Where Do You Think "geographic Competency" Begins And Ends?

[Joe Flacco]

I imagine nail in the coffin coming soon for the small AMC.

 

[Terrel L. Shields]

How much money is at stake with the expansion of hybrid and bifuricated products? It's gotta be in the billions annually right?

A massive redistribution of wealth from appraiser to bank... if nice perhaps they will even reduce the price of the "appraisal" to the customer. not

 

[Eli]

New truth in lending disclosures are coming soon. Look for them this year or next year.

(HUD-1), (Good Faith Estimate)

How they figure out “appraisal” on the truth in lending disclosure will be key. I look for separation of appraisal and AMC fees.

State taxes are involved. Employee/independent contractor law is involved. Antitrust law is involved. Hidden fees are involved. Market, economic, business, personal and national Risks are involved. White collar crime is involved. State laws on who can perform appraisals per jurisdiction is involved.

Public trust is involved.

If you don’t have a Tennessee appraisal license, you are not competent to perform an “appraisal” in Tennessee.

@DWiley

Here you go:

http://www.tnappraisercoalition.com/

 

[DWiley]

How much money is at stake with the expansion of hybrid and bifuricated products? It's gotta be in the billions annually right?

I do not know. I also don’t see it as “at stake.” Hybrids will simply replace some of the existing traditional work. So, from a business standpoint they are not an expansion opportunity for AMCs or appraisers. They are merely a (partial) retention opportunity.

It is my belief that they could eventually replace 25% to 50% of traditional Fannie work, but that is replacement, not true expansiion. For non-Fannie work, they have already been in use for a long time.

 

[J Grant]

I do not know. I also don’t see it as “at stake.” Hybrids will simply replace some of the existing traditional work. So, from a business standpoint they are not an expansion opportunity for AMCs or appraisers. They are merely a (partial) retention opportunity.

It is my belief that they could eventually replace 25% to 50% of traditional Fannie work, but that is replacement, not true expansiion. For non-Fannie work, they have already been in use for a long time.

Hybrids, aka the desktop portion with no personal inspection will be the logical use for an appraiser doing far off area assignments , correct? Which is why I had a problem with the poll, I don't think the assumptions set forth ( you don't have to move to area, unlimited time/resources) , with appraisers thinking they would inspect, yielded the same answers than if the poll was based on the probability of what it will be used for ( hybrid/desktop work )

What would people's anwser be to the below:

1) Doing desktop portion, without going to the area or inspecting the property, within a tight turn time and possibly lacking local MLS, do you think you can competently appraise a property in regions/areas or states you have no familiarity with?

2) Do you need to be geo competent to appraise for desktop or hybrid or bifurcated assignments under the conditions of tight turn time and possible lack of local MLS?

 

[Meandering]

Some people just can't help themselves.

I feel bad for George over this.

.

 

[PL1957]

Some people just can't help themselves.

I feel bad for George over this.

.

I don't think George is the one we need to be sorry for ...

 

[ucbruin]

Hybrids, aka the desktop portion with no personal inspection will be the logical use for an appraiser doing far off area assignments , correct? Which is why I had a problem with the poll, I don't think the assumptions set forth ( you don't have to move to area, unlimited time/resources) , with appraisers thinking they would inspect, yielded the same answers than if the poll was based on the probability of what it will be used for ( hybrid/desktop work )

What would people's anwser be to the below:

1) Doing desktop portion, without going to the area or inspecting the property, within a tight turn time and possibly lacking local MLS, do you think you can competently appraise a property in regions/areas or states you have no familiarity with?

2) Do you need to be geo competent to appraise for desktop or hybrid or bifurcated assignments under the conditions of tight turn time and possible lack of local MLS?

"Hybrids, aka the desktop portion with no personal inspection will be the logical use for an appraiser doing far off area assignments , correct?"

I'm focusing on just the above portion of you post.....

I've completed approximately 3 assignments and declined approximately 4....
I declined for different reasons; I don't like the "look" of the subject; I'm geo competent but don't feel comfortable completing this type of report in a certain town; I'm following assignment condition that states to decline if external obsolescence which may impact value; etc.....

What I suggest to you and to others is to review an assignment (you can decline to complete it once you see the location of the subject and read the guidelines)....
I doubt that companies that provide these types of reports will be assigning appraisers located in FL work in MA...

 

[DWiley]

Hybrids, aka the desktop portion with no personal inspection will be the logical use for an appraiser doing far off area assignments , correct? Which is why I had a problem with the poll, I don't think the assumptions set forth ( you don't have to move to area, unlimited time/resources) , with appraisers thinking they would inspect, yielded the same answers than if the poll was based on the probability of what it will be used for ( hybrid/desktop work )

What would people's anwser be to the below:

1) Doing desktop portion, without going to the area or inspecting the property, within a tight turn time and possibly lacking local MLS, do you think you can competently appraise a property in regions/areas or states you have no familiarity with?

2) Do you need to be geo competent to appraise for desktop or hybrid or bifurcated assignments under the conditions of tight turn time and possible lack of local MLS?

The answer to number 1 is clearly NO. But you are introducing variables that are not common (e.g. no access to local MLS).

The answer for number 2 is that competency, including competency with regard to geography, is required for ALL assignments, not just desktops and hybrids. The unanswered question is where is the line between lacking that competency and just not having done the market research yet. So far, no one seems to want to tackle that question.

 

[J Grant]

I don't think George is the one we need to be sorry for ...

What does feeling sorry for anyone mean? This poll reflects what the work and conditions about out of geo assignments will likely entail . Did you follow the other geo competence thread to where it led to the discussion of hybrid/desktop appraisals?

This poll allows appraisers to answer the question for what the real world conditions are likely to be. You can respond if you like ( or not)