gotappraisals.com appraisal management services a proactive approach to home valuation david barnes...
TRANSCRIPT
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
A Proactive Approachto Home ValuationDavid BarnesSr. Relationship [email protected] 925.965.0378
Ultimate Mortgage Expo Atlantic City, N. J. June, 2013
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
Today’s Topics
• Benefits of understanding potential value up-front
• How to leverage that knowledge• Structuring the deal around potential value• Positioning yourself as the expert• Realtor-based business
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
Appraisal Issues
• Appraisals ruining your deals• Unrealistic value expectations• Price adjustments due to
LTV/CLTV
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
Understanding Potential Value
• What does the borrower think the home is worth (or purchase price)?
• What do you need the home to be worth to make your deal?
• Is there anything going on with the subject property that could impact its value or your loan (i.e. deferred maintenance, permit issues, unique situations, etc.)?
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
Why Let Value Kill Your Deal?• Have a good idea of potential
value while packaging the deal• You need something more
accurate than a BPO or an AVM and that is cost effective
• Knowledge is POWER!
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
Leverage Your Knowledge• Educating your client• Setting realistic expectations for
youand your client
• You are the mortgage expert
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
Structuring The Deal
• Best and worst case scenario–Will the deal still work?• Cash to close• Mortgage insurance• Potential for a rate increase
due to LTV/CLTV
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
You ARE The Mortgage Expert• Creating long-term relationships
and referral-based business• Stand above ALL of your
competition
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
Realtor-Based Business
• Knowing up-front if there will be potential value issues with purchase transactions
• Make your agent look great!• If there is an issue, get out
before contingencies are up.
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
&
Now Introducing!
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
The interactive AVM, compared
• Standard AVM: – Low cost, automated estimate of market value– Automation is a shortcoming
• GotVal and GotVal Plus interactive AVM’s:– Start with an AVM– Add insight from trained staff members– More accuracy, without losing speed or
economy
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
Interactive AVM
• Geo-statistical formulas and analytics
• Multiple data sources• Confidence scoring, plus additional
data• Trained staff* intervention to adjust
subject and comp criteria• Elimination of sales data that is not
pertinent*Trained staff is not necessarily an appraiser.
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
Interactive AVM
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
Interactive AVM
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
All of the benefits of GotVal, AND…• Property inspection report• Exterior Photos
Interactive AVM
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
Interactive AVM
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
Interactive AVM
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
Interactive AVM
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
Interactive AVM
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
The Professional Abbreviated Report (PAR)
• Completed in 24-48 hours• Done by local certified appraiser– Direct knowledge of the subject
neighborhood.
• Order full appraisal within 10 days– Get $50 off– Will be completed by the same
appraiser.
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
The PAR Advantage• Fast • Always done by a local appraiser • Always USPAP-compliant • Save money on follow-up appraisal • Full-time support staff to answer questions
• No conflict of interest with broker agenda • Photos of subject and comps available • High accuracy
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
PAR
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
PAR
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GotAppraisals.comAPPRAISAL MANAGEMENT SERVICES
Thank You!By doing a little homework up front in properly qualifying your collateral, you can save yourself and your borrower a lot of frustration, time and money.
You will have better quality loan packages and much happier clients.
If you have any questions contact: [email protected]