Will you prepare the 1004desktop?

[Bob Ipock]

Simple question.

 

[Dublin ohio]

Simple answer. It depends

 

[alebrewer]

That's my retirement plan, actually. I plan on getting reciprocal credentials in at least 15 states, and sitting in my PJ's in my RV pumping out as many as I can while my wife drives us around the country. My only hindrance will be the speed at which I can type. Maybe I can incorporate some kind of speech to text application into my appraisal software... Please don't tell anyone, though. I don't want folks stealing my idea.

 

[J Grant]

That's my retirement plan, actually. I plan on getting reciprocal credentials in at least 15 states, and sitting in my PJ's in my RV pumping out as many as I can while my wife drives us around the country. My only hindrance will be the speed at which I can type. Maybe I can incorporate some kind of speech to text application into my appraisal software... Please don't tell anyone, though. I don't want folks stealing my idea.

lol , if you and every other appraiser has that fantasy where will the orders come from ?

If clients restrict geo coverage areas for appraisers now as geo competence is considered a plus, will they continue to do that for desktops and hybrids?

 

[alebrewer]

lol , if you and every other appraiser has that fantasy where will the orders come from ?

I said don't tell anyone... maybe I'll be the only one doing it...

If clients restrict geo coverage areas for appraisers now as geo competence is considered a plus, will they continue to do that for desktops and hybrids?

My guess is that lenders will still be sensitive to appraisers' physical location(s) relative to the subject property locations - I know I will. That factor has absolutely zero to do with credible results, but it's the first thing agents look at when they get a 'low' appraisal. And I I can not have to deal with that argument, I'd rather not.

 

[sputnam]

I am a professional real estate appraiser. I will provide any valuation service that a Client wants as long as I can do it in compliance with USPAP, applicable laws and regulations, my ethics, my workload, and.... here's the big one... as long as they agree to pay the fee i want. There is nothing sacred about the 'standard Fannie Mae appraisal' that we have been doing for many years.

I don't know... but I suspect that most Lenders/AMC will not want to pay the fee that I demand.

 

[J Grant]

I said don't tell anyone... maybe I'll be the only one doing it...


My guess is that lenders will still be sensitive to appraisers' physical location(s) relative to the subject property locations - I know I will. That factor has absolutely zero to do with credible results, but it's the first thing agents look at when they get a 'low' appraisal. And I I can not have to deal with that argument, I'd rather not.

I disagree it has zero to do with credible results, however, I hope that lenders and AMC;s will continue to assign the new products in geo coverage area local to appraiser. Whether the appraiser knows the area is the question RE agents and owners ask (for good reason), and because of that, to CYA, lenders might continue to geo assign work as they do now.

A homeowner or RE agent is going to be concerned with did appraiser know the area if they feel the value is "low", but a reviewer is going to be concerned with did appraiser know area if the value looks inflated /too "high".

 

[J Grant]

I am a professional real estate appraiser. I will provide any valuation service that a Client wants as long as I can do it in compliance with USPAP, applicable laws and regulations, my ethics, my workload, and.... here's the big one... as long as they agree to pay the fee i want. There is nothing sacred about the 'standard Fannie Mae appraisal' that we have been doing for many years.

I don't know... but I suspect that most Lenders/AMC will not want to pay the fee that I demand.

Two things are going to impact the quality of these products ( and whether appraisers accept them), which is fee and turn time.

Caveat, for any appraiser, if the data and information is not sufficient for credible results, either upgrade to full inspection or decline. That said, move on to the business end.

Some appraisers, a minority likely, will flat out refuse to do them. For that group, fee or turn time is not an issue.

Other appraisers are eager , or must do them. That would be staff appraisers who have no choice, and independent appraisers who like the idea. Staff must do them as fast as their employer wants, and fee is no issue they have a different compensation. For eager independents- idk what fees or turn times they might accept. .

The third group might comprise a large number of independent appraisers, who range from open minded to wary but would do them , or try to do them, assuming good information, and a decent turn time, and a decent fee. Turn times now for much of lender work is 48 hours after inspection. Some here are referencing 24 hour turn time. Consider how inane that is, because it is the same 1004 form and same needed research and analysis/and or verification process. So why would an appraiser be expected to do the same work as before in half the time ? 48 hours is barely enough as it stands.

I can not advise what fee anyone accepts, but please people, do not agree to 24 hour turn times - the analysis and appraisal part is the SAME as it was before, it is a 1004 form, don't let them trick you or pressure you about the turn time, - they are so greedy it will never stop, next it will be 12 hours. The appraiser is the one stuck with the liability for years, regardless of how fast you did it ( and the investors and borrowers on the hook for 15-30 years with a loan ). Consider the pressure for turn time in light of that.

 

[Tom D]

the question is too vague. it should also say 'for the same price as a full 1004' or 'a much lower price than a full 1004.'
the price is always the factor in the acceptance of doing something.
yea i know, appraisers do low price AMC work. i am more curious as to whether opinion will change with pay.

 

[ucbruin]

the question is too vague. it should also say 'for the same price as a full 1004' or 'a much lower price than a full 1004.'
the price is always the factor in the acceptance of doing something.
yea i know, appraisers do low price AMC work. i am more curious as to whether opinion will change with pay.

Not only is your point about fees a good one....
It's THE ONLY ONE....

No one will be forced to accept and complete the 1004 Desktop (especially when data is unavailable)....

During Covid, Desktop was made available for both PURCHASES and REFIs....
When offered the opportunity to have a TRADITIONAL inspection or DESKTOP, including homeowner participation (photos and some other property information)....
All chose Desktop....
I get it, Covid....
But I don't see many agents (and if/when refis are included) declining the DESKTOP products....