Todays Bombshell Executive Order Ends Traditional Appraisals.

[Joe Flacco]

I still operate with a blank sheet of paper and a clipboard. I spend a certain amount of time transcribing notes I already made into my reports. And re-drawing my site plans into Apex. I also manually transcribe the data from my comps into my reports. If I was only doing a couple of types of reports on a single property type I'd probably be using a datamaster or similar to wrangle my data and some of the commentary for me. I'll wait and see if/when AI develops to the point that I can use it across the more expansive scope of practice I operate in.

I take pictures with a camera, draw the improvements on my phone, and email myself any notes. Then I go write the report on my desktop. I pretty much do what you do, although I use my phone instead of clipboard and paper. My notes are in my email and the drawings are on my phone.

 

[TerryRohrer]

I have seen one estimate where a report can be done in less than an hour, sitting in your car after a 20 minute inspection. I suspect the quality will be sufficient to meet GSE quality standards.

 

[Joe Flacco]

I have no data/stats on inspection time. I know that it has come up in multiple webinars where several have asked appraisers who have actually completed assignments to comment on the inspection time. Anyone who wants to hear what those appraisers have said can listen to those webinars. If I comment on what they said someone will surely say that I am "spinning" it.

I havn't looked into it at all, but how much longer could the inspection take? The inspection is not really where the time is spent.

 

[Joe Flacco]

I have seen one estimate where a report can be done in less than an hour, sitting in your car after a 20 minute inspection. I suspect the quality will be sufficient to meet GSE quality standards.

They forced me to update Total for the first time since 2021. I noticed that now it has a "automatically import the best comparable sales" feature. I wonder if people are actually using that.

 

[TerryRohrer]

They forced me to update Total for the first time since 2021. I noticed that now it has a "automatically import the best comparable sales" feature. I wonder if people are actually using that.

A bunch. I'm pretty sure me and two other appraisers in the country are not using that approach. The coming "thing" will be all judgment done by AI from the photos you take during the inspection, adjustments computed by 74 different methods simultaneously and applied automatically and "reviewed" by an appraiser. I have seen several bitching about how they will be unable to afford a monthly software subscription that adds $7/report over 30/month because they "do volume" (implied to be in the 50 to 100/month range). That, I believe, will be the future of appraisals for the GSE pipeline.

 

[Surf Cat]

They forced me to update Total for the first time since 2021. I noticed that now it has a "automatically import the best comparable sales" feature. I wonder if people are actually using that.

Along with True Tracks "what your peers" are using for adjustments as opposed to Market derived.

 

[Bobby Bucks]

I have seen one estimate where a report can be done in less than an hour, sitting in your car after a 20 minute inspection. I suspect the quality will be sufficient to meet GSE quality standards.

IMO the most credible information came from the appraiser who actually completed the first 3.6 and sat down for a video interview. He was very dogmatic about it and described it in detail and as I recall he said it took 2-3 times as long in the field as a typical 1004 assignment. I'm sure if he had said it only took 30 minutes he would have been recruited for more interviews from the alphabet soup people.

 

[chad hampton]

I don't see the public accepting an appraiser being at their home for too long. The only podcast I listened to from a guy that claimed he did 1 - the guy tried to use his ipad, it didn't work, so he went back to his clipboard and wrote everything up back at his office. The way he always did before. Don't remember how long it took, but it was longer than usual.

I was listening to some youtube site, I think it was an agent site and she was interviewing an appraiser. They said it could take 2-3 hours at a property. But I'm not sure what that was based on. I'm certain I won't be at a property for longer than usual. Especially since USPAP doesn't even require an inspection.

 

[Joe Flacco]

A bunch. I'm pretty sure me and two other appraisers in the country are not using that approach. The coming "thing" will be all judgment done by AI from the photos you take during the inspection, adjustments computed by 74 different methods simultaneously and applied automatically and "reviewed" by an appraiser. I have seen several bitching about how they will be unable to afford a monthly software subscription that adds $7/report over 30/month because they "do volume" (implied to be in the 50 to 100/month range). That, I believe, will be the future of appraisals for the GSE pipeline.

Maybe we are the stupid ones still doing things manually. The new kids on reddit say they make $300k per year.

 

[TerryRohrer]

Along with True Tracks "what your peers" are using for adjustments as opposed to Market derived.

There are appraisers who could not figure out how to derive the simplest adjustments from market data 6 months ago who are now experts flying high with nothing but an ipad and Solomon subscription. Every adjustment based on depreciated cost from the push of a button. The rest, as you suggest, are relying on TrueTracts and plastering forums with statements that they don't believe the results...and staying swamped with business!