alebrewer
Elite Member
- Joined
- Mar 11, 2008
- Professional Status
- Certified Residential Appraiser
- State
- Texas
It is definitely going to give the GSE's a LOT more data fields with which to quantify collateral elements of comparison.
The Premier Online Community for Real Estate Appraisers!
-
Welcome to AppraisersForum.com, the premier online
community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.
Welcome to the new 1004
- Thread starter alebrewer
- Start date
Elliott
Elite Member
- Joined
- Apr 23, 2002
- Professional Status
- Certified General Appraiser
- State
- Oregon
From 4 to +40-pages. Can't wait for the statement from the stakeholders that "We don't really expect appraisal fees to increase with the new form since it should increase the appraisers efficiency."
CGinMN
Senior Member
- Joined
- May 20, 2011
- Professional Status
- Certified General Appraiser
- State
- Minnesota
Overkill I think. More data doesn’t mean better results. More accurate data for location, view, condition, and quality is what is needed. IMO
alebrewer
Elite Member
- Joined
- Mar 11, 2008
- Professional Status
- Certified Residential Appraiser
- State
- Texas
Exactly. Property DNA is readily available via multiple online sources (site size, YB, GLA, room count, etc.). What's not readily available is condition, functional issues, and external influences. No way to capture condition or functional metrics without an inspection/sketch. As AI gets better at identifying potential influences on Google Earth (or similar mapping software), the external influences will be easier to model.
George Hatch
Elite Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified General Appraiser
- State
- California
They already have a rental survey and GRM comps + analysis, so they might not need a 2-4 form.
alebrewer
Elite Member
- Joined
- Mar 11, 2008
- Professional Status
- Certified Residential Appraiser
- State
- Texas
Yeah, the new form is proposed to be a dynamic form that, depending on property DNA, will expose/hide different modules based on reporting requirements for the particular property.
DWiley
Elite Member
- Joined
- Apr 4, 2007
- Professional Status
- Certified Residential Appraiser
- State
- Tennessee
The example in the OP is like asking Turbo Tax to print out all possible tax forms, when in reality you will only complete the ones that apply to you. 
Unlike the current forms-based UAD, the new UAD is a dynamic data set - not a form to be filled out. There will be no forms and no form numbers.
The data to be completed will depend on the nature of the subject property. So, for example, the sections on comparable rents and GRM analysis will seldom be part of the final report, project info will only be completed when the property is in a project, etc.
Photos and text will be imbedded within the report in the appropriate locations rather than in an addendum. The final result is far easier to read than the current form+addendum approach.
As for length, the typical overall report length will change very little from what it is today.
Unlike the current forms-based UAD, the new UAD is a dynamic data set - not a form to be filled out. There will be no forms and no form numbers.
The data to be completed will depend on the nature of the subject property. So, for example, the sections on comparable rents and GRM analysis will seldom be part of the final report, project info will only be completed when the property is in a project, etc.
Photos and text will be imbedded within the report in the appropriate locations rather than in an addendum. The final result is far easier to read than the current form+addendum approach.
As for length, the typical overall report length will change very little from what it is today.
George Hatch
Elite Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified General Appraiser
- State
- California
They added an HBU analysis (which will be boilerplated for most assignments) and they put that section in the correct sequence. AFTER the site+impr sections so that the analysis includes everything, not just the zoning.
They rolled the market area summary and market conditions analysis into the main form - no more addendum page for that topic and they put it in the correct sequence, after the HBU and prior to any of the approaches to value.
They expanded the sales contract analysis in a manner that cannot be ignored.
They rolled the individual sale/list ratios for all the comps and the DOMs into the SC grid so now you can use that info to form opinions about exposure time and discounting for listing status.
they expanded the cost approach and included a grid for land comparables.
They added a dedicated revision history and ROV section, so no ad-hoc handling of that issue in an addendum or buried somewhere else in the report
They added "additional intended use/cannot be contrary" and "additional intended users/cannot be contrary" to those fields.
The cleaned up the C#23 verbiage (now C#25) to cut djd and others from deliberately misinterpreting the possession vs intended user issue.
They have (3) options for C#10 WRT how much inspection the appraiser performed. And augmented some of the commentary about not being responsible for things the appraiser cannot be aware of during the normal course of business.
And the last item that jumped out at me was the acknowledgement of the various types of 3rd party data being used as well as the disclaimer of "no guarantees regarding their accuracy". So much for anyone claiming problems in a PDC are the appraiser's responsibility. "Judge, can you read?"
They rolled the market area summary and market conditions analysis into the main form - no more addendum page for that topic and they put it in the correct sequence, after the HBU and prior to any of the approaches to value.
They expanded the sales contract analysis in a manner that cannot be ignored.
They rolled the individual sale/list ratios for all the comps and the DOMs into the SC grid so now you can use that info to form opinions about exposure time and discounting for listing status.
they expanded the cost approach and included a grid for land comparables.
They added a dedicated revision history and ROV section, so no ad-hoc handling of that issue in an addendum or buried somewhere else in the report
They added "additional intended use/cannot be contrary" and "additional intended users/cannot be contrary" to those fields.
The cleaned up the C#23 verbiage (now C#25) to cut djd and others from deliberately misinterpreting the possession vs intended user issue.
They have (3) options for C#10 WRT how much inspection the appraiser performed. And augmented some of the commentary about not being responsible for things the appraiser cannot be aware of during the normal course of business.
And the last item that jumped out at me was the acknowledgement of the various types of 3rd party data being used as well as the disclaimer of "no guarantees regarding their accuracy". So much for anyone claiming problems in a PDC are the appraiser's responsibility. "Judge, can you read?"