1 Day IF it's 'average' or 'typical'. I rarely get any of those anymore. 95% of my orders are unique properties where it's anywhere from 1 day to 1 week - depending on what comps I can find and how fast the Realtors call me back. Loan officers tell me that a real appraisal is only ordered when the AVM is shaky. This means that there are no more cookie cutter appraisals being ordered. Without the cookie cutters to make a nice quick fee on, my profits have gone down.
Seems that everyone in the loan process thinks an appraiser should still do the unique properties for the same fee as a cookie cutter. Under this circumstance, the fee for the 'typical' appraisal order now should be $500 plus.
I agree with Pamela.
Even if I can turn around an appraisal in one day, I usually like to hang onto it for an extra day before turning it in. It's surprising how often I'll wake up in the middle of the night remembering something I should add to the addendum or a comp I've used in the past that would add additional support to the report.
My standard quote is always..."Two days is a fair and appropriate time for you to give me to get this one done properly for you". I totally agree with some of the prior comments that the "cookie cutters" are fading fast, and it is very obvious that the AVM-crunchers reach dead ends on fabricating a sensible value for many places and so then they turn to me (us). You can see sometimes immediately upon data researching how and why their AVM bombed for some of these. Many recent orders I have had in past half-year require longer data searching, driving further to acquire comps (photos), situations requiring more calls to listing agents or county agencies. I am finding orders more common for properties which have over-extended borrowers, often because their prior purchase was at exaggerated price or they have already gotten a 2nd and now want to re-fi that second on the lofty hope that their castle has taken a rocket ride to the moon. I am delivering more reports with "bad news" invisibly stamped on the title page. I am being given assignments outside my primary work area of 2 counties and going out to my "extended" area of coverage and demanding an increase in the fee --- for one client they willingly pay the increase. Overall, I do think it is time for an across-the-board "adjustment" to fees. I can assure you after they spend 2 minutes generating their phoney AVM, and get a bunch of rubbish, they will expect that we can then get a real valuation done in 2 hours. Just ain't so.
One or two day turnaround doesn't allow for grouping or massing in order for the Appraiser to achieve any time economy operating their business.
Do not misunderstand me. There are times when it's necessary, and maybe it's necessary to YOUR business most of the time, for very short turnaround.
I let the word get out that I don't mind doing FHAs, so about half of my present business is FHAs. Still, I'm giving a week' turnaround. When I submit the appraisal it comes with a sheet that requests that they give me 72 notice for reinspection. I want to group them too, IF I CAN.
When I started in the business, I had a boss that would jump up from his desk like an errand boy, THEN he was wondering why he wasn't making money. I explained it to him calmly (We were friends). He denied it, BUT then said, 'But that's the way I am.' Doesn't make sense to me. Didn't then either. But he agreed that we other Appraisers working for him were NOT the reason.
I DO NOT CONSIDER it practicable to run out do one inspection ALL THE TIME, then come back to the office, write it up and foward it. The trip is so much a part of the appraisal activity and the most time consuming in terms of potential wastefulness, that I always plan things as far a head as I can.
WHICH brings me to electronic maps -- incorporated into the appraisal -- are not sufficiently detailed to use in Comp photo shoots in my territory. So, by time you've planned your Comps and shot them, you have a map that's already to be used in the appraisal as a scan-in item rather than spending time making anOTHER one.
Just my story. Gonna stick to it until you come along with a better idea.
As one of the ole boys here says; "it depends" - don't know how you give a basic turn time if you don't have basic properties. Larry, will agree with you, most of the mapping systems are not up to snuff in many ways, but isn't this what the Banking Industry wants - do they really care anyway - these additional items are for reference only -wouldn't you say :?: :?:
Here's a quick one for you; doing a floor plan - what does it do for you other than providing a quick reference as to where the rooms are; it does not provide you with any concept of what the house looks like inside, so whats the point. Check out how USPAP has been revised for AVM modules - unless the instructor the other day was all wet, some of that language is defintely favoring AVM's - But all this nonsense was created BY appraiser groups; the AI; ASA; etc. to keep the appraiser in line under Title XI - oh well another bunch of tax money thrown out the window again.
If you are asking me if the gov't people and the appraisal organizations are in "business" to justify themselves. Of course.
Yes and yes. I write my appraisal solely with the underwriter in mind. I don't let anybody else get in the way. In a way, that's self-serving, too. I do value the LOs for bringing the business in and especially to my office. BUT my sole effort in their behalf is to produce a very good appraisal product within a reasonable time frame and at the best possible price (read highest price the traffic will bear). Only my best client receives special turnaround times only an occasional basis.
As for floor plan, the FNMA requirement is for a floor plan "perimeter" sketch. I almost always fill in at least the floor plan with interior walls. I'm still scanning the Location Map because I make the map from the street atlas at the very beginning and use it throughout the process. I try not to get it too scruffy. By using yellow and green highlighters you can utilize the map for the entire time and still use it in the appraisal report. Yellow and green do not show up on the copier, as you probably already know.
Yes. Every organization has its own agenda. The appraisal organizations hurt themselves by fraternal and internecine jealously.
Let's see. Judge Pickering is out and David Brock is in. Read the morning newspaper, I guess.
As much as I enjoy being called a "team player," it's really an unsatisfying experience. I'd rather blaze a trail than have to actually cut the trees down -- L'il ol' tree-hugger me!
3 to 5 days after inspection depending on complexity. How many do you guys do in a day to have a 1 or 2 day turn around? I've been out as far as 2 weeks in the recent past. Others in my area are in the same boat.
3 -5 days after inspection is fairly common here. We do a lot of rural properties and drive a lot of miles to shoot comps. Drove 276 miles last friday on one appraisal for comp photos. Went to 3 different counties.
I use Wintotal and it allows me to track turn around time. I make use of the notes area and that allows me to go back and check when an appraisal shows that it took me 2 weeks to get it done. I can see at a glance that the owner left on vacation right after getting the lender to request an appraisal.
I also stay in contact with my clients and let them know when someone is throwing a monkey wrench in the turn around time. I like to call them before they call me. They seem to like it also.
But like they say, we have to take as much time as we need to, to do a good report.
I just logged onto the Texas Appraiser Licensing & Certification site and looked at all the disciplinary actions taken and why. I will not hurry up and screw up!