Desktop Appraisal Format

[Anthem]

I use PR and or MLS. The requirement is the source of the property characteristics Data must be from an unbiased party. Therefore taking the Characteristics from the LO or the borrower would not qualify, nor would I feel comfortable. Sometimes I will perform a Desktop with only MLS data as new houses in our area are taking over a year to be in PR. I only do this when it is an area I am familar with , the data appears to be reasonable and of course I note that the data was derived from MLS only.

 

[JSmith43]

Originally posted by Robert Anderson@Jun 12 2005, 09:12 PM
Doug and Preston,

I have never done one of these, but I don't have a problem with their use in the right circumstance. I was curious about one issue, which is the data source for the subject's property characteristics. Do you ever use just the public records? Does the lender supply property characteristics for the subect?

I don't have any ulterior motive here. I'm really just curious.

Thanks,

Bob Anderson

Robert: As a LO, if I were ordering a desktop report to establish a probable value range, subject to the data limits and all the extraordinary assumptions the appraiser would have to make, I would certainly share property information gleaned from interviewing the owner. The desktop product would not be used for lending purposes, but, rather as an efficient and ethical way for the LO to determine which transactions are worth pursuing.

Some LO's are former long time appraisers (myself), and some were real estate agents at some time. Quite a few LO's learn to do a pretty good job anticipating property standards issues. Chances are an appraisal isn't ordered in many cases as the result of good detective work by the LO. Then the owner goes to the guys for a loan that shop appraisers, I guess....or the problem gets addressed some other way(an in house skippy??).

 

[JSmith43]

Preston: Are your clients using the desktop reports for second mortgages? If the use is for the purposes I outlined, I think biased sources are OK (owner). They can sure fill in the blanks even if they tell you their painted plastic faux brick wainscot is made from low sulfur crude and is an upgrade from cherry.

 

[Anthem]

Our Desktops are used for HELOCS and Refinances. In a Fee world situation as you speak of, ( Basically you are getting a pre comp type of Desktop ) details from the LO or Homeowner would obviously be helpful. But of course you would have to disclose, possibly even make it subject to verification/phyiscal inspection.

 

[Willie]

Originally posted by rogerwatland@Jun 12 2005, 03:46 PM
Jo Ann said:



I have a friend that owns such a business that covers a multi-state area. This is a pre-foreclosure status check. The rate quoted you is about market. Laughing at it is understandable since you are an accomplished expert and have higher uses for your time, which includes all that pro bono advice you dispense regarding MH.

My point is, there are plenty of takers. Typically, they do 20-40 a day. It is quite mechanized, no USPAP compliant files to store, etc. I didn't realize they were trying to incorporate appraisers into the foot soldiers that do this stuff. BTW, I know someone who did plat drawings for a large title company. You wouldn't believe how many he did per day and how little he got per assignment.

It can't be done economically where there are USPAP check lists, file retention requirements, etc. But in built up areas the model exists. I have trouble comprehending how McDonalds makes so much selling grease boiled potato slices and mad cow burgers, but I have to believe my lying eyes and the what?? 100 billion served signs :rofl:

Roger, why did you make a smart *** remark to Jo Ann? She's a nice lady and gives a ton of helpful advice, on man. homes.

I would laugh to if someone offered me $8 for any product that comes out of my office. It is just plain funny to be asked to do something for $8 when most of the stuff that comes out my office is a minimum of $100?

Why the cheap shot against a woman? Most reasonable appraisers would laugh. It would be one thing if they offered her 20 - 40 a day, like your friend in high places buddy, but she did not mention this to be the case.

 

[JSmith43]

Roger, why did you make a smart *** remark to Jo Ann? She's a nice lady and gives a ton of helpful advice, on man. homes.

I totally agree that Jo Ann has always been helpful and has always been gracious. You may not know the half of it, for I have seen her remain professional, almost to a fault when her views were directly attacked on another forum.

I wasn't taking a shot at her. Did I wing her by accident??

The point of my post was to communicate the fact that if I didn't know it from a first hand source, I would have taken the caller's request for services ($8-$14) as a cruel joke. I wanted to assure readers, that as nuts as it sounds, it is for real.

No offense was intended.

It would surprise me, but, Jo Ann, if you took offense at my post, my sincerest apology.

 

[Jo Ann Meyer Stratton]

I didn't take offense at Roger's remark. A fee of $8 to a non-appraiser for properties within walking distance of the photo takers location might make sense. But with the cost of gas today (and the distances between here and there in my area), that wouldn't even pay to make some additional right and left turns as I drive from one appointment to another. One address takes an hour of my time--so why should I agree to accept $8 for that one hour and take away one hour from preparing an appraisal report that will net more? The person calling for quotes should know at least a little bit about the area they are requesting a service for. Maybe in downtown Phoenix, the $8 could be reasonable but not in Graham and Greenlee Counties. And with that fee--why call licensed or certified appraisers? A non-licensed person would be a more likely prospect.

 

[Terrel L. Shields]

My spin is what is possible, though not particularly profitable, in a metro area, is nonsense in a rural area. Jo Ann has to take a lunch pail and thermos to shop two grocery stores probably. When I worked in the Tx panhandle, Roberts Co. had a population of 600±. Nothing to drive to Amarillo for basics. Try finding a typewriter ribbon any closer.

An old auntie of my dad's died in the Walsenberg, CO hospital. That was the closest hospital at the time to her home in Baca county, well over 100 miles. $8 won't buy gas money to get to a lot of places. These yahoos that call up like they think you live in Greater LA and can do 40 of these a day.....nuts.

 

[Mike Boyd]

Terrel,

Where is AmeRica?

 

[Verne Hebert]

Talk about cascading AVM. 8 AVM's later, if you still get get a high enough value....call an appraiser and get a desktop (dashboard) appraisal; maybe, its a crapshoot, but maybe you'll get that value--hey particularly for $ 8.

Californian's shoot elk in Montana that way. Automatic rifles. If you put enough lead out there you'll at least wound it, follow the blood, and load'er up.

OTS, OCC, and all of the other fine government organizations are concerned about the consideration of these heavily marketed HELOC's.

Joann's thought was an interesting one. Prior to the 704's we used to use an inhouse penciled form for HOE (homeequity loans). It was understood, they were approximate, but accurate enough for the purpose.

.................................................................these were 70 % or 75 % LTV maximum (depending on credit worthiness).

I haven't been to Bangladesh. But I have been to southern India. There are some nice places on the beach....and the rice is good.