I'm taking one for the team, looking at the new uad3 form in use.

[Tom D]

Come on mike, i saw that to. You dive in 1st and let the peasants know wha happenin. I'm tempted, but too scared. Like walking into a fun house or haunted house or insane asylum. You first mikey.

Mike replied: I would rather perform an appendectomy on myself. You're living the big city life of lucrative, easy appraisals, time to take one for the team.

Ok, being a privileged big urban, easy little row homes, appraiser I have decided as the godfather said 'stop crying, be a man' Wintoal in it's most recent update has the new form to learn. Now i just went thru it and here is a partial opinion. Again, i only looked at it somewhat, not in detail. It does kinda look easier in tailoring the form to what you need. I'm softening up, but will still want a pay raise. This is just a quick recap of dipping my toes into the water.

1. It doesn't look that hard.
2. does have some more detail type info needed.
3. does have spaces for graphs and charts, as needed.
4 The 1 odd thing i noticed on the market grid, 1 page, it has a summary grid line called 'comparable weight'
5. I don't see any grid line for extra items, but there's more it can add, on the grid, if you check a box somewhere, my guess.

Total does say coming soon 'quick lists' which means we will be able to save comments to paste in.

 

[sputnam]

Mike replied: I would rather perform an appendectomy on myself. You're living the big city life of lucrative, easy appraisals, time to take one for the team.

Ok, being a privileged big urban, easy little row homes, appraiser I have decided as the godfather said 'stop crying, be a man' Wintoal in it's most recent update has the new form to learn. Now i just went thru it and here is a partial opinion. Again, i only looked at it somewhat, not in detail. It does kinda look easier in tailoring the form to what you need. I'm softening up, but will still want a pay raise. This is just a quick recap of dipping my toes into the water.

1. It doesn't look that hard.
2. does have some more detail type info needed.
3. does have spaces for graphs and charts, as needed.
4 The 1 odd thing i noticed on the market grid, 1 page, it has a summary grid line called 'comparable weight'
5. I don't see any grid line for extra items, but there's more it can add, on the grid, if you check a box somewhere, my guess.

Total does say coming soon 'quick lists' which means we will be able to save comments to paste in.

I reckon #4 is the fault of appraisers. I've seen more and more appraisal reports that reconcile adjusted sales prices by stating the percentage of weight given to each comparable sale. I suspect that someone involved in creating the new UAD standards thought that was a good way to do reconciliation.

 

[Dale Floyd]

Weighting the conclusions is a great tool in reconciliation. It might not be the only method, but certainly one that can be defended easily.

 

[Dale Floyd]

My team has been looking at the entry side of the new UAD since Total’s last update this week. It is going to be quite the curve for many who are lagging behind in technology. Appraisers who were only trained as a form filler will be the loudest to protest I suspect. We will see a few unwilling to adapt, probably those who are already pondering retirement .

It’s not an easier process than the current, nor is this going to be faster as some ignorantly have stated. It’s quite comprehensive. For those who still do narratives, the logic of the input will not be as foreign.

 

[Tom D]

Now i did notice that total has a table of contents to get to certain sections of the report. That is a good thought because you are not seeing the form on the screen, but specific questions.
To me it seems easier to focus on the question than having the whole form on the screen. The market grid is on 1 screen.

Seems to me that if you can save what you're working on to get back later, then you should be able to make some sort of template, then with quicklists you have saved plug and play info.

I did not go over ever check box, can't say how much more we need to imput. But no doubt, there is more observations needed for the subect and comps to note.

 

[J Grant]

Thanks for being the volunteer! Or voluntold, as they say.

 

[Tom D]

I started to play with it doing the first few screens. And i'm already aggravated by some things:

It takes longer to check a box than it would to just write it in
If i have to type every bit of minutia into the form each time for the same house, i'm shooting it, or myself. And at the moment it appears that you can't template it.
Maybe a quick list will speed it up. But time is not flying by checking every line, as if it was your 1st original appraisal.
They use some terms that i never heard of, gotta have the manual up to learn the new stuff.

 

[sputnam]

Weighting the conclusions is a great tool in reconciliation. It might not be the only method, but certainly one that can be defended easily.

I disagree. It implies a precision and support that doesn't really exist. It's only an appearance of objectivity.

 

[J Grant]

I disagree. It implies a precision and support that doesn't really exist. It's only an appearance of objectivity.

I agree. My software company weighs comps and will spit out a reconciled value of it based on comp weighing ( using their value is an option ) I rarely look at it, preferring to do my own analysis of the comps wrt which gets most consideration, the way buyers and the market does, and their prices or decisions are not based on a weighted formula.

If the GSEs are asking for a weighting of each comp on the new UAD3.6, it was not the fault of those appraisers who use it - (in good hands it could be a support ). Asking specifically for that puts valuation one step closer to marginalizing or replacing the appraiser - let the software weigh the comps, and the software value is the value. Why not offer that as one more altenrate product on the valuation menu, dominated by fast food offerings - where the appraisal done by an appraiser, as the most time consuming choice is moving to the bottom of the list .

Regorra is now offering 24 hour appraisals (look it up on their website ) and per their PR they compare it to UBER. They actually are proud of that, it seems.

 

[Dale Floyd]

I disagree. It implies a precision and support that doesn't really exist. It's only an appearance of objectivity.

I understand your premise, which is why I said it’s a tool. But in truth, we weigh everything in an analysis. You do too.

If you use adjustments, and your conclusions reveal varying extraction results, then you will either ignore some conclusions or, more accurately, weigh the results to arrive upon a justifiable percentage or fixed adjustment to use. There’s no other way, and it happens all the time. SCA 101.

If you have two identical sales to your subject requiring no adjustments in comparison within the grid, yet they are $10,000 apart in price, will you use an average? If so, you just weighed the two by 50% each - all things being equal. And it is precise and supported.

We also weigh cost estimates in the Cost Approach. There’s no such thing as one cost per square foot to build every house, so we use a median or an average.