1004MC

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Comment by Ricky Mok on March 3, 2009 at 5:28pm

Hi Patrick,

I have downloaded the Excel 1004MC-worksheet from the internet and tried it out on some of the assignments I did recently, it seem to be very helpful but I still have some questions about this 104MC form. Cause some of the data which needed to perform the analysis may not be available, such as the number of listing in a certain period of time may have changed the status to closed after sold, this make the number of listing not accurate. Also, in the slow market like now, the comparable sales of the most recent 3 months may be only one or two in a certain area and you will get a "0" as your median sales price, I don't know how much this "0" mean to the underwriters when approving the loan.

I am coming to your workshop in Phoenix next week, may be I can get a beter understanding after the class.

Thank you so much for putting this workshop together.

Comment by Thomas J. Kelly on March 3, 2009 at 12:50am

Hey Patrick,

Looking forward to the latest version. next week.

**After reviewing all the "free" MS Excel spread sheets and even looking at the MS Access Data Base version that will work teh 1004MC solution out in different geographic areas or as my boiler will state, "neighborhood market areas" which will most likely be the same old specific Thomas Brothers Guide sections surrounding the Subject Property"; and taking a class on this thing in Orange County.
I was pleased to find that even FANNIE MAE does not know how to answer specific questions about the calculations used.
Little things like this will help appraisers in getting added atentionto their new found ways of getting special data blown into their spread sheets for continuous reapeated analysis.***Now the main thing here is the word "repeated" and eventually we will be questioned on this either in court - hopefullly not - or on the phone. ****No need to panic, a standardized responce will be looked for in about 1 year or less for many scenarios. But the "Cut and paste" use of data into an Excel template that we can save in each appraisal will also be useful in getting better data that will be demanded in certain areas like DOM. AS a Broker, Appraiser and former Analyst for Boeing and Circuit City, I know that if a current market Snapshot is what is needed then more pressure will be there for RE agents and MLS website providers to get what they want.
HUD and FHA is not using this thing yet for a reason...

Tom Kelly

Comment by Patrick Egger on February 19, 2009 at 8:38pm

Hello Richard,

We'll be starting in earnest next week as I start the 1004MC Workshops. I plan to post answer questions (from the workshop), pass on opinions, etc. I will be inviting all (formerly) so we can get a good cross setion. The final (cross my fingers) copy of the Excel Template is in the hands of the testing group and should be ready early next week (if they don't break something else). So many different MLS systems (and MLS problems) had to be worked out to provide something I hope will work for the majority.

Looking forward to next week, glad to have you.

Patrick

Comment by Richard Johnson on February 19, 2009 at 8:24pm

Since attending the 1004 workshop in OKC with Patrick Egger, I have been looking forward to this group getting started. I will follow it closely and hope to learn more from the posts.

Comment by Daniel Wagaman on February 17, 2009 at 6:43am

Glad to be a part of this group. I look forward to reading what's posted and adding some of my own perspective!

Comment by Diane A. on February 9, 2009 at 3:55pm

Hi Patrick, Tim, et al....
I came upon this group while looking for information about the 1004MC. I am very interested in finding out more about Ron Stalzer's graphs. I tried to do a search to find out about them, wasn't super successful. Anyone got a link to learn more? Also, I joined the Yahoo Group ICAAF to find Don Machholz’s free Excel Template for the 1004MC... I looked in a lot of the folders, but wasn't sure which one it was in, or what the file was named. Any additional insight would be really appreciated.
Thanks!

Comment by Tim Ferguson on January 27, 2009 at 4:53am

Thanks Patrick, very good comment.

Comment by Patrick Egger on January 26, 2009 at 7:17pm

The age-old problem, work vs. fee. First (simply to set the record straight), you determine your fee, either as from what you charge or what you are willing to accept. Many potential clients are not going to pay additionally for this as long as they can find appraisers that are willing to do it for nothing more.

From the client’s perspective, market analysis has always been required (see Fannie Guidelines) in the report itself and therefore this isn’t new, simply a reformat of what appraisers should have been doing all along.

So, what can you do? As this moves forward and lenders begin to see that they will get what the pay for, I suspect thinks may change, especially as new AMCs are forming and the AMC market gets a little more competitive with the HVCC.

In the meantime, you have a business choice to make. Do the job for the fee offered or find another client. Neither is a good short-term option, but one you must consider. Many appraisers are marketing more, spending more time on X-sites, upgrading skills (ERC, FHA, litigation, etc.) and dropping AMCs (or joining those that have a higher split like ALM’s Mercury).

The problem will solve itself in time, but for now, it will be painful for many, especially those that don’t re-invent themselves. My friend Ron Stalzer is the poster-child for reinventing himself. About nine months ago, he started the process and now has more work than he can handle.

Was it easy, no. Did he work long hours, absolutely. Did he let others control him or did he take charge of his own destiny, the latter. Is Ron an exception to the rule, no, I assure you (and he will tell you the same) that nine months ago, he was no different from others appraisers.

Change comes with a price and a commitment that you have to accept or reject. AMCs control price and volume because as a profession, many of us will work for those fees and under those terms. Until this changes, nothing else does.

Rural areas stand as the example. Appraisers get full fee and longer turn times because there is less competition. Just as builders overbuilt for market conditions, we did the same with new appraisers. With the economy being what it is, there won’t be many new appraisers and as the market corrects (and appraisers adjust their client base) demand will increase (already has in many areas).

Start with the man (or woman) in the mirror. Be patient, do what you have to do, but don't expect it to be handed to you. Set down, make a business plan for 2009, market, improve you Xsite, upgrade skills, particpate in classes, develop a better report, make yourself standout, market, market, market.

Btw, Ron had a good article in the Appraisal Press on his Xsite, lots of ideas/tips there. Same for the Appraisal Scoop, several good marketing ideas.

Comment by Tim Ferguson on January 26, 2009 at 6:40pm

Ok, I agree on charging, but two of my AMC, say I can not increase the fee, because the new form will be a requirement. So where do you go from their. You can not just not do them. I guess it is going to be a personal judgement call.

Comment by Anise Marshall on January 26, 2009 at 3:33pm

Thank you Patrick

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