Is Appraisal Obsolete?
By George Dell SRA, MAI, ASA, CRE
Excerpt: Obsolete! Such a harsh word. Can it be?
Is the problem convolution?
Does it mean I will soon be obsolete? Not needed? Not loved? Terrible. What can be done?
Yet all the little signs are pointing that way. “Automated” valuation models have much of the market, and continue to gain. Other valuation methods and appraisal exempted transactions continue to grow. Evaluations, desktops, hybrids, auto-measurements, non-appraiser inspections, broker opinions.
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My comment: Another different perspective from George Dell! Check out “Appraisal startup Aloft closes $20M Series A” above! Not the first, and not the last, appraisal-related company to get millions in funding. Who needs experienced field appraisers when we have AVMs, hybrids, etc.?
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NOTE: Please scroll down to read the other topics in this long blog post on Zillow, marketing tips, Freddie and Fannie new loan limits, unusual homes, mortgage origination stats, etc.
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Excerpts: A student contacted me with the following dilemma concerning an Appraisal Management Company (AMC) request: “I told the Management Company that I cannot mark the Zoning Compliance as ‘Legal’ if the report is marked “as-is,” because this would not be true for the current “as-is” condition of the subject on the effective date of the appraisal. The AMC insists that as long as I disclose in the addendum that the zoning is currently ‘illegal,’ then I can mark on the first page as ‘Legal.’”
Excerpt from Jonathan Miller: She recently promoted her video called Fool The Appraiser a catchy marketing phrase to promote dishonesty. She literally has no idea how offensive this is to the appraisal industry and how unprofessional this makes her look to the public and her peers.