local MLS.

If you are using data from your local MLS, why do you need Bradford or any software package that uses regression? Why not use your skills as the appraiser-analyst that you are?

I down load all the comps from the MLS into my Excel spread sheet, run extraction for $/sf, trends, etc. I augment the 1004 or GPAR or whatever I use to report the SOW and results.

Now you might wonder what kind of result am I achieving. Well it is an uphill battle, mainly because the attitudes like the ones that have shown up here since I brought the whole subject up. I would bet that most of you have never even seem the CVR.

My understanding was the CVR was an accepted form and format by lenders / AMCs. Why should that be an uphill battle? It is what the client ordered, no?

 

[Caterina Platt]

If I was a potential client, I would much prefer to get a 2055 if the cost is at all similar. At least then an appraiser will view the subject property in person.

These make-believe products wouldn't cut it for me. Just because the technology is there to do something doesn't make it a viable product to the end-user.

The CVR can be desktop, exterior only or interior inspection from what the webinar discussed today.

Randolph,

You are onto one of my 'rubs' with this thing. If I'm importing my own MLS data and simply using their program, doesn't $25 a pop seem really steep? They won't sell you the software, as that would stop the eternal income stream.

 

[Mike Kennedy]

If you are using data from your local MLS, why do you need Bradford or any software package that uses regression? Why not use your skills as the appraiser-analyst that you are?

I down load all the comps from the MLS into my Excel spread sheet, run extraction for $/sf, trends, etc. I augment the 1004 or GPAR or whatever I use to report the SOW and results.

My understanding was the CVR was an accepted form and format by lenders / AMCs. Why should that be an uphill battle? It is what the client ordered, no?

According to this Press Release the product has a TAT of 24 hours and was specifically designed for, and is being marketed to, Credit Unions.

http://www.mortgageorb.com/e107_plugins/content/content.php?content.5287


According to this marketing data it can be completed in "an hour IF you get the business"

i.e. users are urged to personally "sell" the report according to the link below>>

"Take it to a Credit Union or local bank that you do NOT work for."

http://www.appraisalworld.com/CVR/cvr_challenge.shtml

http://www.appraisalworld.com/CVR/cvr_info.pdf

"Report Turn Times
The turn time is yours to set. The recommended guideline is to promise 48 hours, but deliver within 24. If you get the order in the morning, deliver it in the afternoon."

Query: IF it takes "an hour or less", why promise 48 hours but deliver it within 24??....oh wait ....... scratch that ...."IF you get an order in the morning, deliver it in the afternoon."

let's see, promise it will take 48 hours, no wait 24, OH damn less than 12 - nooooooo it only takes 1 hour.

Glad they clarified that. Whew. Close call.

hummm. pay $500 for training, then pay $25. per report, while YOU hit the road selling "your" valuable service and "IF you get the order" you're raking in the Green $$.

Yup. Got it.

Interested readers of this thread may wish to visit the co-developers of this product on the AF's Board "Clients, Good, Bad, & Ugly" AND the prior discussions this January and April:

http://appraisersforum.com/showpost.php?p=1935336&postcount=8

http://appraisersforum.com/showpost.php?p=1970172&postcount=3
A visit may well be very enlightening.


http://www.forsytheappraisals.com/story/bios.aspx

http://www.forsytheappraisals.com/Download/download.aspx?ContentRef=32

 

[Randolph Kinney]

The comparison to Zaio is striking. Zaio sold zones with the notion that the Z2055 concept and reporting was already accepted. Zaio gets a cut on any orders in your zone that you purchased. You maintain the data base. You score all residential properties and photograph same in your zone, at your expense.

Later, no orders came in so the call was put out to steer your clients to Zaio so they could order.

The CVR doesn't require you to purchase a zone but it does require you to purchase the software and training. Now you have to get your clients to order the CVR and pay someone for the order.

Appraisers must not be very business-savvy people when they keep failing for the same old scam of splitting their fee for the privilege of receiving an order from their clients they steer to others to get the order.

When my clients demand a CVR, I will price according to the work involved. If the report format is standardized, that form will be in all appraisal software sold. There is no need for me to hurry and get in front of this type business before it gets here. The argument of competing with BPOs rings very hollow. I am not interested with competing with non-professionals at super low fees.

You CVR guys are being sold a "pig in the poke". Go for it! Just another Zaio scam.

 

[lmurry]

I am sitting here this morning reading all the message with a big smile on my face. I have tons or respect for all of you simply because you are appraisers and I know what it takes to get to why you are. For that reason I do not want you to fret. I am going to do the hard work for you. I am going to blaze the trail and when I get it all stated out and make sure it is safe from hostiles, I will send for you. Of course, the hostile might get the upper hand so send good energy.
Who would have thought that the 5" floppy would have led to the memory stick...something to ponder.

 

[Mike Kennedy]

"I am going to blaze the trail and when I get it all stated out and make sure it is safe from hostiles, I will send for you."

Please don't hurry on my account. Thanks.