I am not doing the 3.6 FORM deal

[Zoe]

It's already helpful for the narrative (area writeups, etc) and free-form things like that, deep web research. But it's not going to be able to "do" the appraisal. The comp selection alone is extremely complex and data often proprietary. Also, a lot of people are conflating "AI" with standard algorithms, finance math and public data integrations that have been around forever - a lot of the commercial appraisal and CRE software already "does" a lot of the math if you plug the data in and and data is good, no "AI" needed for that. I've got both "the degree" in real estate and extensive software development experience - not only am neck-deep in using AI, but also implementing solutions with it every day - and it's not close to replacing appraisers for either residential or commercial options of value despite what some people claim.

Nobody is arguing with you. Where I get an attitude is people saying everybody should go commercial because single family residential is gone.

They are fooling themselves

 

[Tom D]

There is never going to be residential appraisers swamping commercial licenses usage. With the reviewing i did, most of the current class of appraisers shouldn't be even doing residential. And how will residential appraisers get credit for doing them, when commercial guys are having their volume issues.

It's dead, we are all dead, some know it, others will be hit hard later. Most of us are just wobbling along in this profession. Although, many should be retired anyway. We are the zombie appraisers, soon to be the ghost appraisers.

 

[shrubberyvaluation]

and it's not close to replacing appraisers for either residential or commercial options of value despite what some people claim.

Just because its not good enough doesn't mean it won't be relied on like it is good enough by the GSEs. It can replace appraisers without being good enough. After all taxpayers back stop it.

 

[cashcatz]

Just because its not good enough doesn't mean it won't be relied on like it is good enough by the GSEs. It can replace appraisers without being good enough. After all taxpayers back stop it.

Ain't that the truth.

 

[J Grant]

Just because its not good enough doesn't mean it won't be relied on like it is good enough by the GSEs. It can replace appraisers without being good enough. After all taxpayers back stop it.

He was not referring to good enough; he said that AI is not even close to replacing appraisers (meaning the timeline). -Contraty to a poster here who keeps saying that within a year AI will be"doing" appraisals -

Unless USPAP changes what an appraisal is ( an opinion of value by a person) - AI can not "do" an appraisal. Imo, its role will be fulfilling portions of the appraisal esp analyzing data, and appraisers can evolve to prompt and interact with AI given the proper programming. Somebody would have to invest significant resources into a program for that purpose, and they will in time..

But as you said, any alternative valuation product the stakeholders deem "good enough" for their use, regardless of how good or bad it actually is. Would be easy to set the bar lower, considering that now, a product replacing appraisals allows the lender to estimate the property value based on what makes the deal work !! ( Value Acceptance/former WAIVER, after a property is deemed eligible )

 

[Zoe]

There is never going to be residential appraisers swamping commercial licenses usage. With the reviewing i did, most of the current class of appraisers shouldn't be even doing residential. And how will residential appraisers get credit for doing them, when commercial guys are having their volume issues.

It's dead, we are all dead, some know it, others will be hit hard later. Most of us are just wobbling along in this profession. Although, many should be retired anyway. We are the zombie appraisers, soon to be the ghost appraisers.

You must not work a real heterogeneous market in single family residential

 

[Zoe]

Complex vs non complex? Do the math

Cookie cutter vs non cookie cutter.

College degree is still in mix too

 

[Zoe]

Commercial is same way on homogeneous market vs heterogeneous market.

Digging for data on commercial takes way more time in a HETEROGENEOUS MARKET.

Costs money sometimes too

 

[cashcatz]

Costs money sometimes too

All the time. Have you priced CoDeathStar?

 

[nicholz12]

Maybe other posts on this topic...haven't posted in a long time. After reviewing and watching Alamode video's, I have decided I am not doing the new 3.6 form that they don't want to call a "form". The software is terrible, is going to take so much more time and remove all of the analysis. My eye's physically can't take it nor am I gonna make my secretary transcribe my field notes and check boxes for hours on end. The kids can have it...they are gonna take it from us older appraisers anyway...what choice do they have but comply and turn from appraisers into check boxer people?

Will focus on private work and just slow down. I think it is ironic that there is gonna be a mass exodus of appraisers willing to do GSE work (I bet 40%) in the next 18 months which will completely antielite the industry. Gone almost overnight. But, there will also be a massive drop in need for all the people that created this software, (which is terrible to use) and their GOVT friends. I guess the people at the GSE's think they are all gonna get to keep their jobs somehow even though all of us are gone?

Why didn't the software companies get together and just tell the GSE's no? Alamode and ACI are gonna lose 40%-50% of their subscribers before this is over. No one is going to do this unless they are 20 years old with young eyes and want to sit in front of the computer checking boxes all day. Such an obvious problem with the new form. Guess we haven't been property appraisers for a long time if a software company or bank can obliterate our industry. The people doing this to us will have consequences from the mass exodus coming too though...so there is joy in that. We are all gonna be in the unemployment line together.

Couldn't have said it better! Thank You!!!