The niche for low-cost Fannie/Freddie residential appraisers will likely continue for years – at least as long as we have a rebound in the housing market from time to time. Hybrid appraisals are here to stay. The mortgage system thrives on low-cost solutions. At the GSE/Fannie/Freddie level, accurate appraisals, while good, – are not that […]
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Residual Containment Approach (RCA) A Variation on the Traditional Sales Comparison Approach for Appraisal Introduction and Overview by Bert Craytor, Pacific Vista Net, August 6, 2022Pacifica, CA I introduced a new method for the sales comparison approach in 2020 and 2021 that promises far higher accuracy, objectivity, and reliability than current methods commonly
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A new workflow for URAR appraisals based on the R/earth version of MARS (Multivariate Adaptive Regression Splines) has been added to our toolset. The conversion has added some improvements, such as full automation of the processing of MLS input through submission to earth(), parsing of the R::earth output to Excel spreadsheets with adjustments, and aggregation
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Here is a short list of the main software tools used in my office: Statistics MARS Salford Systems MARS ($15,000) or R-Language Earth Package (Free) R-Language – Hundreds of other useful statistics, graphing and related products. GIS Quantum GIS https://www.qgis.org/en/site/ (Free) ArcGIS ($$$) CAD Software for Building Floorplans Chief Architect Home Designer Pro (You can
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It is often beneficial to look at how other countries handle appraisal. Several countries in Europe, particularly Germany, require that appraisers provide a “Mortgage Lending Value” (MLV) as part of the appraisal for home loans. This goes beyond the American appraisal process of simply providing a Market Value. RICS advises, though it does not require,
by Bert Craytor, SRA, CGREA, Software Architect The term \”Valuation Engineering\” is intended to denote the application of a broad range of techniques and tools for measurement and valuation for real estate, business and government purposes. It may be regarded as the \”Elephant in the Room\”, as it incorporates several other disciplines and a broad
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