Appraisal House Blog

LRES is offering new "products". I'm excited, aren't you?
February 10th, 2011 12:25 AM

I received an email today from LRES, which I assume is some type of appraisal management company and/or settlement services provider.  Anyway, they were kind enough to notify me that they are now offering new products, and did I want to sign up to provide these services?  Below is the text of the email:

We Are Now Offering Our Clients a New Product!
Update your vendor profile to be eligible for these new products

Dear Vendor,

LRES is now offering a new product, please read the descriptions below:

Subject Data Report: Focuses entirely on the subject property and asks for 10+ exterior subject photos and completion of a brief questionnaire about the subject and subject market area. If interior access is obtained, 20+ interior photos should be provided of all rooms, damages, needed repairs and upgrades. A value determination will not be required. No comparables necessary. Turn-time will be 24-48 hours.

o Subject Data Report – Exterior - $20.00

o Interior Data Report – Interior - $30.00

Comparables Data Report: $15.00 - The agent runs local MLS for the best 15 comps in the subject market, selects the 15 best indicators of value for the subject property and prints these 15 full agent MLS "WITH" photo galleries to a PDF. Preferred 10 sales and 5 listings. The agent then selects the best 6 comparables (3 sales, 3 listings) and enters these 6 to a form. No visit to the property is necessary. A value determination will not be required. Turn-time will be 24 hours.

Subject Data Report with Comps: $35.00-$45.00 - This report will be a combination of the Subject Data Report and the Comparables Data Report. Turn-Time will be 24-48 hours.

If you are interested in the above products, please log on to your vendor profile at www.LRES.com and provide your fees for each service. Due to call volume, please refrain from calling LRES.

 

Now, call me crazy, but you really want me to drive across town to take a bunch of photos, drive home, log in, complete a questionairre, and upload these photos...for $20 bucks?  Or add the hassle of scheduling an appointment for $30?  The guy digging a ditch in my front yard is charging $10/hour, and I have to think that, depending on the location of the house, that is at least 2 hours of my day -- plus gas!  WHO IS WORKING FOR THIS????

Even better, I can compete the Comparables Data Report for $15.  This only requires that I determine "the best 15 comps in the subject market", print the MLS data sheet with photos for them (which is illegal with most MLS's since it is proprietary data), then select "the best 6 comparables" and enter these into a form for them.  Well, if I come up with what I think are the "best 15 comps" or the best 6 comps, then HELLO, I have just provided you with my opinion of the probable range of values, and so I have just completed an appraisal -- for $15??? 

Can anyone explain to me who would be (a) willing to work for this pittance, and (b) dumb enough to actually risk your license completing a $15 appraisal? 

 


Posted in:General
Posted by Mike Lay on February 10th, 2011 12:25 AMPost a Comment

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I thought I would call LRES to inquire about the same but then remembered it was not worth the time.

Posted by Mike Armentrout on February 18th, 2011 11:41 AM
I received one of these "subject comps with data" assignments from LRES for $35. I responded that there was obviously a zero missing from the fee -- was it $305 or $350. It would be quite sad if there are fools out there to accept these.

Posted by P Jones on February 18th, 2011 4:39 PM

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