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Corelogic vs. my appraisal

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Gerry Sauceda

Thread Starter
Sophomore Member
Joined
Jul 4, 2003
Professional Status
Certified Residential Appraiser
State
Texas
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

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Offer your services in a consulting assignment at a mutually agreed hourly rate.
 

Michael Tipton

Senior Member
Joined
Sep 25, 2005
Professional Status
Certified Residential Appraiser
State
Florida
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

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
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

Thread Starter
Sophomore Member
Joined
Jul 4, 2003
Professional Status
Certified Residential Appraiser
State
Texas
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

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
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

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
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

Elite Member
Joined
Jun 13, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
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

Senior Member
Joined
Apr 28, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
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

Senior Member
Joined
Mar 15, 2008
Professional Status
Certified Residential Appraiser
State
California
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.
 
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