Smartexchange

[andrew81]

USPAP FAQ 72

 

[sandpiperapp]

. Also, some fields are opinion fields, including condition and quality ratings. It may be ok to "share" that for comps, but not for the subject, as it would be considered assignment results for the subject.

I spoke with a salesperson at Alamode and they stated that the subject info in reports will not be shared, only the comps used in a report.

 

[Joe Flacco]

Biggers is my hero.

 

[Deleted member 150397]

Even as a newbie I spotted this momentum early on, once the data is available the "appraiser" is marginalized. Lenders just want the file fodder and some don't even care if it's a legitimate result, they want you to confirm a contract price. The sad part is that I am around appraisers that literally do exactly this, fill in the form with minimal if any data analysis, aiming for small adjustment percentages and a tight range of sales prices. This often means throwing all economic theory out the window as comparables from distant neighborhoods with massive differences in predominant values are substitued for reaonsalbe comps down the road. Their incompetence shows when they make no mention or even attempt to adjust for location... I hope things slow down a little bit and lenders can look closer at these appraisals and appraisers turning in filled out forms, it doesn't take a genius or SRA to notice a contrived report. Ultimately all you can do is the best you can do and I've learned that one of the most important things I can do to ensure my quality of work is not compromised is to keep it to myself. Sadly but not surprisingly these "form fillers" are the folks that will plagiarize or steal your work (the work of a good appraiser). I think I would want to clarify with my clients the use of a "big data" comparable data before I committed my practice to it. Ultimately it's up to appraiser's to decide what's appropriate and in the meantime....F#*% form fillers and F&# big data!!

 

[BRCJR]

I spoke with a salesperson at Alamode and they stated that the subject info in reports will not be shared, only the comps used in a report.

And for a purchase the subject becomes a comp one day. So they may not take that info today but, tomorrow is a different story.

 

[Non Sequitur]

I'm pulling older reports and comparing side by side comp views, pretty interesting.

 

[Joe Flacco]

I'm pulling older and comparing side by side comp views, pretty interesting.

Can you post a screenshot of the peer data for a comp that has a lot of peer data?

 

[Non Sequitur]

Can you post a screenshot of the peer data for a comp that has a lot of peer data?

I’ll send one to you via PM.

 

[TRESinc]

The sad part is that I am around appraisers that literally do exactly this, fill in the form with minimal if any data analysis, aiming for small adjustment percentages and a tight range of sales prices.

since you know what is around you i hope they are not part of the firm you are training under, and if they are i hope you are actively seeking new mentorship opportunities.

 

[Overimprovement]

So if ONLY comp data is being used, what is the benefit? I mean when I fill my grid out, I am typically using data from public sources. So no help there--those public sources are already available.

Except of course when I use a home I have personally appraised or visited as a comp. THEN that data is mine, and what gives CL the legal or ethical right to use MY personal conclusions about a property, especially to their own profit?

Wait, what's that? Fannie has been doing this already for how many years? Only they don't share the data?

We are all expected to follow statues and laws and USPAP and all this other stuff to the LETTER, but no one else is. Companies that supply our software can mine and sell the data. Fannie can mine the data, then beat us over the head with it. Non-clients can sue us and file state level grievances against us. And so on. Talk about being the country's spittoon!

Go ahead, use all the data to form some huge nationwide database that drives most appraisers O/B. Then watch the defaults grow exponentially (may take several years), and then they will be crying for full appraisals again. But there won't be anyone there to answer the phone.