Google StreetView Maps-No Need to Drive SP or Comps?

[Elliott]

My favorite Street-View picture or why anything that isn't
current is obsolete....

 

[The Warrior Monk]

It seems you have so little faith in what you do and its value. Frankly I am surprised. No wonder so many are pressured to shoot for values. Take heart friends. Photographs are simply an addendum item. I think the technology is a blessing. Someone in India? Come on.

You are hired for your ability to interpret data. I have been hearing the sky is falling for residential appraisers since the 1980's. The residential side of the business has always been cyclical. A bunch of people come in during good times a lot go out during bad.

It is not just appraisers, I have never seen the cynicism so high in the US. There are so many opportunities out there.

Someone's speaking my language.

The goal is to incorporate technology, not be afraid of it. In my latest report, the appraisal of a farm parcel, I choose to include the aerials rather than the street photos...they're far more illustrative. I personally prefer to drive by all sales anyway, since it helps identify pocket neighborhoods, not evident from aerial photos.

And a Mr. V. said, it's about data interpretation (and drawing value conclusions from it), not about taking photos. If yer into photos, put on the Safari suit and go work for Big Z.

 

[DTB]

A reason why shooting comp pix can be bad for your health.

http://johnandcisco.townhall.com/blog

 

[Pat Butler]

I use Google and MS's Virtual Earth all the time. They're nice for seeing what's in the backyard of comps and things like ponds, easements, etc. I think they are great to supplement a visual inspection but certainly must be aware of old data.

 

[Fred]

The Future is knocking at the door and real appraisers are not going to be needed or wanted, hell they don't want a real appraisal now do they? All the need is an AVM and the google street view.

I think it is a mistake to tell yourself that people using AVM are not appraisers and they are not doing appraisals. It would have made the same amount of sense in the 1970's for the US Big Three to claim that what Japanese countries make are not cars.

 

[OCApp]

Sometimes MLS pictures may be more accurate than the photo you take of a comp which sold 15 days ago and now has a new roof, new exterior paint and new landscaping.

 

[Frederick]

I think it is a mistake to tell yourself that people using AVM are not appraisers and they are not doing appraisals. It would have made the same amount of sense in the 1970's for the US Big Three to claim that what Japanese countries make are not cars.

I think this is one of the reasons that the subprime mess should be used to put into regulations (H.R. 3915) that federally related transactions above a "reasonable" deminimis require an interior/exterior inspection by a licensed/certified appraiser. AVMs and assorted shortcuts should only be acceptable as "tools".

Before this subprime debacle we had no voice and after it we will disappear into obscurity again. We need to take the necessary actions now to protect the consumer, the taxpayer and the competent appraiser.

I Support the Dodd/Crowley IVPI Proposal

 

[The Warrior Monk]

I think this is one of the reasons that the subprime mess should be used to put into regulations (H.R. 3915) that federally related transactions above a "reasonable" deminimis require an interior/exterior inspection by a licensed/certified appraiser. AVMs and assorted shortcuts should only be acceptable as "tools".

I'm not sure what criteria you would use as the de minimus. I would us LTV as the guidepost.

 

[Carnivore]

I think it is a mistake to tell yourself that people using AVM are not appraisers and they are not doing appraisals. It would have made the same amount of sense in the 1970's for the US Big Three to claim that what Japanese countries make are not cars.

This is an interesting statement. For me AO-18 muddies the water on this issue. It seems to me that any reasonable common person receiving an AVM would think that they have received an appraisal of something ie. real property, personal property,. This would also extend to leases and even intangibles. No matter who they received it from, I am sure the perception is they received some type of valuation that did not involve their input(advice, input to there decison process).

According to the ASB it is important for people to know who they receive the AVM from more then how the conclusion was arrived at. Problem I have is that most people receiving an AVM dont know that USPAP(inclusive of all AO, Statements, Q&A) exist or dont know or have not read what it says.

Who told the ASB they were in charge of defining wht an AVM actually is?

 

[Mike Garrett RAA]

Since the public hasn't a clue what USPAP means (a lot of appraisers don't either), I am on a one man crusade to get appraisers to refer to USPAP as "The Standards" or "The Standards of Professional Appraisal Practice". I am also promoting, here in Colorado, a USPAP class for mortgage brokers and underwriters as part of their appraisal education. Wouldn't you just love having a room full of mortgage brokers as a captive audience for 15 hours?