Metro-West Appraisal Co. plans to become a “one-stop shop” for alternative appraisal solutions.
“We have the expertise and the right team to do the heavy lifting in these alternative valuation situations,” says Brandon Boudreau, chief operating officer of Metro-West, in a release. “Not only are our prices sustainable, but our management team is there to support the process as the field adapts.”
The company claims its product-agnostic methods are compatible with any proprietary valuation software.
What’s more, its appraisers are located in over 80 major metro markets throughout the U.S.
The company’s plan to become a one stop shop for alternative appraisal solutions comes on the heels of its launch of a number of new services and processes.
For example, the government sponsored enterprises (GSEs) have come out with new forms that bifurcate the appraisal process, known as property data collection and 1004Ps.
These processes create more affordable and effective evaluations, but many AMCs struggle to find appraisers who will conduct the field work for these alternative solutions due to lack of training.
Metro-West says it is “fiercely committed to implementing innovative processes that alleviate the burden of training for clients.”
I mean what can go wrong.. I wish the consumer was more informed. So here is a blog post I wrote. Shame.
https://thepeoplesappraisalblog.wordpress.com/2019/06/15/do-you-know-what-you-are-getting-into/
Good luck finding appraisers to do this work long-term for such low fees. Never mind the fact that appraiser still holds the liability its just not worth it financially. After tax, expense whats left? Not much. Minimum wage.
Lets not pretend these products are anything but a money grab for the AMCs. Are these bifurcated/hybrid product a better option for the consumer (nope!), more reliable (nope!), faster (nope!) more profitable for the AMC (yep!). The major risk to the consumer is a unlicensed non real estate person will come into your house and only god knows what that will lead to. The AMCs charge the borrower $450 for the hybrid/bifurcated report and pay the uber driver $25 to inspect the property and pay the appraiser $50-75 for the appraisal? The AMC pockets the balance. The poor borrower has… Read more »