StreetLinks - New Limited Desk Review Product

[hovious]

Another crap "product" to be used as window-dressing. For the love of God...lenders/AMC's...seek out the professionals the FIRST time to have the job done right the FIRST time. If these clowns could only figure that out. Fast and cheap will continue to result in AMC's coming up with these ridiculous "products". Another way to pad their pockets.

Once again...Engage a professional from the beginning. A local professional appraiser. Pay them what they require to perform a thorough and competent analysis. Give them the TIME they need to do their damn job!

Until all you AMC's figure that out then I would anticipate seeing more and more of these "products" being rolled out. Drop the fast and cheap business model. Slow the hell down! Allow the true professionals, you know, the one's that do not accept work from you as we consider ourselves "professionals" the opportunity to do it right from the start. Continue to spoon-feed the appraiser's you currently have on your panels and, hence there you have it, the need for "products" that are not necessary.

 

[Michigan CG]

........Once again...Engage a professional from the beginning. A local professional appraiser. Pay them what they require to perform a thorough and competent analysis. Give them the TIME they need to do their damn job!........

What a novel idea.

 

[JTip]

Regardless of the form or purpose of the new form, the problem I see is the software.

SCORe will soon be available in WinTotal, ClickForms, and ACI report writing software packages, and a PDF form will be available for users of other platforms.

Instituting a new form in any software package will only succeed in making the appraiser spend more money. With no guarantee of work, it is hard to justify spending what could be hundreds of dollars (a year) for the addition of a single client specific form. Regardless of the fee involved, it has to make business sense.

Keep that helmet and kevlar jacket on Tony, there's more comin' over the ridge.

 

[Offshore]

This is too funny, another one of those $30 desktops where the appraiser can make $100 an hour without using gasoline or leaving the office. They were amusing when the lenders tried them a decade ago, but with the AMC Veg-o-matic special tossed it, it's hilarious. Why not use the old Dan Akroyd Saturday Night Live clip, "and it really, really works." http://lh4.ggpht.com/_5XvBYfxU_dM/S.../Bass-O-Matic - Dan Aykroyd[4].png?imgmax=800

 

[Dale Smalley]

Let me guess these are done by appraisers with full time jobs who can't do the street work.

 

[Tony Ebeyer]

So you think spending 20 or 30 minutes with a property appraisal (and I presume the fee is likely capped at not more than $150) is sufficient due diligence to understand the property rights, improvements, market conditions, highest and best use, cost and income analysis, etc, etc.?

The scope of the review is limited only to the evaluation of the comparables used. The items that you listed are assumed by the review appraiser to be accurately reported in the original appraisal report as noted in the form under "Extraordinary Assumptions". (i.e. "If all of those items are reported correctly, were the best comps used?" The reviewer provides a Yes or No answer, with a brief explanation.)

Lenders have asked for a product performed by local, geo-competent APPRAISER to provide a second opinion of the comps used in an appraisal report. Lenders will be ordering a product provided by appraisers rather than using an AVM for that purpose. How is this bad?

 

[Tony Ebeyer]

No Charge

Instituting a new form in any software package will only succeed in making the appraiser spend more money. With no guarantee of work, it is hard to justify spending what could be hundreds of dollars (a year) for the addition of a single client specific form. Regardless of the fee involved, it has to make business sense.

The SCORe form will be available free of charge in the three major software packages that I mentioned. A fillable PDF is available (for free, of course) for users of other report writing packages.

Tony Ebeyer

 

[Non Sequitur]

This is too funny, another one of those $30 desktops where the appraiser can make $100 an hour without using gasoline or leaving the office. They were amusing when the lenders tried them a decade ago, but with the AMC Veg-o-matic special tossed it, it's hilarious. Why not use the old Dan Akroyd Saturday Night Live clip, "and it really, really works." http://lh4.ggpht.com/_5XvBYfxU_dM/Sv-TP2NZ5zI/AAAAAAAAE1I/gKk_zrwrGOI/Bass-O-Matic%20-%20Dan%20Aykroyd%5B4%5D.png?imgmax=800

Bolding mines.

Exactly. This is just another "product" in a long line that is supposed to compete with BPOs and AVMs. The dirty little secret no-one wants to admit is that price is what comes first when lenders choose BPOs and AVMs. If appraisers want to compete with $25 AVMs and $35 BPOs then get ready to put your big boy pants on. The second FNC notices a loss in market share from its AVM machine the price will drop. Appraisers will not take market share from AVMs or BPOs without a fight and the fight will be about who can go lower in terms of fees.

 

[CANative]

The scope of the review is limited only to the evaluation of the comparables used.

How can an appraiser know what's comparable unless the appraiser understands what makes them comparable?

You clearly have no clue about real property appraisal. Therefore you shouldn't be creating "products."

 

[CANative]

Lenders have asked for a product performed by local, geo-competent APPRAISER to provide a second opinion of the comps used in an appraisal report. Lenders will be ordering a product provided by appraisers rather than using an AVM for that purpose. How is this bad?

It's bad because you're creating a shortcut to giving them what they "want" instead of what they need.

And you're in cahoots with Bradford to create forms that appraiser will have to pay for to do work they shouldn't be doing. All you'll do is attract appraisers too stupid to understand that the scope of work decision is their responsibility and not the client's or the AMC's responsibility.