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Visre--anyone Familiar

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Ron Patton

Thread Starter
Sophomore Member
Joined
Sep 5, 2004
Professional Status
Certified Residential Appraiser
State
Tennessee
Would like feedback from any posters who are familiar with VISRE. Have a very preliminary interest in it only as a means of building my own photo database. For those not familiar, this is a new company in Jacksonville, Fla., started by one of the banking industry software developers who was instrumental in check scanning, databasing etc. VISRE is promoting a photography system that employs a large bank of roof-mounted digital cameras that, the company reports, shoot up to 12 photos per tax parcel, geocoding it as well as imposing a street address, long/lat and tax ID on each image. In posting on Wintotal site, I had feedback from only one person, and VISRE says he is a VAIO (SP?) territory holder in Houston and is promoting his own agenda. Would love to hear from anyone who has researched the concept or talked with the company. Investment is not out of reason but still significant. Business model as a self-supporting entity appears questionable, but far less so than VAIO. Supposedly, VISRE system will capture, label 4,000 properties per 8-hour day. Technological applications in our industry have been moving at light speed for years, but if this is a practical application that does what it claims, it would represent a quantum leap. Cannot imagine having every property in my market at my disposal. Welcome feedback at: [email protected] Ron Patton
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Our assessor photographs every parcel. We pull it up on the website...
 

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
There are multiple sources for photos of most properties. That is one of the basic reasons the ZAIO project is flawed. Visre is marketing there product to mapping companies quite successfully as I understand it. You may have seen their photos and not known it.
 

Kevin A. Spellman

Senior Member
Joined
Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
Most lenders are requiring an appraiser’s photo and not an on line or MLS photo. Landsafe/Countrywide just sent out an email blast about photographs of comparable. The MLS photos and the on-line photos are now unacceptable to Landsafe. I would feel uncomfortable using a photo from an on-line source. The wrong photo in the report could easily qualify the report to be a non-compliant appraisal in respect to USPAP.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
The MLS photos and the on-line photos are now unacceptable to Landsafe. I would feel uncomfortable using a photo from an on-line source.
There is no USPAP proviso against it and I could give a $pit what Landsafe thinks about it. The photos below are the reason why. Same house. My photo 'from the street'. Assessors pix from the yard. I don't trespass.
 
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Ron Patton

Thread Starter
Sophomore Member
Joined
Sep 5, 2004
Professional Status
Certified Residential Appraiser
State
Tennessee
Regarding On-Line Photos

First, perhaps I did not make it clear: VISRE photos have an overlay identifying 1) tax id 2) GPS coordinates 3) street address 4) source of photos. USPAP does not require an original photo; only a disclosure if you did not shoot the photo or visit the property. I WILL NOT USE AN MLS PHOTO. My local MLS has the periodic wrong photo, and I will not risk 20 years' credibility because I was either too lazy to go shoot the comp or too dishonest to disclose. Primarily, I am interested in the VISRE system for my own internal use. If third-party appraisers want to buy and use photos that have a third-party identification, then they better develop appropriate disclosures. Other applications touted by VISRE include lenders internal use of multiple photos with AVM's and internal collateral-based lending decisions. I don't want to open the AVM can of worms, but in our state where tax records in metro areas only list first-floor footages and all other improvements are converted to an assessor internal cost-based unit and are referred to as "adjusted" footage. Sadly, in most cases realtors misrepresent square footages by listing "adjusted" footages from tax records. Adjusted tax footages bear no relationship to finished living area. I am interested in the VISRE concept and had hoped to get feedback from members of our industry who were farther along in exploring the technology and business model. Frankly, my office capturing the majority of the homes in a metro area of 500,000 is hard to comprehend. Historically, I have for years shot entire subdivisions for my photo database where there was a high degree of activity. Why keep driving 15-20 miles across the city to get new comps when a couple of hours on a slow afternoon can satisfy six months of comp needs? Considering the cost of fuel, vehicle maintenance, depreciation and the value of time, is it not good business to optimize a major expense aspect of one's appraisal business. My market has numerous 5-6 appraiser shops, and obviously their field photos are pooled into a common database. I also am familiar with a couple of so-called main stream, "respectable" shops where 80 percent of the photos come from MLS downloads. As we move in to an imminent litigation phase of the subprime crisis, there are good income possibilities doing pre-trial consulting for plantiffs' attornies. It doesn't take a Clarence Darrow to destroy a defendant appraiser by pointing out that the appraiser never even saw the comparable sale property; and never disclosed that he had not seen it. Should be fun! Do I feel sorry for the skippies? Hell no! While I was doing my daily 12 hours, a lot of the MLS photo users were on the golf course. It's our turn now. Still looking for anyone who is considering VISRE. [email protected] Chattanooga,TN
 

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Inspect, not photograph.

First, perhaps I did not make it clear: VISRE photos have an overlay identifying 1) tax id 2) GPS coordinates 3) street address 4) source of photos. USPAP does not require an original photo; only a disclosure if you did not shoot the photo or visit the property. I WILL NOT USE AN MLS PHOTO. My local MLS has the periodic wrong photo, and I will not risk 20 years' credibility because I was either too lazy to go shoot the comp or too dishonest to disclose. Primarily, I am interested in the VISRE system for my own internal use. If third-party appraisers want to buy and use photos that have a third-party identification, then they better develop appropriate disclosures. Other applications touted by VISRE include lenders internal use of multiple photos with AVM's and internal collateral-based lending decisions. I don't want to open the AVM can of worms, but in our state where tax records in metro areas only list first-floor footages and all other improvements are converted to an assessor internal cost-based unit and are referred to as "adjusted" footage. Sadly, in most cases realtors misrepresent square footages by listing "adjusted" footages from tax records. Adjusted tax footages bear no relationship to finished living area. I am interested in the VISRE concept and had hoped to get feedback from members of our industry who were farther along in exploring the technology and business model. Frankly, my office capturing the majority of the homes in a metro area of 500,000 is hard to comprehend. Historically, I have for years shot entire subdivisions for my photo database where there was a high degree of activity. Why keep driving 15-20 miles across the city to get new comps when a couple of hours on a slow afternoon can satisfy six months of comp needs? Considering the cost of fuel, vehicle maintenance, depreciation and the value of time, is it not good business to optimize a major expense aspect of one's appraisal business. My market has numerous 5-6 appraiser shops, and obviously their field photos are pooled into a common database. I also am familiar with a couple of so-called main stream, "respectable" shops where 80 percent of the photos come from MLS downloads. As we move in to an imminent litigation phase of the subprime crisis, there are good income possibilities doing pre-trial consulting for plantiffs' attornies. It doesn't take a Clarence Darrow to destroy a defendant appraiser by pointing out that the appraiser never even saw the comparable sale property; and never disclosed that he had not seen it. Should be fun! Do I feel sorry for the skippies? Hell no! While I was doing my daily 12 hours, a lot of the MLS photo users were on the golf course. It's our turn now. Still looking for anyone who is considering VISRE. [email protected] Chattanooga,TN
Just why is it you think driving slowly down the street is superior to using an MLS photo without inspecting the property? In both instances a thoughtful inspection of the property is missing. The photos used are supposed to show what the appraiser viewed when inspecting the house. Any photo that does that is acceptable, likewise any photo used to hide the fact the appraiser failed to make a thoughtful observation of the property is unacceptable (even if taken by the appraiser as they quickly drove by.)
 

Belltoons

Freshman Member
Joined
Sep 25, 2007
Professional Status
IT Professional-Appraisal Related
State
Florida
Some info from Visre

Hope you don't mind my commenting. I work for Visre and wanted to clear up a few misconceptions while providing a base introduction to what the technology is. A lot of people want to instantly equate us with Zaio. I'll let you guys debate that point but I think you'll find the companies are very different in terms of our goals; and, certainly, our technologies.

Visre's mission is to establish a nationwide online appraisal Image Library built on our Video DriveBy imaging technology.

Mounted via sports rack to the roof of a car or truck, our 360 DriveBy Camera system contains 8 high resolution cameras mounted at angles to capture a complete 360 degrees while the vehicle drives. Imagery is captured at 12 frames per second; effectively, driving through a subdivision in 30 minutes at a typical 25 mph will capture dozens of high res photos of every parcel from multiple angles as the car passes by.

A GPS and wi-fi enhanced navigation computer in the car pings the LAT/LON location every second. In processing the imagery, every frame is date/time stamped and provides the LAT/LON, associated property address, car and driver ID. All the visual data is saved to 750GB - 1TB swappable hard drives. Drives are swapped out with Visre weekly for new drives. For expedited drive imaging requests for a particular subject property, wi-fi can be used to relay imagery immediately to Visre for processing.

Visre can process the imagery to the needs of the client, producing hi-res single camera images, multi-camera blended panoramic photos, or streaming "Video DriveBy" - a street video that shows the subject in its neighborhood environment. The DriveBy approaches, stops at, and then drives by the property and down the street. Imagery can be copied into appraisal reports; alternately, access to larger photos, panoramas or video can be hyperlinked.

Via our Flash Viewer, a review appraiser (for example), could use the DriveBy video to get a better idea of the home's valuation through a street level comparison with its neighbors up, down and across the street. At any time, the video can be stopped and the individual hi-res frame can be viewed at anywhere from 50%-400% zoom. Want to read the street number on the house? Go right ahead.

Here's the point. The imagery and video as stored in the Image Library will be online accessible by appraisers, AMC's and lenders, providing rapid access to authenticated subject and comp visuals to support and enhance your appraisal. We developed these visual technologies with the input of mortgage lenders and the goal of bringing imagery to a place where it can securely provide more information to the lender in justifying a valuation at reduced risk.

Our intent is not to be competing with appraisers, but to support them. Our business plan is to empower appraisers with rapidly accessible and validated imagery that can speed up the turn-around of your appraisal reports to lenders. Hopefully, that will allow you to get more appraisals done in less time, increasing your annual income.

We are not saying that our imagery replaces an appraiser's need to visit a subject property in performing an appraisal. We are saying that we can provide supporting imagery and video on that subject property and comps to provide more visual information to back up your appraisal report.

You should know that it is appraisers that we want to turn to in helping us to image the country. We're starting an Appraiser Drive Partners Program that will pay Appraisers from month 1 to use our system to image their territories. Anyone can drive. The system is completely automated. As such, an appraiser could just drive subdivisions where they have scheduled appraisals; or, they could employ an hourly staff member dedicated to driving their entire territory in just a few months. The more driving done, the more your earnings from Visre would be accelerated.

Once your territory is imaged, you begin your share in the sales revenues of DriveBy appraisal imagery from your territory purchased through the Image Library for use in Appraisal reports.

Hope this makes things clearer for everyone. We welcome your questions and have set up a special area addressing appraisers needs, USPAP concerns and more on our web site. Email me and I'll be happy to send you the link.

Paul Bell
VP Marketing
Visre, Inc.
Jacksonville, FL
[email protected]
 
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Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Nice Idea.

Thank you Paul. Your system is different from ZAIO in several respects; the most significant is you pay the appraiser to participate rather than the other way around. :new_smile-l: A basic concern many here would express is that some appraisers would use the photos from your system instead of actually inspecting the exterior of comparable properties.

Not that they probably would not provide as much, or more, information; but the certification in Fannie Mae forms says the appraiser did indeed inspect the properties from the street. Those of us who are honest don't care for the competitive advantage the dishonest appraisers can gain through misuse of a system like yours. On the other hand, effective use of your system by clients could indeed catch the actions of less than honest appraisers who do such things as frame their photos to not show the commercial property next door.
 

Belltoons

Freshman Member
Joined
Sep 25, 2007
Professional Status
IT Professional-Appraisal Related
State
Florida
Let me clarify a point.

Couch Potato: "..the most significant is you pay the appraiser to participate rather than the other way around."

Let me clarify a point here so that no one misunderstands. In setting up a Drive Partner relationship with an Appraiser, the appraiser is licensing the imaging of their territory and there is a financial component involved. The fees then paid back from month 1 of imaging to the appraiser by Visre are designed to offset that investment as the territory is being imaged. From there, both parties can begin to share in Image Library sales of that territory's imagery.

The appraiser will also generate income from individual property imaging requests Visre will receive where the lender needs current imagery of the property. Visre will split fees with the lender for this Current Subject Imagery. Once captured, that imagery will update the imagery on hand in the Image Library for that property and the surrounding neighborhood.

Visre will promote our Drive Partners to the lenders and AMCs we form relationships with. That might also give an edge to the appraiser Drive Partners in terms of requests for appraisals.

Before anyone asks, I cannot quote investment pricing here. 1) There's a formula to that which involves population size of the territory and number of parcels that is out of my area of expertise. We're not talking a zip code here. 2) There are different ways to finance the investment. For the dollars and cents of it, you would have to visit our Drive Partners page and then talk to Steve Clark, the VP who is in charge of the appraiser partner program.

That page can be found at:

http://www.visre.com/solutions.php?page=appraisalentrepreneurs

Hey, will someone please tell me if posting links is allowed? If not, I'll edit this message to delete it and will just ask that anyone contact me if you want me to send you a link to that page. It actually connects you to other pages of sample imagery, demos of Video DriveBy, and other information to give you a good feel for what we're doing before you decide whether you want to talk to Steve.

Some of you may actually receive a fax or email from us over the next few weeks as we begin the first phase of reaching out to appraisers. If you want to see some more about us, you could search out a few interviews we have done on Appraisal Buzz.

Hope this helps.

Paul Bell
VP Marketing
Visre, Inc.
[email protected]

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