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| August 2003 |
A Publication of
ELLIOTT® & Company Appraisers |
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ELLIOTT®
Introduces Automated Appraisal |
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 In
response to the demand by financial institutions for quicker and less
expensive collateral-assessment tools, ELLIOTT® & Company Appraisers, has
developed an alliance with FNC Inc. to provide an Internet-based Automated
Appraisal.
The ELLIOTT® Automated Appraisal is prepared and signed as a limited
summary appraisal by a state certified appraiser. The appraiser derives
the data from two valuation models, the details of which are attached and
made part of the instrument. Each model provides a value estimate for the
property in question along with supporting comparable sales data. The
appraiser uses this information in the final value estimate conclusion.
All data selection is determined through statistical modeling, such as
that from public records and multiple listing services.
FNC (www.fncinc.com), headquartered in Oxford, Miss., provides collateral
infrastructure to the U. S. real estate loan sector. The company supplies
the platform that serves to process the information from the valuation
models into the Automated Appraisal.
The Automated Appraisal is substantially less expensive than a
conventional appraisal, and it is usually delivered to the client within
48 hours or two business days from the time of the order placement.
The Automated Appraisal is not designed to compete with traditional
appraisals. Potential uses for these products include second-opinion
appraisals, portfolio evaluation and screening, non-performing asset
evaluation, pre-funding follow-up, supplemental appraisal review data
source and fraud detection.
“A goal of our company is to meet the demands of the lending community by
offering automated products which can be delivered faster and more
economically,” stated Charlie Elliott, president of ELLIOTT® & Company
Appraisers. “The Automated Appraisal is our first effort to participate in
this new and emerging field. We hope to follow up with other such products
in the future.”
To find out more about ELLIOTT® & Company’s Automated Appraisals call
(800) 854-5889.
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New Home Sales
On Pace To Break Record Again |
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 The year
2003 finds new home sales in the United States, once again, off to a great
start. In fact, this projected to be the best year of all-time. The record of
977,000 new homes sold in this country, was set last year, but the National
Association of Home Builders has projected sales of new homes this year to reach
985,000.
According to the U.S. Department of Commerce, new home sales for May broke a
monthly record with a seasonally adjusted annual rate of 1.16 million new homes.
It marked the fourth of five times, so far in ’03, that the seasonally adjusted
rate has exceeded a million units.
“This is one more report that confirms what builders in the field have been
saying for the last several months: buyer demand is really being fueled by the
outstanding financing climate and solid investment potential of new homes,” said
Kent Conine, president of the National Association of Home Builders.
The department’s report also revealed that inventories of unsold new homes in
May were down to three and a half month’s supply at the present sales rate, the
lowest it has been since November 1998.
“Thin inventories of unsold new homes are an indication of the continuing health
and good balance of this marketplace,” Conine said. |
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President's Comments |
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 Will
the Automated Evaluation Replace the Traditional Appraisal?
Up until recently many of us probably had not ever heard of an
Automated Valuation Model (AVM). Some of us may have even
confused the term with a Sports Utility Vehicle (SUV) or other
similarly abbreviated product.
AVMs are computer-generated evaluations developed from
comparable sales databases and should not be confused with
appraisals which can only be prepared by humans. Statistical
models of varying levels of sophistication are applied to this
data.
The AVM has been around for a few years now and is becoming more
widely accepted as a collateral assessment tool in connection
with some mortgage loans. They fill a void not covered by
traditional appraisals.
Strengths of the AVM include the speed at which they can be
produced and their low cost. Weaknesses include the absence of
personal inspection and reasoning and they are typically less
accurate.
In summary, AVMs are considered to be most beneficial in
situations where efficiency and economics are more important
than accuracy, as is the case of low loan-to-value ratio loans.
AVMs when properly used, serve an important segment of the
evaluation marketplace not usually served by the traditional
appraisal. For the foreseeable future there will be a place for
both the AVM and thee Traditional Appraisal. |
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In The
News |
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Once again, William (Bill) Parker
III of the Boone office won the Gold Award for Top Producing
Appraiser for his superior production in 2002. Joyce Pusey, SRA,
another perennial winner took the Gold Award for Top Producing
Manager for the eighth consecutive time and her Winston-Salem
franchise earned the Gold Award for Top Producing Office. Silver
Awards went to Louise Perry (appraiser) and Robert Brown
(manager) of the Greensboro Office, while the Boone office took
the Office Silver Award. Bronze Awards went to David Strickland
(appraiser) of the Raleigh office and Rick Hutchinson (manager
of the Columbia office. The Greensboro office won the Bronze
Office Award. … Mary M. Newbury of the Winston-Salem Office has
obtained her North Carolina Appraisers License, while Kristen
Andrews has joined the Winston-Salem office as a trainee
appraiser. Also new to the Winston-Salem office are Danny
Andrews in data entry and Beatrice Phibbs as the bookkeeper. …
The Central Office also has a new bookkeeper, Mary Jefferson. It
has expanded its operations department with the addition of
Melanie Brady, Tiffany Beopple, Denise Brown and Amy Jones.
Nicole Kalafut has been named Office Manager of the Central
Office. |
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Quotes
of Wisdom and Wit |
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“To find out what one is fitted to
do, and secure an opportunity to do it, is the key to
happiness.”
– John Dewey
“Most folks are as happy as they make up their minds to be.”
– Abraham Lincoln
“The less we deserve good fortune, the more we hope for it.”
– Jean Moliere
“To turn $100 to $110 is work. To turn $100 million to $110
million is inevitable.”
– Edgar Bronfman
“Failure is not the only punishment for laziness; there is also
the success of others.”
– Jules Renard
“The longer we dwell on our misfortunes, the greater is their
power to harm us.”
– Voltaire
“The conventional definition of management is getting work done
through people, but real management is developing people through
work.” – Agha Abedi
“Prosperity is only an instrument to be used, not a deity to be
worshipped.”
– Calvin Coolidge
“Determine never to be idle; it is wonderful how much may be
done if we are always doing.” – Thomas Jefferson
“Capitalism without bankruptcy is like Christianity without
hell.” – Frank Borman
“If you’re going through hell, keep going.” –
Walt Disney
“An idea can turn to dust or magic, depending on the talent that
rubs against it.”
– William Bernbach
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ELLIOTT® & Company Appraisers
currently offers appraisal service throughout all 50 of the United
States. Clients are encouraged to place orders directly to any
office local to properties to be appraised or to the central office
for assignment.
Orders may
be placed via telephone, fax or through the company's Web site. All
Internet orders will be processed through the central office.
Some
Offices Are Independently Owned and Operated
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3316-A Battleground Avenue
Greensboro, NC 27410
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