{"id":921,"date":"2007-01-21T09:11:24","date_gmt":"2007-01-21T16:11:24","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=921"},"modified":"2007-01-21T09:11:37","modified_gmt":"2007-01-21T16:11:37","slug":"are-appraisers-being-pimped-as-involuntary-seeing-eye-dogs-for-the-congenitally-blind-avms","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/921\/are-appraisers-being-pimped-as-involuntary-seeing-eye-dogs-for-the-congenitally-blind-avms\/","title":{"rendered":"Are appraisers being pimped as involuntary seeing-eye-dogs for the congenitally blind AVMs . . . ?"},"content":{"rendered":"

From this morning’s Boston Herald<\/i><\/a>:<\/p>\n

Appraisers have resented AVMs for years, in part because the computer estimates have cut into appraisal companies’ business.<\/p>\n

But the industry also challenges AVMs’ accuracy – especially in today’s market, where prices in some locales are falling rapidly.<\/p>\n

And now, some firms claim a key industry player is even stealing data out of human-produced appraisal reports.<\/p>\n

Critics say AppraisalPort.com – which appraisers use to electronically ship reports to banks – is extracting information and reselling it to AVM users.<\/p>\n

To add insult to injury, appraisers say they must pay AppraisalPort parent FNC Inc. $5 every time they use the site to send reports to lenders.<\/p>\n

“We are paying, (but) they are stripping out our work product without paying us a dime,” said Patrick Turner, a Richmond, Va., appraiser.<\/p>\n

FNC spokesman Angela Atkins admits that her company extracts property-description data from appraisal reports.<\/p>\n

But she said the firm can legally do so, and doesn’t take proprietary narrative analyses or valuation estimates.<\/p>\n

She said FNC is building a national property-data repository for its customer base, which mostly consists of major U.S. mortgage companies.<\/p>\n

“We are not an AVM company, and we could not exist without appraisers,” Atkins said.<\/p>\n

But appraisers claim that what they include in reports – a home’s square footage, number of rooms, etc. – is proprietary information that goes way beyond public records.<\/p>\n

For example, Turner said one appraisal he recently did showed a house had 2,900 square feet of above-ground space and a 1,200-square-foot, newly renovated basement.<\/p>\n

By contrast, public records listed the home’s size at 1,100 square feet.<\/p>\n

“Imagine the difference in (appraised value) between a 1,100-square-foot house and a 2,900-square-foot house,” the appraiser said. (AVMs) can’t be accurate when the public records they are relying on are out of date or wrong. That’s why everybody wants to strip out our data – it’s valuable because it’s accurate and current. But they don’t want to pay us for it.”<\/p><\/blockquote>\n

<\/p>\n

Technorati Tags: disintermediation<\/a>, real estate<\/a>, real estate marketing<\/a><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

From this morning’s Boston Herald: Appraisers have resented AVMs for years, in part because the computer estimates have cut into appraisal companies’ business. But the industry also challenges AVMs’ accuracy – especially in today’s market, where prices in some locales are falling rapidly. And now, some firms claim a key industry player is even stealing […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,6,5],"tags":[],"class_list":{"0":"post-921","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-disintermediation","7":"category-marketing","8":"category-real-estate","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1565,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1565\/zillowcom-off-the-hook-in-arizona-state-rethinks-crackdown-on-online-home-appraisals\/","url_meta":{"origin":921,"position":0},"title":"Zillow.com off the hook in Arizona?: “State rethinks crackdown on online home appraisals”","author":"Greg Swann","date":"June 22, 2007","format":false,"excerpt":"This is me in the Arizona Republic (permanent link). State rethinks crackdown on online home appraisals The move by the Arizona Board of Appraisal and Attorney General Terry Goddard to prosecute Zillow.com, and potentially other Internet-based home valuation services, may be at an end. Last June and November, the board\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1302,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1302\/arizona-board-of-appraisal-to-zillowcom-in-your-zestimation-does-this-posturing-make-us-look-stupid\/","url_meta":{"origin":921,"position":1},"title":"Arizona Board of Appraisal to Zillow.com: In your Zestimation, does this posturing make us look stupid?","author":"Greg Swann","date":"April 13, 2007","format":false,"excerpt":"From the Arizona Republic (tipped by Adam Tarr and Sharon Kotula):An Arizona regulatory board has ordered Zillow.com to stop offering its online estimates of home values. The Arizona Board of Appraisal has issued two cease and desist letters to the popular real estate Web site, claiming Zillow needs an appraiser\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1329,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1329\/arizona-republic-realtors-side-with-zillowcom\/","url_meta":{"origin":921,"position":2},"title":"Arizona Republic: Realtors side with Zillow.com","author":"Greg Swann","date":"April 21, 2007","format":false,"excerpt":"The Phoenix RE.net is heard from in a big way in an article that will appear in Sunday's Arizona Republic about the State of Arizona's attempts to stifle Zillow.com. Writes reporter Peter Corbett:A state agency's efforts to stop Zillow.com from offering property-value estimates in Arizona are drawing criticism from some\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":635,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/635\/avid-avm-aversion-extends-only-to-zillowcom-ncrc-off-shoot-starts-competing-on-line-valuation-service\/","url_meta":{"origin":921,"position":3},"title":"Avid AVM aversion extends only to Zillow.com: NCRC off-shoot starts competing on-line valuation service . . .","author":"Greg Swann","date":"November 13, 2006","format":false,"excerpt":"Curiouser and curiouser. Could it be that NCRC's motive is not to shake-down Zillow.com but to sully its reputation, in advance of going into competition against it? From InmanNews (fingered by Jim Duncan of Real Central VA):Zillow officials say their valuations should also be seen as a starting point for\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1324,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1324\/zillow-notes-fear-and-ludditism-advertsing-a-better-farming-strategy-and-more\/","url_meta":{"origin":921,"position":4},"title":"Zillow.com notes: Fear and Ludditism, advertising, a better farming strategy and more","author":"Greg Swann","date":"April 20, 2007","format":false,"excerpt":"Zillow notes: Jay Thompson, The Phoenix Real Estate Guy asks \"Why do so many agents fear Zillow?\" He makes the same point in a BusinessWeek article on the Seattle-based Realty.bot. Brian Brady, America's Most Opinionated Mortgage Broker and a BloodhoundBlog contributor, covers some of the same ground: \"Is your Realtor\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1370,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1370\/arizona-appraisal-bill-amended-to-allow-web-sites-like-zillowcom-to-operate-passes-house-returned-to-senate\/","url_meta":{"origin":921,"position":5},"title":"Arizona appraisal bill, amended to allow web sites like Zillow.com to operate, passes House, returned to Senate","author":"Greg Swann","date":"April 30, 2007","format":false,"excerpt":"Arizona State Senate Bill 1291, as amended to assure the legality of consumer-oriented Automated Valuation Models such as that used by Zillow.com, passed the Arizona House today by a vote of 52-3, with five members not voting. The bill will be transmitted back to the Arizona Senate for reconsideration there.\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=921"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/921\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}