ValueNet

[djd09]

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26 competitors working as one. Who would of thought?

 

[DWiley]

We get it. These have been done for a while. But you have to see the difference in what is happening now as compared to these being done "for the past 10 years." There is a monumental shift in our industry right now that will replace most residential appraisers. The hybrids done over the past decade were only a small percentage of loans. This will drastically change over the next 6-8 months.

Yes, I do see that. In fact, as a company we have seen this coming for quite a while. We started planning for this eventuality about five years ago. Why did we do that? Because we have done hybrids for over a decade and we know how reliable/useful they are in comparison to "full appraisals," The economic impact to AMCs is no different than it is for appraisers, and it is not pretty for either if they don't change the way they operate. The biggest difference I see is that one group is reacting like a business seeing a fundamental market shift and one group appears to be in pure panic mode.

This is not the time for panic. It is time to look reasonably and objectively at the basic reasons users are pursuing other options and react to fill the void that users apparently (based on their actions) think exist.

The 1004 has been the main cash cow for residential appraisers for a long time now. But, the reality is that a large segment of users has decided that 1004s may not be worth the time and money that they require. Whether they are right about that or not is really irrelevant. What matters is establishing the true value of a professional appraiser, and working toward solutions that promote and preserve that value. Appraisers have skills that are valuable, and are still highly valued by market participants; but, as a group, we have not done enough to promote that - and to make it more obvious to the users. Working on addressing that

 

[J Grant]

Danny has a point in his last post, and I have been saying ( and getting little interest ), that APPRAISERS HAVE TO STOP BEING INVISIBLE TO THE PUBLIC .

That means ( to start) a public outreach website, that informs the public/borrowers about what appraisers do, how an appraisal can benefit them in the new over saturated RE world of Zillow, Open Door etc, and now that a non appraiser may be the one to "inspect/data collect" in a lender order. If the public doesn't know about it , or understand it, they can't care about it. Though individual appraisers have websites to get local business, I have not seen a national level, consumer friendly, written in plain English site ( not appraiser nerd language)

The AI or AF sites ares "appraiser nerd " full of dry language and long dull expository that bore or confuse the public and they would click off if they ever open it.

Appraisers should learn from RE agents, who are masters of publicity and marketing themselves and their services. Would not cost that much each for appraisers to pool some $ and hire a good PR firm to write the copy and design the website.

 

[DWiley]

Danny has a point in his last post, and I have been saying ( and getting little interest ), that APPRAISERS HAVE TO STOP BEING INVISIBLE TO THE PUBLIC .

That means ( to start) a public outreach website, that informs the public/borrowers about what appraisers do, how an appraisal can benefit them in the new over saturated RE world of Zillow, Open Door etc, and now that a non appraiser may be the one to "inspect/data collect" in a lender order. If the public doesn't know about it , or understand it, they can't care about it. Though individual appraisers have websites to get local business, I have not seen a national level, consumer friendly, written in plain English site ( not appraiser nerd language)

The AI or AF sites ares "appraiser nerd " full of dry language and long dull expository that bore or confuse the public and they would click off if they ever open it.

Appraisers should learn from RE agents, who are masters of publicity and marketing themselves and their services. Would not cost that much each for appraisers to pool some $ and hire a good PR firm to write the copy and design the website.

I agree with a lot of this. As I said before, if I were still in the fee business I would be flooding the local agents with information and marketing material right now. In my state, the basic sales contract that is used in 99% of cases includes an appraisal contingency. So, I would be explaining to them that in the future they may not be able to count on the lender ever ordering an appraisal. Most adversity also presents an opportunity

 

[J Grant]

Agree... the idea is that in addition to an appraiser's individual local efforts, the national website would explain in plain language what an appraisal can do for users, and why it is is needed more than ever now in the age of Zillow and online companies offering "free " ( but often inaccurate ) valuations.

While an online free valuation can be fun ( wonder what my house is worth! ) or informative for general purpose ( how much are houses selling for in X location ) when someone is ready to buy/sell/list/invest, relying on a "free" value estimate can be a costly mistake- especially now that these sites expanded to online offers to purchase your home ( at some kind of discount ).

Plus it would point out that contract appraisal contingencies people may need to order their own appraisal in cases where the lender is not going to order one, and explain the difference between a non appraiser "data collection" and an appraiser inspecting for their own appraisal.

It could have a link to local directories of appraisers to contact but that, imo , (if included ) is not the main purpose which is to inform and make appraisers no longer be invisible.

 

[Lumbappr13]

Dear ValueNet, a division of the Accurate Group,

Please send me a copy of the certifications/limiting conditions that are part of the 1004p. If needed, can I make additions or changes to those pages? Will the requests you send be limited to the areas in which I am geographically competent? How much is the fee that you are offering?

We are the Borg. You will be assimilated.

You got the email addresses ask them instead of being a forums tin foil hat person.

Geographically competent is what they do. I have 3 licenses but only allowed to work my area while other AMCs I'm working all 3.

Fight and resist. Start getting a real estate license so you can do BPOs and watch AVMs being done.

 

[ramrcdk]

You got the email addresses ask them instead of being a forums tin foil hat person.

Geographically competent is what they do. I have 3 licenses but only allowed to work my area while other AMCs I'm working all 3.

Fight and resist. Start getting a real estate license so you can do BPOs and watch AVMs being done.

A-round here IF you have an "appraisal license" putting ON the BPO Hat is not an option via AB & CE. I checked !

 

[djd09]

Comical. The so called "Users" of the forms are the ones that created them. Now they do not like them.

But look at the quality they are going to get. I thought fannie had class.

 

[Tim The Enchanter]

As I said before, if I were still in the fee business I would be flooding the local agents with information and marketing material right now. In my state, the basic sales contract that is used in 99% of cases includes an appraisal contingency. So, I would be explaining to them that in the future they may not be able to count on the lender ever ordering an appraisal.

Good thought.

 

[George Hatch]

Even if appraisers don't want to go on a PR blitz they can do better for themselves by more completely disclosing what they did and didn't do in their reports.

One reason many users are equating AVMs and BPOs with being the same thing as an appraisal is because these other products don't have the same level of transparency that appraisers can (and should) provide in their reports.

Say for example your verification protocols include contacting an agent or knocking on a door or pulling a tax car or zoning determination with a physical visit to those gov't offices. If so, then providing that context would be a great way to toot your own horn. You're already doing the work, why not take the additional step of explaining your efforts in your report as a means of marketing your SOW?
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Another thing many of us do that annoys me is we don't acknowledge how many sales data we're really analyzing in our assignments, thus enabling the assumption some of these readers make that our appraisal hinges solely on the sales in the Sales Comparison grid and all they have to do is come up with another sale (that you allegedly "missed") to change your mind. That's an assumption we should crush before they even get a chance to make it.


"The following list includes all the listings (50) I initially reviewed during the course of this assignment"

This smaller list that follows includes all the listings (15) which I considered to be directly comparable

This next list includes those listings I physically drove

Note that the Sales Comparison grid shows those sales I considered to be the most relevant to this analysis, however my analyses of these other less directly comparable sales have also provided context for the more similar sales and have otherwise contributed to my opinions and conclusions.