Flex Appraisals

[Arnold-AAS]

Have any of you done Flex Appraisals? What can you tell me about them and your experience doing them? Fees? Etc.

 

[Surf Cat]

I've never heard of a flex appraisal.

Only thing I could find is from Canada. Does it work like this?

The first of its kind, Flex Appraisal revolutionizes the appraisal process by providing access to centralized data on properties, enabling appraisers to fully analyze and complete transactions within hours.

This solution combines the best elements of valuation technology with the expertise of a qualified appraiser for a cost-effective, quality and accurate valuation, supported by Canada's only regulated insurer of property
valuations for added security. This proprietary technology provides the appraiser approximately 250 data points, including confidence scores, property attributes, sales history and more. By streamlining and simplifying the process, Flex Appraisal utilizes the expertise of an appraiser, while reducing the time and money spent on a traditional appraisal.

"The conventional real estate appraisal landscape presents many challenges, including cost, decentralized data, long turnaround times and legal liability," said Michael LeBlanc, CEO of FCT. "Our solution seeks to remedy all of these concerns and provide an improved experience for Canadian lenders. With Flex Appraisals delivered in less than 4 hours, lenders can build and retain more business."

Flex Appraisal is available as a part of a cascading model or it can be ordered as a stand-alone solution. Upon initial evaluation, the solution utilizes the relevant data points available on a property to provide an expert market value estimate. The data is then presented to an appraiser in a standardized report format for analysis and Property Valuation Indemnity Insurance eligibility.

 

[Doug Wegener]

Have any of you done Flex Appraisals? What can you tell me about them and your experience doing them? Fees? Etc.

I see they are in the ACI forms package. The form the way it is would not be USPAP compliant for sure. I have never done one.

 

[chad hampton]

at this point nothing surprises me about what these people come up with.

 

[Tom D]

if they give you a free trial time, go for it. i'm sure their fees will take some money for this service.

 

[sputnam]

Is a 'flex appraisal' when someone judges your muscles?

 

[Arnold-AAS]

I've never heard of a flex appraisal.

Only thing I could find is from Canada. Does it work like this?

The first of its kind, Flex Appraisal revolutionizes the appraisal process by providing access to centralized data on properties, enabling appraisers to fully analyze and complete transactions within hours.

This solution combines the best elements of valuation technology with the expertise of a qualified appraiser for a cost-effective, quality and accurate valuation, supported by Canada's only regulated insurer of property
valuations for added security. This proprietary technology provides the appraiser approximately 250 data points, including confidence scores, property attributes, sales history and more. By streamlining and simplifying the process, Flex Appraisal utilizes the expertise of an appraiser, while reducing the time and money spent on a traditional appraisal.

"The conventional real estate appraisal landscape presents many challenges, including cost, decentralized data, long turnaround times and legal liability," said Michael LeBlanc, CEO of FCT. "Our solution seeks to remedy all of these concerns and provide an improved experience for Canadian lenders. With Flex Appraisals delivered in less than 4 hours, lenders can build and retain more business."

Flex Appraisal is available as a part of a cascading model or it can be ordered as a stand-alone solution. Upon initial evaluation, the solution utilizes the relevant data points available on a property to provide an expert market value estimate. The data is then presented to an appraiser in a standardized report format for analysis and Property Valuation Indemnity Insurance eligibility.

Yeah, this is all I could find as well. I received this email with little information. I occasionally do desktops for them, but have felt those end up losing me both time and money.

Flex Appraisal A message from the Wells Fargo Residential Panel Management Team

Wells Fargo Real Estate Valuation Services (REVS) is currently seeking Appraisers that are interested in completing Flex Appraisals. This is currently available through ACI and other form packages. If you are willing to complete this product for REVS, please respond to this communication with your average fee. If you have any questions, please reach out to Appraisal.backoffice@wellsfargo.com or 888-456-1359. Regards, Wells Fargo Residential Panel Management

 

[Arnold-AAS]

if they give you a free trial time, go for it. i'm sure their fees will take some money for this service.

Their fees for a desktop are $150. If they are trying to cut costs with this product that's even more terrifying. Especially with little to no information. Just have to call I guess.

 

[Arnold-AAS]

I see they are in the ACI forms package. The form the way it is would not be USPAP compliant for sure. I have never done one.

Thanks for the heads up.

 

[madeluca1]

Have any of you done Flex Appraisals? What can you tell me about them and your experience doing them? Fees? Etc.

Just another hybrid appraisal. My thinking on fees is ... if they don't need a licensed professional to do the inspection, then its only worth taking $50 to $75 off my normal fee. I still have to verify whatever data they provide. That can take longer than doing the inspection in some of my market areas.