gotappraisals.com appraisal management services a proactive approach to home valuation david barnes...

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


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


Appraisal Issues

• Appraisals ruining your deals• Unrealistic value expectations• Price adjustments due to

LTV/CLTV


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.)?


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!


Leverage Your Knowledge• Educating your client• Setting realistic expectations for

youand your client

• You are the mortgage expert


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


You ARE The Mortgage Expert• Creating long-term relationships

and referral-based business• Stand above ALL of your

competition


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.


&

Now Introducing!


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


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.


Interactive AVM


All of the benefits of GotVal, AND…• Property inspection report• Exterior Photos

Interactive AVM


Interactive AVM


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.


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


PAR


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]

mailto:[email protected]

gotappraisals.com appraisal management services a proactive approach to home valuation david barnes...

Documents

ltvcltv slide

competition slide

mortgage expert slide

standard avm

potential value issues

interactive avms

good idea of potential

subject property