ValueNet

[Joe Flacco]

Need more than completely disclosing what was and was not done in the reports. Appraisals need to be convincing. The reader should agree or if they disagree know why they disagree.

1) What is available in the pool of comparable properties?
2) What are the subject attributes that are different from the properties available?
3) Why were the comparables included selected from the properties available?
4) Which comparables included are the best indicators of value and why?

Appraisal reports should clearly answer these questions.

 

[bnmappraisal]

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.

I would say the panic mode is because of some of the fee(s) being offered for said product(s)

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.

I definitely agree, but again, the products offered (whether by a lender direct or through an AMC) have to be profitable for the appraiser

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

Definitely agree with this DWiley. And (my bold) is why appraisers should stick to their guns regarding their fee/"true value" (your quote) as a professional appraiser. I definitely agree with that. Yes, there are times one may take a slightly lesser fee for this or that reason, but in general, keep the fee(s) professional. Clients (yes, even some AMCs) respect that

 

[ucbruin]

"Definitely agree with this DWiley. And (my bold) is why appraisers should stick to their guns regarding their fee/"true value" (your quote) as a professional appraiser."

@bnmappraisal

Our young friend....

If this were possible....
We wouldn't have complained about fees in the '80's, '90's, '00's, let alone in 2019....

I hope you young bloods are able to turn the tide....

 

[bnmappraisal]

Me too, UC, me too ...

 

[CANative]

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.

This is why I only get bugged for things like typos, missing check boxes, etc. Except I don't go to the bricks and mortar building departments or assessor's office unless there is a really atypical issue. It's just not practical in BFE.

It's also why I'm almost always late and why I charge so much more than "$350" and don't "send it within 48 hours after inspection."

 

[norapp]

Delete the email. I wish I had. Total waste of time and lots of aggravation before I told them to go away.

 

[Mike Kennedy]

RE: Mortage Origination Valuations

Sellers, Buyers, Loaners, Underwriters' Definition of a "Good" Appraisal - (or BPO, AvHum......etc.) is one that Hit$$ the Bull$$$eye.

A Bad Appraisal (or alternative) are those that do not enable users to "do the deal".

Variance Factor: Human appraisal by a Professional, Experienced Appraiser - $350-450 (SFR basic).
Automaton DuhValuation - $10-20 bucks.

for the price of ONE Appraisal Report, do the numbers ........ 35-45+ duhvaluations (or dramatically fewer) until they Hit the $$$.


It's that simple.

Once Upon a Time in America there was a band of stalwart, professionals with ethics and morals who "did it right".

They became extinct because all the parties to "doing a deal" cared less about characteristics of properties, uses of properties, etc. than "doing the deal".

They evaluate ANY / ALL valuation reports based on HITTING THE BULLEYE at a reasonable, and now dramatically less amount of cost which increases Profit$$.

The End.

 

[Dublin ohio]

Umm..Appraisers offer products.

You obviously offer nothing but a product. A product of you warped imagination.

 

[jay trotta]

Need more than completely disclosing what was and was not done in the reports. Appraisals need to be convincing. The reader should agree or if they disagree know why they disagree.

1) What is available in the pool of comparable properties?
2) What are the subject attributes that are different from the properties available?
3) Why were the comparables included selected from the properties available?
4) Which comparables included are the best indicators of value and why?

Appraisal reports should clearly answer these questions.

The reader should agree or if they Disagree Show why they disagree -

Of the (4) on your List - which do you Not do on every assignment ?

IMO the QC is in regards to spelling / typo's corrections;
A Review is in regards to the comp. selection (USPAP) which is after the fact of providing a report

 

[Joe Flacco]

The reader should agree or if they Disagree Show why they disagree -

Of the (4) on your List - which do you Not do on every assignment ?

IMO the QC is in regards to spelling / typo's corrections;
A Review is in regards to the comp. selection (USPAP) which is after the fact of providing a report

What I am saying is that even if the reader is not very familiar with the subject's market, there should be enough info in the report that if they disagree then they can tell or show you why they disagree. Reader is not necessarily a reviewer or QCer.

I try to do all 4. I have not seen many that do any of the four other than some boilerplate that doesn't really tell the reader anything about the assignment.