Poll: Will you trade fee for volume in a slow market?

[shrubberyvaluation]

I don't think "simple stuff" can be done with AI, which is over-hyped - and a so-called "simple" appraisal is really not simple anymore with homes worth twice as much as several years ago and many being remodeled, zoning changes, etc.

The thing is with the "simple stuff" sometimes there is something to the property that isn't so simple that the AI misses.

 

[Mark K]

hey, pellet stoves can run corn

I have a buddy that uses one. Does a great job and burns about 1.5 bushel/day in cold weather.

 

[Mejappz]

The thing is with the "simple stuff" sometimes there is something to the property that isn't so simple that the AI misses.

From what I'm seeing every property becomes simple when you check off stable in perpetuity, make up adjustments, and get the zoning wrong mark that all houses are legal when 50% in my area are legal nonconforming, make up cost data and site value. Use canned comments for the entire report. Comment that you used the ANZI standard when the sketch says the opposite, etc.

 

[J Grant]

The thing is with the "simple stuff" sometimes there is something to the property that isn't so simple that the AI misses.

People who claim res houses are "Simple/cookie cutters " rarely do residential work in any volume and usually not for GSE lending. I agree with your assessment that chrun and burn data dump/siign makes these orders fast for a segment of appraisers, the predictable result of the low fee AMC effect on practice.

AI is overhyped by the billionaire tech owners who will profit from it. It has its applications, of course, and can help assist humans, but AI does not really "think" it computes but couches the computations in human-like language.-

ask AI a question, and it answers in a formal, long-winded language with a generic description of the subject, then two sides to the argument approach and ends up saying what most already know or could easily look up on the web. It typically does not add anything original or new - just a rehash from the available data.

 

[ucbruin]

LTV, subject's assessed value, borrowers' credit score and history....
That's what makes it a "cookie cutter loan"....

 

[George Hatch]

The thing is with the "simple stuff" sometimes there is something to the property that isn't so simple that the AI misses.

Some of the appraisers miss those hanging chads, too. It's always been that way and it applies equally to the SFR and non-SFR assignments alike.

 

[J Grant]

LTV, subject's assessed value, borrowers' credit score and history....
That's what makes it a "cookie cutter loan"....

The loan is not the appraiser s concern.

The properties are called cookie cutters or simple from appraisers who do not appraise for GSE work or by AMC shills who want to defend low fees. Or think that with a magic wand the mythical AI will value these houses for MV.

We have no idea what WAIVERS are doing wrt pricing since the results /methods of the value AVM range that the WAIVER is based on is not shared.

The so-called cookie-cutter house can differ from other houses in upgrades, site size, location influence, and so on. In many areas, a starter home costs 400k and a middle-class home 800k, so there is a lot at stake. But somehow letting a waiver-based value as long as it falls in the AVM range, be the value picked by a mortgage lender or letting an AMC pick the appraiser by cheapest fee is a good idea -

 

[Surf Cat]

The thing is with the "simple stuff" sometimes there is something to the property that isn't so simple that the AI misses.

Out of sight, out of mind...*POOF* loan approved.

 

[ucbruin]

The loan is not the appraiser s concern.

The properties are called cookie cutters or simple from appraisers who do not appraise for GSE work or by AMC shills who want to defend low fees. Or think that with a magic wand the mythical AI will value these houses for MV.

We have no idea what WAIVERS are doing wrt pricing since the results /methods of the value AVM range that the WAIVER is based on is not shared.

The so-called cookie-cutter house can differ from other houses in upgrades, site size, location influence, and so on. In many areas, a starter home costs 400k and a middle-class home 800k, so there is a lot at stake. But somehow letting a waiver-based value as long as it falls in the AVM range, be the value picked by a mortgage lender or letting an AMC pick the appraiser by cheapest fee is a good idea -

That's correct....
That's why we no longer get those assignments....

 

[Tiffany Gibbons]

People who claim res houses are "Simple/cookie cutters " rarely do residential work in any volume and usually not for GSE lending. I agree with your assessment that chrun and burn data dump/siign makes these orders fast for a segment of appraisers, the predictable result of the low fee AMC effect on practice.

AI is overhyped by the billionaire tech owners who will profit from it. It has its applications, of course, and can help assist humans, but AI does not really "think" it computes but couches the computations in human-like language.-

ask AI a question, and it answers in a formal, long-winded language with a generic description of the subject, then two sides to the argument approach and ends up saying what most already know or could easily look up on the web. It typically does not add anything original or new - just a rehash from the available data.

Not to mention the space taken up on your drive. Much like all the "games" embedded in every Microsoft update that I have to uninstall over and over again with every update. I used to go ask Senior Assessor employees for help (as a entry level employee with 27 years of appraisal experience and a CG back then) and the big earners would be playing "Solitaire" all day long, even the good ones, that knew appraisal and weren't nepotism hires. Why is it automatically assumed that everyone wants AI? Stop putting extraneous crap on my computer. I'm like congress with a porked bill but without the excellent health insurance. AI does nothing I need it to.