Category: Appraisal Software

Sketch or Floor Plan? 13

Sketch or Floor Plan?

The FLOOR PLAN has all the elements of a SKETCH… Appraisers, I was given some ‘inside info’ about DESKTOP assignment reports being submitted to the GSE’s – incorrectly. The FLOOR PLAN exhibit in these DESKTOP reports, in some cases, is not being done correctly. Let’s examine what is actually required as a diagram showing the dwelling: First, when the appraiser certified that they, or their trainee, have/has made an on-site personal visit to the property and has measured the dwelling, only a SKETCH is required – unless interior design problems are noted, in which case the SKETCH must be upgraded to...

Is a Floor Plan in Your Future? 36

Are Floor Plans in Your Future?

A floor plan is supposed to be included in Desktop & Hybrid reports. How will that be done? Appraisers, I’ve recently been studying a ‘word change’ in various GSE documents. This change happened initially in March 2020 in the COVID era revised ‘flexibility’ Assumption and Limiting Conditions and Scope of Work attached to residential reports, and was further incorporated into TWO new appraisal forms issued in July 2020, which you might not even realize they exist! The word change was subtle, but has major implications for appraisers. The change is ‘sketch’ to “Floor Plan.” But when I inquired about this...

Class Valuation Digitizing the Appraisal Process. Who's Thinking Hybrids? 3

Who Is Thinking Hybrid Appraisal?

“Digitizing the entire appraisal process”… what does this even mean? No more tape measures? No more typing? What exactly is being digitized that is not already digitized?… This is what Class Valuation appears to be doing to justify their actions. According to the article written by Richard Torne in Mortgage Professional America, Class Valuation has announced the acquisition of DataMaster. From the article: “We’re not replacing the appraiser, we’re empowering them” We share a common belief in the true path to the future, which is not to replace the appraiser but to empower them. Appraisers have had their fair share...

Why is Price Indexing Important. Opinion, Estimate, or Prediction? 1

Opinion, Estimate, or Prediction?

Join George Dell & Craig Gilbert for a free 2-hour webinar on Market Price Indexing: For Peaking Prices… Price indexing is also known by other words, such as time adjustments or market conditions adjustments or trend analysis. A number of techniques have been recommended over the years. Most are flawed. Oddly, the algorithm mechanics of calculating are fairly simple and intuitive. Best of all, once done correctly, the payoff is really high: You effectively increase the data available for comparison. For example, a very similar property is perfect, but is say 20 months ago, it becomes your best comp. It makes other adjustments easier to...

Forms Redesign Extended Into 2023-24 7

Forms Redesign Extended Into 2023-24

What once was a ‘three year’ project to redesign and implement revised appraisal forms has morphed into one taking far longer. Actual implementation and use of ‘new forms’ are not scheduled to happen until (presumably) early in 2024, but could be extended even further. By 2024, the currently used ‘forms’ will be 19 years old, and the current UAD overlay entering ‘teenage hood’ at 13. For context, the current Planet Mars Perseverance Rover mission to successfully plan and land scientific instruments took only 9 years! Details for the ‘forms redesign extension’ are based on the announcement from Fannie Mae (and Freddie...

Opinion of an Insider on the New Form - Appraisers Blogs 13

Opinion of an Insider on the New Form

An appraiser shared the following with us which was posted on one of the appraisers’ groups. There’s been a lot of mis-information about the new FNMA form posted so i thought i might clear the air a little bit. Being a software provider i’m in the loop but i can’t disclose every thing i know due to confidentiality. That being said i’m just the messenger and don’t shoot the messenger. the new form is not to put appraisers out of business. if they weren’t providing the new form, then i’d be worried. the previous forms were designed for a typewriter....

CoStar Higher Offer to Buy Corelogic - Appraisers Blogs 1

Bids to Acquire CoreLogic

I heard from a number of appraisers about their adverse situations involving CoStar… It was announced on Feb. 4, 2021 that CoreLogic will be sold, with the transfer happening in the April-June 2021 time frame. See Inman news service article, “CoreLogic Acquired By Stone Point Capital, Insight Partners For $6B – Inman”. From the article: The deal is expected to close in the second quarter of 2021, subject to shareholder approval. See another news source here. CoreLogic currently owns several companies with ties to appraising: A la mode – appraisal report software Columbia Institute – appraiser education service provider Matrix...

Verifying Property Sales Data Is Key Element in Doing Appraisals Correctly 10

Verifying MLS Shown Sales Price

Verifying property sales data is a key element and requirement in doing appraisals correctly… Verifying property sales data is a key element and requirement in doing appraisals correctly. We cannot just assume the MLS reports sale prices correctly. One aid to help do this is by using one of the ‘data download’ software providers which prefill many property data items in the report comparable grids. These companies have direct interties with the local MLS (most, not all across the US), and public data from either your jurisdiction recording or assessor office, or an amalgamation company such as Realist. Two ‘data...

SFREP Doesn't Do Data Collection - Software by Appraisers for Appraisers 23

SFREP Does Not Collect Your Data

What Exactly Can SFREP Software Offer for Real Estate Appraisers? Are you working as efficiently as possible? In this day and age, appraisers need to be quick on their feet and utilize every tool under the sun to help streamline the process. That’s where SFREP comes in. This company is creating software designed to make the appraisal process digital while keeping it as fast, accurate, and straightforward as possible. But how exactly does SFREP work, and can it really make your job easier? For many real estate appraisers, the answer is a resounding yes. Software by Appraisers, for Appraisers SFREP...

Multi-Display Efficiency on One Curved Monitor During Report Production 9

Multi-Display on One Large Curved Monitor

Hi folks and Happy Thanksgiving! If you’ve been considering replacing multiple individual computer monitors with ONE large screen monitor, you may want to have software which allows individual ‘monitors’ showing different screens to be displayed on the one monitor. As most of us know, multiple monitors allows us to be more efficient during report production, reducing or eliminating the need to switch back and forth between various web sites we need to use. I first learned about this technology from Brandon, at SPARK, i.e., www.choicevaluation.com, who moved from 4 individual monitors to one large screen high def TV used as...

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