Hybrid appraisal report

[TC]

There are agents with decades of experience I wouldn't trust my license for their inspection and the ones doing this for $20 probably have no experience to very little as they would rather sell houses. What does their training consist of? Probably just using the app and using it on their own house

How did your training start? How long until you went on your own?

 

[ucbruin]

Someday soon they’ll have one of you adding comp photos, another defining market boundaries, still another responsible for checking zoning, and one more to check H&BU, etc., and you’ll all be sitting around saying, “Hey, for a $1.00 it’s a good deal.”

And I don’t think that’s much of an exaggeration. You’ll fold, instead of just saying no.

Go ahead, be offended, I don’t care.

There are some amongst us that say we can gain geo competence by viewing online different sources, Such as MLS Mapping; Google Earth..etc

What we don't know are things like a City Council approves ramp opening to a major feeder road.

But it doesn't matter because these assignments are focussed on Loan Risk analysis. Our Input is just one metric. Credit is king Collateral is 2nd fiddle. You can switch that around based on a specific borrower, His Credit is lor income is ess optimum so much so that a 1004 is going to be needed.

So this is a lender decision. Then throw in FNMA metrics that indicate a low risk hood with lots of sale...Stated value or other things.

bottom line is, as data gets better and better our usefulness diminishes.

So here is an important question. Do our report development aka Standard one lessen? I say no. How about standard two? I say no. We still have to be credible.

So why are any of you completing desktops assignments for Chump Change. Think about it this way. Standard sow 1004. Let's say your fee is $500. After the 1004 inspection and your on your way home, you get a call on your cell from lender canceling the assignment. They ask what is your fee? You answer with $150.

OK. 500 fee - minus $150 Trip Fee = $350. So $350 is the meat part of your assignment done at your desk.

So next day you get another assignment in the same area but it is a desktop. Since your drive time two and from yesterdays was valued at $150

This means to me you desktop assignment should pay you $300-$350.

So why am I reading here and other forums appraisers are being paid anywhere from $100-$150 for a desktop? The most important part of an appraisal assignment?

Just asking or looking for the rational. i.e 1. Saving time! 2. Saving wear and tear on your vehicle! thats a bigee! 3. Lower Car Insurance rates

Still missing money here? The numbers are not adding up.

Since folks are using extreme examples I'll share one....

I'm responding from the point of view as a former bank staff employee and then as an independent working with mostly AMCs....

I was in the camp of appraisers who didn't understand how splitting up the assignment sped things up....
Until MCG shared with us that he was a couple or more months out with his assignments....
Partly because of his business model (which seemed like a good one) of bundling assignments by location....
His example was he told borrowers he wasn't going to be in their area until a month later so they had to wait....

Imagine if there was a local experienced appraiser and/or data collector in that area who could provide MCG with the subjects' physical characteristics....
Probably save 2-3 weeks in turn time....

I know, at times, MCG was an extreme outlier....
But we are providing extreme examples....

 

[Tim Hicks (Texas)]

How long does it take to thoroughly read the PDC report? I am sure it takes to do that properly. What if you have questions about the PDC report? This is not about time savings. This is about fee savings. I can certainly do a property inspection and full report in the same amount of time it takes for the PDC inspection, delivery to the lender, delivery to the appraiser, read the PDC report and complete a competent hybrid report.

 

[Tim Hicks (Texas)]

Since folks are using extreme examples I'll share one....

I'm responding from the point of view as a former bank staff employee and then as an independent working with mostly AMCs....

I was in the camp of appraisers who didn't understand how splitting up the assignment sped things up....
Until MCG shared with us that he was a couple or more months out with his assignments....
Partly because of his business model (which seemed like a good one) of bundling assignments by location....
His example was he told borrowers he wasn't going to be in their area until a month later so they had to wait....

Imagine if there was a local experienced appraiser and/or data collector in that area who could provide MCG with the subjects' physical characteristics....
Probably save 2-3 weeks in turn time....

I know, at times, MCG was an extreme outlier....
But we are providing extreme examples....

I have been doing this for 34 years and have never taken more than a week. Right now, I have 24-48 hour turn times unless ordered at 4:30 on Thursday or Friday during the day. I guess I am an outlier, but I only cover 5 counties.

 

[ucbruin]

I have been doing this for 34 years and have never taken more than a week. Right now, I have 24-48 hour turn times unless ordered at 4:30 on Thursday or Friday during the day. I guess I am an outlier, but I only cover 5 counties.

You're not MCG....

 

[chad hampton]

could someone give one name of these so called property data collectors...besides paschal...don't see the name police whining about that

Paschal is their poster child for the fraud. Loan officers coming up with values for waivers and criminals doing appraisal inspections for dope money. Standard operating procedure for the snake oil salesmen. Keep the party going. I need to go to one of those 15th street parties. I like steak and bourbon. But I prefer women in my own age bracket. That probably disqualifies me.

 

[chad hampton]

I have been doing this for 34 years and have never taken more than a week. Right now, I have 24-48 hour turn times unless ordered at 4:30 on Thursday or Friday during the day. I guess I am an outlier, but I only cover 5 counties.

I'm with you. I've only been doing this 22 years and I've never been over a 1 week turn time. Maybe 6 business days, but rarely. I'm sure that's true for 90-95% of the country.

We can't forget, this is all about corporations wanting to take your business and make it theirs. Everything else is smoke and mirrors.

 

[George Hatch]

IRL the lenders don't need all appraisers or most appraisers to agree to perform such assignments. Most people here have never done one, and nobody here is admitting to ever having done more than 1 or 2 of these. Regardless, the fees being paid indicate that the lenders aren't having any problems finding AMCs and appraisers to get these done.

So don't do them if you don't want to do them, same as appraisers act who don't do AMC work. The market segment for these assignments will not notice your absence.

 

[djd09]

Paschal is their poster child for the fraud. Loan officers coming up with values for waivers and criminals doing appraisal inspections for dope money. Standard operating procedure for the snake oil salesmen. Keep the party going. I need to go to one of those 15th street parties. I like steak and bourbon. But I prefer women in my own age bracket. That probably disqualifies me.

skippies do what skippies do...

 

[Surf Cat]

But I prefer women in my own age bracket. That probably disqualifies me.

Dude.... you'd be the king of Cougar-Ville. If you play your cards right, you might get yourself a high-ranking position in one of the preferred AMCs. Plus steak, Lobster dinners with all the whiskey you can drink at 15th Street.