Corelogic vs. my appraisal

[Gerry Sauceda]

I am starting to receive revision requests from a couple of lenders that get market information from Corelogic that conflict with analysis in my report. In all cases, the analysis from Corelogic have been incorrect concerning specific market areas, and I have had to re-iterate and provide specific data proving my statements.

I have no problem expanding comments / explanations, but to compare my analysis with a 3rd party and having to expain the difference is ludicrous. Am I off base here?

 

[CANative]

Offer your services in a consulting assignment at a mutually agreed hourly rate.

 

[Michael Tipton]

Offer your services in a consulting assignment at a mutually agreed hourly rate.

My response would be similar to Greg's. An on-site inspection of the subject is superior to a computer generated AVM product. Their options are to have my appraiser reviewed by a qualified local appraiser or contract my services at market rates to review their Corelogic AVM product.

 

[Randolph Kinney]

I throw in a graphic from my local MLS that shows the trend over the last 3 years for the zip code for listing inventory, average selling price, sales rate, etc.

I contrast that with the specific neighborhood for the last 12 months, data that comes from the MLS, is summarized on the 1004C and shown on page 2 of the 1004. I point out the similarities and dissimilarities between the two graphics and why.

No one has questioned my analysis.

 

[Gerry Sauceda]

I throw in a graphic from my local MLS that shows the trend over the last 3 years for the zip code for listing inventory, average selling price, sales rate, etc.

I contrast that with the specific neighborhood for the last 12 months, data that comes from the MLS, is summarized on the 1004C and shown on page 2 of the 1004. I point out the similarities and dissimilarities between the two graphics and why.

No one has questioned my analysis.

Unfortunately, our MLS can't do that kind of analysis. It does the basics, but not over time. I have to export everything on a spreadsheet - pain in the a**.

Mike / Greg - thanks for the advice.

 

[CANative]

They are asking the appraiser to develop and report an opinion regarding the conflict between two analyses, one of which is an appraisal. This is a consulting assignment.

 

[Kevin Mc]

My response would be similar to Greg's. An on-site inspection of the subject is superior to a computer generated AVM product.

Many of the CoreLogic "reviews" have an appraiser assisting the process. I recently had one that was signed off by an appraiser in Tennessee. I had another signed off by an appraiser 4 counties away and obviously clueless about the market being reported. They are typically garbage as are the "additions" added by the usually geo-incompetent appraiser.

 

[JRS at OBX]

Dear underwriter,

My job as an appraiser is to gather market data and reconcile it into an opinion of value. I report that value. Your job is to determine if the lender should make the loan based on the information available to you. This data can consist of a title search, appraisal, AVM, flood cert, etc. It is not the job of the appraiser to reconcile the data in the loan file.

Thanks,

A. P. Raizer.

 

[NC Appraising]

This is an easy one!!

Corelogic is available to appraisers, so sign up, and use the comps that they say to use, and go ahead and put their value on it, if one is provided.

Piece of cake. Corelogic knows each and every neighborhood, they have seen the interiors, spoken with agents, are very familiar with the market, verified the data. Their comps and market trends are as good as gold.:Emoticon_hug:

 

[Metamorphic]

Ever since that GSE guide paper came out 6 months (?) ago, I've been running a couple of free AVMs on each assignment. Whenever my number is going to be significantly at odds with what the AVMs poop out, I throw a paragraph into the report to the effect of: "The OMV provided in this report may be significantly higher/lower, than what might be provided by an AVM. This is due to.....[explain why an AVM will step on its crank trying to put a value on this particular subject]."

Of course that doesn't mean the UW wont still stip you, but then at least you get to be sanctimonious when you point them to the statement that's already in your report.