Why can't we band together on Feb 4th?

[alebrewer]

An actual appraisal and an AVM can be wildly different too? One can have all the factual data of the subject and one can have only the limited data of public records.

Of course. Two AVM's, though, assuming both have the same data and algorithms, should not be very different. My point was that variability is increased as observation number is decreased.

 

[Sadie]

The overall feeling is that we are being asked to do more for less money and with the Feb 4th deadline coming up, I see an opportunity for all of us to work together to create formulas, graphs, responses, explanations, etc which will allow ALL of us to have responses that we just cut/paste to put into our reports which will save us time. And that is our most precious commodity.

Let's start posting content here that others can take and use thus saving them some time and perhaps also giving them great responses to the idiots who ask for stupid revisions.

Let's work together and help each other.

I am already doing what will be required 02/04. I have always supported my market conditons adjustments like required because that is the way I was trained.

 

[Airstream]

Some years back I received a request from a lender on a home near a popular lake in the area. It was a manufactured home and it was across the street from the lake. The AVM came in at 400,000. The home was actually worth about 150,000. The AVM couldn’t distinguish between lakefront and vacant land. I’m sure AVMs have become better than in the past. But I work in an area where a distance of just a few miles away on waterfront can be a million dollars different and the sites be nearly the same. Also I am lucky to have 3 or 4 good comparable sales for any kind of analysis. AVMs simply are useless in these situations. By the way it is also very difficult to show appreciation in these markets. Yes I can take the county figures for all the properties in the county. That’s about as good as you can do. But often these high end properties are very difficult to make time adjustments on a monthly or even quarterly basis because there aren’t enough sales and the sales are just too different. That’s why I often don’t make time adjustments, because the data is very sketchy. I just consider the reconciliation at the end.

 

[chad hampton]

What’s on feb 4?

 

[Tom D]

Avm work well in the middle of the bell cure because that's where all the data is. When you get closer to the 20% outsides of curve data becomes more unique and not necessarily a lot of, or any similar. I assume we will be needed for refi that hasn't been refied for a while, most rual properties and that 20% each side bell curve. That will be fannie appraiser model.

However, i do believe that large mortgage banker will do more real appraisals. Well, unless they get those waivers.

Come on, after the new uad comes out, how many think you will be doing them every day. That's still a year away. Most younger appraisers cannot survive this downturn. Even lower rates won't make us busy. Go find something to occupy your head and make some money on top of the few appraisal to be coming your way.

 

[sputnam]

How about insteading of continuing to look for ways to short cut the process... appraisers do the work they are paid to do in a professional manner? If you don't think your fees are high enough for the work you are doing... raise your fees.

 

[chad hampton]

Appraisers aren’t the ones looking for shortcuts. Shortcuts would be sending unlicensed people out to do appraisal inspections. Shortcuts would be just waiving the entire process altogether. Shortcuts would be looking for a cheaper system where their AMC friends can make more money at the same time hammering the ever loving **** out of the appraiser for more nonsense.

 

[J Grant]

I am already doing what will be required 02/04. I have always supported my market conditons adjustments like required because that is the way I was trained.

I already supported my market conditions adjustments; I didn't include a graph of it in the report. Now, I will include a graph. ( and a list of the sales used in the graph)

Graphs are cool, but also anlkyave DOM of listings and avail inventory which often tells the most current and relevant trend particular to a subject.

 

[chad hampton]

If the cyborgs know the answer, why don’t they just put it on every order? Just say this appraisal is for Richmond, Virginia, Richmond has appreciated 6% in the last 12 months so adjust sales accordingly.

 

[Tim Hicks (Texas)]

I think I just don't like appraisal subjects that start with A. Such as AMCs, AVMs, AI (both), Appraisal waivers, A Fernando, etc.