UAD 3.6?

[HVNY]

There should be a counter that keeps track of all the 3.6 reports delivered thus far...did we break 1,000 industry wide yet?

 

[Airstream]

How many regression models have you developed and tested involving data in rural markets? Less than none? Works just fine in rural areas when the operator understands how to use the tool and understands the results. Opinions of those without any experience in the matter are the joke in these conversations...they are often entirely unaware of their incompetence and can become aggressively confident in their flawed viewpoints.

I have enough statistical and econometric courses as an economics graduate to know that statistical models are suspect unless you have very homogeneous and lots of data points. Regression analysis in real estate appraisal struggles or fails when dealing with non-homogenous markets, limited comparable data, or properties with heavily subjective features. It is most effective in uniform markets with a large volume of similar properties and few outliers. Good luck with that in rural markets!!! And even then the time I took the class on adjustments and we looked at regression as a tool we used a suburban area with very similar home sales. And the thing in classroom situations they use very easy problems and the most ideal situations. And even then it could not get close enough on a simple garage adjustment. That does not speak well. So I don't give a rats behind what you think. It doesn't work in a rural market and barely works in a most ideal classroom situation.

 

[TerryRohrer]

I have enough statistical and econometric courses as an economics graduate to know that statistical models are suspect unless you have very homogeneous and lots of data points. Regression analysis in real estate appraisal struggles or fails when dealing with non-homogenous markets, limited comparable data, or properties with heavily subjective features. It is most effective in uniform markets with a large volume of similar properties and few outliers. Good luck with that in rural markets!!! And even then the time I took the class on adjustments and we looked at regression as a tool we used a suburban area with very similar home sales. And the thing in classroom situations they use very easy problems and the most ideal situations. And even then it could not get close enough on a simple garage adjustment. That does not speak well. So I don't give a rats behind what you think. It doesn't work in a rural market and barely works in a most ideal classroom situation.

This passage, which appears to be mostly AI generated, proves almost total ignorance of the subject of this discussion. Regression will not work at all if all the data is "homogenous." If all the data is "homogenous", there is no variability to explain, or to serve as an explanatory variable. If prices are all nearly identical, what do differences in physical characteristics mean? If there are no differences in physical characteristics, what explains differences in prices? What happens with sensitivity analysis in those cases?

You don't even know what you think. Your criticism of regression is compounded a thousandfold in the method you are promoting, yet you don't bother to gauge those results by any measure of validity whatsoever. You simply get the result you assumed and your analysis confirms your assumption and your assumption validates your analysis. Cute little circle of ignorance! Another form of bias. Nor does your claim that regression is limited by limited comparable data give you pause in judging "sensitivity analysis", which you are simply using as a sophisticated deception for simply averaging a couple of sales.

As far as heavily subjective features, regression works very well in those cases if the analyst is competent and rational and objective. How do you deal with those features using sensitivity analysis? Assume/presume/guess? The fact you keep repeating is that you don't have any experience in using regression analysis in any analysis of real estate market data. Yet you want someone to believe that your critique of a widely recognized and trusted tool is valid. That you can't understand it, or won't make the effort to understand it, doesn't provide any measure of the value of the tool. That is simply your lack of effort or ability to learn or comprehend it.

Homogenous (or homogeneous) describes things that are all of the same or similar kind, or that have a uniform composition and structure throughout. The term comes from the Greek words homos (same) and genos (kind).

 

[autobot]

In the not too distant future field work will be completed by someone other than the appraiser and the report auto filled and completed by software with an appraiser "reviewing" both then signing.

I've got an idea for a Home Seller DIY app (but no real computer skills to make it happen, or partners, yet) that would do just that.
Doesn't seem impossible that AI such as vProp.AI and restb.AI could be trained to take a 1000+ pic photo scan of a house taken by Seller and feed it into an app and have it complete 99% of UAD 3.6 (except the comps, but AVM got that covered), and hopefully working with a bank, a Home Seller could list their home as "pre-approved for mortgage", and thus leapfrog and eliminate the current problematic process for the Buyers.

Idea would be the Property is "pre-approved" and Appraised by a bank, so Buyers will at least know it less likely a waste of time to look at it.

https://restb.AI/company/about/ "....Browsing through dozens of properties, he was shocked by the inconsistent quality of listings and the general difficulty of finding his family’s dream home...." I feel his pain. I'm thinking about buying cheap rural house in "Flyover, USA", but just comparing relatively up-scale listings vs reality in SF Bay area...yipes. IIRC he also noted how listings turned out to be "disappointing" once see in person vs what photos showed. But I'm not seeing any improvement in the quality of listings since he started this company in 2015. Buyers are still stuck with need to visit a house in person, THEN maybe pay for Appraisal/Inspection out of their pocket.

Not seeing any real AI automation in this AIVRE walk through, and they don't include any use of photos.

I've written about 20pg rough "work in progress" outline of how the app would work from Seller's, Buyer's and Bank's viewpoint, and current problems in Real Estate, mostly from Buyer's perspective. If anyone wants to see email me at ThompsonCyborg@proton.me

I'm considering becoming an Appraiser Trainee, mostly just so I'd have a clue WTF I'm talking about with this app idea. I'm also hearing there might be a mass retirement of Appraisers due to 3.6, but also all advice is against starting a career in the field (I'm recently retired carpenter, so I'd at least know the house-inspection part fairly well).

 

[J Grant]

I've got an idea for a Home Seller DIY app (but no real computer skills to make it happen, or partners, yet) that would do just that.
Doesn't seem impossible that AI such as vProp.AI and restb.AI could be trained to take a 1000+ pic photo scan of a house taken by Seller and feed it into an app and have it complete 99% of UAD 3.6 (except the comps, but AVM got that covered), and hopefully working with a bank, a Home Seller could list their home as "pre-approved for mortgage", and thus leapfrog and eliminate the current problematic process for the Buyers.

Idea would be the Property is "pre-approved" and Appraised by a bank, so Buyers will at least know it less likely a waste of time to look at it.

https://restb.AI/company/about/ "....Browsing through dozens of properties, he was shocked by the inconsistent quality of listings and the general difficulty of finding his family’s dream home...." I feel his pain. I'm thinking about buying cheap rural house in "Flyover, USA", but just comparing relatively up-scale listings vs reality in SF Bay area...yipes. IIRC he also noted how listings turned out to be "disappointing" once see in person vs what photos showed. But I'm not seeing any improvement in the quality of listings since he started this company in 2015. Buyers are still stuck with need to visit a house in person, THEN maybe pay for Appraisal/Inspection out of their pocket.

Not seeing any real AI automation in this AIVRE walk through, and they don't include any use of photos.

I've written about 20pg rough "work in progress" outline of how the app would work from Seller's, Buyer's and Bank's viewpoint, and current problems in Real Estate, mostly from Buyer's perspective. If anyone wants to see email me at ThompsonCyborg@proton.me

I'm considering becoming an Appraiser Trainee, mostly just so I'd have a clue WTF I'm talking about with this app idea. I'm also hearing there might be a mass retirement of Appraisers due to 3.6, but also all advice is against starting a career in the field (I'm recently retired carpenter, so I'd at least know the house-inspection part fairly well).

I would not become a trainee just to get a better background for this app. Seems like a home inspector might be a better idea than an appraiser at this point in time - for a res license . Best of luck whatever you decide!

 

[ZZGAMAZZ]

did you have some issues with the SFREP software? I am giving them a 6 month demo try, coming from ACI, but have not done one on it yet...

Do you retain access to completed ACI reports, presumably .PDF?

 

[autobot]

any reason 3.6 NEEDS to be "dynamic"?

couldn't it just show all the POSSIBLE fields with paths showing connections?

is there any complete "map" of all the paths and fields?

Couldn't it display everything, and just ignore the unused fields and paths when it produces the report?

 

[Tom D]

It only shows you what it needs. Nothing extra needed, it goes to next question. Something extra needed, it gives you a choice again to clarify.

 

[Non Sequitur]

 

[OSU Beavers]

The whole point for not having a party to the transaction complete the inspection is to maintain objectivity.

Sure, just have the Realtor, seller or buyer take the subject photos. What could go wrong?