REO Appraising, 4 sales comps, 2 sales "comps"

[Thomas N. Morgan]

I'm getting somewhat accustomed to doing REO appraisals, but have a question for an appraiser who does REO's and uses a la mode's Athena.

Two of Athena's features come into play here. One is automatic value reconciliation. The other is automatic comparable sale maps and automatic distances from subject to comps.

My client requires four sale comps and two "listing comps, gridded" on the URAR. But when you have four sale comps and two listing comps "gridded" as my client requires, the Athena systems do get fouled up.

I cannot figure out how to keep the automatic value reconciler from including the listings in its calculations, nor can I figure out a way to keep the listings off the comp. sale map.

One solution is to not enter any listing comp information until after the sale indications have been reconciled and the comp map prepared. But, after that has been done, you can't change anything and run the same automated processes. The Athena program cannot ignore the listings, and treats them as if the were sales.

Do any of you have a suggestion other than: 1. Change to Homeputer or Bradford's Tool Box, 2. Stop doing REO's, or 3. Make maps by hand, and do reconciliations intuitively?

Formulae for value reconciliations? Horrors!!!!


Cheers,

 

[Oregon Doug]

Thanx for the "heads up" on the a la mode program. ??? AUTOMATIC VALUE RECONCILIATION ??? feature. Gag, choke, ohmygod! WHAT??

I was planning to change my softwear to the Athena system that so many of you folks speak so highly of after the first of the year when I replace this old computer with a new faster model. Absolutely never, ever in this appraiser's office will there ever be a final value reconciliation that is not reflective of my very own private personal belief and opinion based on my many years of training, knowledge and understanding of the underlying appraisal techniques, applications and market conditions/influences - right or wrong! The majority of my work is REO based - where reading and understanding the market, its intricacies and nuances are are paramount. Automatic value reconciliation indeed!

Looks like no Athena for me! Can you say AVM?

Oregon Doug

 

[Bill_FL]

Doug,

I had Athena and it is not something your have to use. You can go look at what it would reccommend. Thomas, the answer I think you will get here from most people is to use your skills as an appraiser and reconcile your comps on your own.

To keep them off the map, once they are "plotted" by the map maker and back in your appraisal, go into the the "edit" mode on the map page and click on the one you dont want and delete it.

 

[Thomas N. Morgan]

Oregon Doud,


Could you expand, or expound a little on the "Nuances" part?
I thought I saw a nuance one time in a report, but I'm not sure. I'd like to learn more about them. I think I saw a reference to nuances in the 2003 USPAP. By the way, how many nuances must a report have to be USPAP-compliant?

 

[liznindy]

Thomas,

I use Athena and am assuming you are taking about the feature in the comps tab which weighs the comparables and gives a "suggested" valuation......HOPEFULLY, you do know that this is a SUGGESTED valuation and not YOUR opinion of value!

You place YOUR opinion of value in the report, NOT Athena.

As to the map pages, you can easily delete ANY comp shown on the map pages...go to the map tab, click edit, click on the comp 'balloon' you want to delete and hit your delete button on your keyboard......You can also set the options in the appraisal software to NOT automatically place your 'balloon arrows', but it is easier to delete those you do not want, in my opinion.

I hope this posting is clear (as mud)

 

[Thomas N. Morgan]

Liznindy.


Thank you! I did not know how to delete a balloon from a comp. map.

 

[Mike Garrett RAA]

Thomas, I am glad I was not the only one who ran into that problem with the maps. I just deleted the entries prior to making the map but editing and deleting the balloons will be much easier. The forum scores again!

Now, to the comparable data base features. You can use this feature if you like, I don't. There is a box to check that says use the programs indicated value indication...just uncheck it!

For those of you who are not familiar with the program. You can create a comparable data base that is searchable by the program for the neighborhood or other search criteria you select. It will tell you if you have comparables in the data base that will work in the appraisal you are currently working on. It also "weighs" those comps and comes up with an indicated value using those comps. It is pretty interesting to see what the programs says the value is compared to what you come up with.

The feature I like the best is being able to move the comps around once you have completely entered all the data. You can use the one with the most weight as comp #1 or place them in any order you choose.

Athena is, by far, the most comprehensive appraisal software program out there. Just like some people like to drive a Yugo, some of us like to drive a Cadillac. Try it, I think you will really like it...if you don't, they will refund your money.

 

[Roger]

I can't understand why you would not want to place the listings on the map. I always do.

Also, when completing a Small Res Income, I include listings as well as rental comps on the map with the sales comps and subject.

 

[Leon Stewart]

I can't understand why you would not want to place the listings on the map. I always do.

Also, when completing a Small Res Income, I include listings as well as rental comps on the map with the sales comps and subject.

Roger:

I'm with you, I let it all hang out. Some users of these type of Reports want 3 Sales Comps, 3 Listing Comps, and 3 As Repaired Comps, and when you do a 2-4 Family you can't see the map because it's covered up with Comp Boxes. In otherwords you will have at least 12 Boxes. Since I don't Automate anything I don't consider that as a problem.

leon