Help me with non-traditional appraisal products

[George Hatch]

Back then very few people really understood the finer points in USPAP. I know that I never did until some years later when I had to familiarize myself enough with the material to presume to stand in front of a roomful appraisers and get into it with them.

Lemme tell you, if you stand in front of a roomful of appraisers and say something stupid about appraising then that's going to become a real hostile environment for you real quickly. However much ego it takes to work as an appraiser in the first place, it takes a lot more ego than that to "instruct" appraisal topics to your peers because they already know what they're doing.

If a savvy supervisor had understood it then they could have tweaked those "eval" reports enough to qualify them for your experience. They would have been able to articulate it adequately to the state boards.

 

[George Hatch]

That is certainly one of the (very obvious) things one would do. Appreciate the input.

I daresay that not everyone is going to catch your meaning.

 

[chad hampton]

Why are we even discussing appraisals? Waiving them is more accurate.

 

[chad hampton]

Copy

 

[chad hampton]

Not sure how else you would. Maybe you verify with Zillow. Wouldn’t surprise me. Maybe get some valuation visionaries on the case

 

[ucbruin]

You’d have to order real appraisals on each property to compare them to the junk fake ones if you want any accurate comparison. Otherwise you’re basing a lot on feelings and emotions.

I moved from SoCal to MA in fall 1996....
A year or 2 before I moved, BofA had staff do just that....

 

[George Hatch]

Not sure how else you would. Maybe you verify with Zillow. Wouldn’t surprise me. Maybe get some valuation visionaries on the case

Maybe they have been running their model up against the appraisals they have already taken it. Hardly any extra effort or expense required.

Haven't you ever wondered how many of your appraisal reports have been validated by their AVM? Perhaps you should send a thank-you note. And flowers.

 

[chad hampton]

I moved from SoCal to MA in fall 1996....
A year or 2 before I moved, BofA had staff do just that....

The first client I ever had ordered 2-3 2055s on every loan they did. Still no idea how/why they did that- But it always made sense to get 2-3 opinions and go from there. Relatively cheap for peace of mind.

 

[chad hampton]

I check every appraisal I do to Zillow. 1 out of 20 is surprisingly the same number.

If 5% accuracy is what you want, then go for it. Maybe close is good enough? But I agree with loan officers, just let them estimate value.

 

[OSU Beavers]

Finally, got a 1004 REO.