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Residential Appraisal Threshold Increase Becomes Official

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jay trotta said:
there is no standard format for documenting the information and analysis performed to reach a market value conclusion in an evaluation. Regardless of the approach or methodology used to estimate the market value of real property, an evaluation should contain sufficient information to allow a reader to understand the analysis that was performed to support the value conclusion and the institution’s decision to engage in the transaction.

Putting the RISK where it belongs;
Who determines the "sufficient information" aspect ??
Who determines whether the "analysis" is appropriate or not ???
How does that analysis support the Value conclusion ??
Who is going to jump off the short Dock for the Institution to engage in the Transaction ????

Form what I've read so far, there is a razor sharp fine Line between the quest for the Evaluation Language and an Appraisal; IMO State Board Members are going to have a real hard time in determining IF; Its an Evaluation OR Appraisal.

"Misdirection" is an all time interesting sport, tune up your Review skills and be prepared, this could get very interesting.
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Evaluations are not subject to state board opinions.
Only appraisals are.

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J Grant said:
lol computers are nothing more than giant index card machines, repository of data that used to be stored by other methods. And a cell phone is a phone without a land line, big woop. People are so dazzled by "technology" they fail to realize it is just revamped ways of doing what has always been done.
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Exactly.
But technology is used to eliminate jobs.
One computer saves you buying a million index cards over your lifetime
And a cell phone means you should answer your phone 24/7 no matter where in the world you are or what you are doing.
One subscription to internet, saves you collecting MLS Listing books.
and allows you to email agents, you don't have to hope they will answer their cell phones.
Or you can just text message them.
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Meandering said:
And the rest of the world still has rolodexs on their desks with corded touch tone phones, calling you asking when your assignment will be done. Oh, and index cards. Remember index cards? probably where they keep all their notes about each of their appraisers.


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But I do have a computer, internet access, cell phone, tablet, etc. Like I said. The sky has yet to fall. WTF is your point.
 
It is just the circle of life.

Suddenly, evaluations are "safe and sound" to the banking industry.
The banking industry has been there before.
But yet we go back to the beginning,
suffer the consequences of finding out, yet again, that evaluations are not
"safe and sound"
so the question becomes,
do we complete the circle and return to appraisals?
Or, do we play the technology card and move to more AVMs?
History may repeat itself,
but the endings are similar, without being exact repeats.

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And PIW's were supposed to knock us out, yet I've only lost 1 assignment due to them

I'm with Dublin ... the sky hasn't fallen yet
 
Dublin ohio said:
I have also heard that Zillow, Trulia etc. are making RE agents obselete
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Sure,
one day you'll decide you want to buy a house
you'll go on line and apply,
your finances will be checked,
a background check will be performed,
you will be provided with a list of properties
you are qualified to buy.

You'll check off the ones on the list you want to see,
arrive at the scheduled date and time,
a drone will monitor you as you travel through the property.
You'll click the app on your cell phone to buy
and all the paperwork will be emailed to you.
Closings are done over the internet now.
A drone will deliver the keys to you.

But, realize that even obsolete technology doesn't die,
it's just that the market for it shrinks substantially.

Want to bring up the wheelwright argument, or the covered wagon shop?
Not totally gone,
but so little demand as to warrant the question, why do that?


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