- Joined
- Nov 9, 2011
- Professional Status
- Certified Residential Appraiser
- State
- Florida
(my bold)They are SALESPEOPLE with a product in search of a market, and one of their markets already has US.

(my bold)They are SALESPEOPLE with a product in search of a market, and one of their markets already has US.
Here's another great point against Big Appraisal Data ("BAD") - from experience we know it takes a LOT of judgement to discern value-implications from listings/pendings. Yes, they should be higher but aren't always - OREO/distress, unknown attributes, inept representation, etc. We see this in commercial all the time (when the "low" offering is gone you'll be right back to the market). You would literally have to appraise the listing to be certain of what it's saying about the subject property. Oh, I'm all in favor of listings and include them when available and relevant in every report - even restricted appraisal reports. BUT, I can tell you that a machine will have difficulty fulfilling this requirement, where a human being capable of making fine discernment for compensating and/or mitigating factors will provide much more meaningful feedback through the market data. So, will BAD suggest one list of requirements for their model and another for appraisers?"Appraiser MUST include TWO active or pending comparables in each report". Since those comps have not sold and we do not know how low their final closing price will be, their unadjusted listing prices tend to be HIGHER than the contract price of the subject. Duh!
But who determines what "bad" is?So, will BAD suggest one list of requirements for their model and another for appraisers?
lol I made up "BAD" (Big Appraisal Data) as an acronym to fit my narrative there so sorry 'bout that.But who determines what "bad" is? <SNIP> How many failed mortgages in the crash did not have appraisals? We'll never know, because they'll never tell.
lol I made up "BAD" (Big Appraisal Data) as an acronym to fit my narrative there so sorry 'bout that.
Unfortunately, that would likely become the new anchor price for Realtors to push the limit. 95% becomes 100% becomes 105%.All lenders need is the ability to say the valuation needs to be within X% of the loan amount
They are SALESPEOPLE with a product in search of a market, and one of their markets already has US. They must invalidate us for their valuation model services to survive.
Does that answer your question about what I believe their point is?