TAF and USPAP - great analysis

[Zoe]

About everything in this thread is misleading now @Head Surfer

Par for the course we are playing.

 

[Zoe]

Where is Joan? I miss her so bad.

She would kill me getting up at 3 am. I would start sparring. Ya'll know she was licensed appraiser at one time.

 

[Zoe]

Let all licensed appraisers vote these people into office. See where the chips fall.

 

[Mejappz]

You assumed "regression,"

Yeah, that's exactly what I was thinking People throw around 'regression' without really explaining which type they mean. I think most folks assume it's just simple regression.

 

[Zoe]

With a small application to all licensed appraisers with just a few questions, appraisers could research how you answered and decide if they want to vote for you or not. Give many votes to each appraiser.

Publish results. Appraiser could find you on social media. They would know about you after the application that was emailed to them. Like one position open? appraiser gets one vote. Like 2 or 3 positions open, appraiser gets 2 or 3 votes.

 

[RCA]

There are now several medium-sized and big players involved in reshaping appraisal. You have a number of small-fry appraisers on this forum blowing in the wind. And I can bet you there are higher-end Ph.D.s at Stanford, UC Berkeley, and UC San Diego, also blowing in the wind in the opposite direction - with certain Texas and California entrepreneurs working with the traditional appraisal software development companies. Some names that come to mind are CoreLogic (Alamode), Bradford Technologies, certain developers active in the field of data mining, certain theoreticians ( to a probably far lesser extent), some practitioners like myself, certain stealth investors around here ( I am sure I know a few for which there is limited information on what they are involved with ), and others with MONEY. And I have a list of copy-cats, wannabees, unscrupulous individuals who see a chance to cash in on whatever looks attractive - and who have been around for ages.)

And everyone involved clamors to take credit for everything while trying, if they are smart, to protect themselves from the possible fallout of lawsuits down the road. Some may get rich - but that is likely a ways off. As much as getting rich is a good idea, this may in the long term prove to be more about power consolidation. Valuation, in general, is more than just valuing real estate. It touches on everything from political policy to the law to security to national stuff.

Real Estate as large as it is, - is only part of valuation. People themselves get valued - they get a number put on them with respect to whoever's SOW is in play.

So, this is a far bigger thing than you probably imagine.

And the Joe Flacco's here. Well, they are largely a waste of time.

 

[RCA]

Real Estate is the current test-bed for the development of new valuation algorithms. It is primarily, I THINK, an issue of research and development.

So, this is going to be R&D, for a matter of years. If someone is trying to make money off this, it won't be much short-term unless it is a scam. Look out for scams coming down the road!

Individual appraisers, if they can master R and R/earth, can maybe make decent money with certain types of clients. Otherwise, they are mainly doing R&D for very long-term investment opportunities.

As far as business goes, it is as it has almost always been, but more true today and ever - a question of who has the deepest pockets. The days of startups are past, in my opinion. Only Elon Musk types, with a good deal of luck, can start off from the bottom and develop deep pockets quickly enough to get started in something lucrative before it is too late. Luck, talent, and drive are all involved. Kidder failed against Gates because IBM thought he lacked motivation (for the wrong reasons). That was really bad luck!

But remember, luck can also be on your side in the real estate industry, so stay hopeful and inspired. ... But be cautious.

 

[RCA]

"Elon Musk has got to be one of the most unique celebrities to date. He’s the richest man in the world and yet, claims he doesn’t even vacation. Or rather, he refers to his vacations as “email with a view.” However, he has traveled to several of our favorite destinations, whether working or not."

Elon Musk - Galavante (Travel & Lifestyle Website)

Elon Musk These are the spots where to find Elon Musk on vacation, or at least adding leisure onto his work trips.

galavante.com

Yea, hard work and dedication. Many successful entrepreneurs who survive one start-up to the next, IF they do go on vacations - they hide it.

Elon often sleeps on an office floor in one of his factories. Such tales are told of many entrepreneurs. And if you want to work for such, don't expect a life of comfort!

The world belongs to workaholics, not potheads.

 

[Fernando]

High end homes are difficult to appraise. Even wealthy areas like in Hillsborough next to Burlingame have certain neighborhoods more desirable.
High end buyers don't just consider gross area and room count but the appeal (bragging rights) of the home in appearance, location, view, quality of construction, condition, and topography.
Computer models are not that advanced to look at all those variables.
Many appraisers not familiar with Hillsborough cannot do an accurate appraisal because they need to understand how wealthy people think in buying those expensive homes.

 

[Francois K. Gregoire]

The entire system is a scam, and a group of us has been exposing this corruption for years. The appraisal industry urgently requires a complete overhaul, beginning with the elimination of USPAP, AMCs, and the undue influence of lenders and chief appraisers. We must also address the flawed methodologies that currently dominate the valuation process. Moreover, the intrusion of GSEs into the valuation space must be curtailed to restore integrity and fairness.

A "group of us"? Anonymous" is not a group of us. What have you been doing? What is the "group of us"? What are your proposing as an overhaul?