Visual Appraisal for Real Estate
The Visual Appraisal for Real Estate Appraiser tool quickly summarizes the result in the format required by the Fannie Mae Form 1004MC.

12 months at $14.95 = $179.40


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VISUAL APPRAISAL FOR REAL ESTATE© ™2007

The Visual Appraisal for Real Estate is an appraiser based tool to quickly summarize the requested data elements expected by the Form 1004MC. The appraiser uses the MLS that they currently use to search and select key comparable properties and/or neighborhoods as suggested by Fannie Mae. Then the appraiser exports his data, and runs the Visual Appraiser for Real Estate tool. The tool quickly summrized the data selected by the appraiser into the Form 1004 MC format.

"THIS IS NOT A FORMS BASED APPLICATION! HOWEVER, THIS APPLICATION IS USED TO GENERATE THE MARKET CONDITIONS DATA AT THE TOUCH OF A BUTTON"

Most MLS do not provide data in the format, required by the Form 1004 MC. Additionally, gathering this data from MLS's in many cases will be time consuming and difficult at best. This tool will save the appraiser's time that would be spend going through the mechanics of gathering and summarizing the data, allowing the appraiser the time to focus on analyzing the results instead. While the tool quickly summarized the data for the appraiser, it also summarizes the detailed information to show the appraiser the information that was used to provide the summary. This allows the appraiser to take a closer look at the actual data used. The appraiser may quickly use his MLS to evaluated further details if needed be.

Additionally, the Visual Appraisal for Real Estate also provides access to the Neighborhood Buying Patterns set of tools to the Real Estate appraiser as well. While the information requested by the Form 1004 MC is critical in helping the appraiser to understand the subject market, there can be times where that information alone can led to incomplete analysis. This is primarily the case where sales in the subject neighborhood are seasonal in nature. When this is the case, depending on the time of the year, the data elements requested in the Form 1004 MC can lead the appraiser to incorrect conclusions. Using the Neighborhood Buying Patterns in combination with the Form 1004 MC gives the Real Estate appraiser a more complete picture of the subject neighborhood.

The Neighborhood Buying Patterns is a set of "visual tools" to help the appraiser determine the selling experience of a subject property. The appraiser uses his MLS to search for comparable properties and/or specific neighborhood(s) that match that of the subject property. The appraiser may pick and choose the properties if need be, and then export the results from his MLS. Then using the Neighborhood Buying Pattern Application, several graphs are automatically generated based on the data provided by the appraiser. These graphs provide answers to key questions.

WHAT ARE THE ODDS OF SELLING THE SUBJECT PROPERTY?
Click on the image to see a sample graph
Not all the homes that are put on the market are actually sold! Many of them do not sell and are either withdrawn, or have expired. Sometimes sellers will re-list them with another Realtor®, or sometime sellers will re-list with a price improvement. This first chart looks at the actual homes that were sold and homes that did not sell during the previous years in the subject neighborhood. The homes sold, are the actual properties that were SOLD that year. The homes "Withdrawn/Expired" are the homes that were listed and that were either withdrawn from the market or the listing expired (i.e. did not sell) for that year. The homes shown as "For Sale" are the homes that were still listed at the end of the year. Additionally, the yearly "Months Supply" and the "Absorption Rates" are calculated for you.

HOW LONG WILL IT TAKE FOR THE SUBJECT PROPERTY TO SELL?
Click on the image to see a sample graph
This chart looks at all the homes that were sold the previous year in your customer's neighborhood, and calculates the number of days on the market each listing had before it was sold. In summary, the average time on the market is a good indication of how long the subject property may be on the market before it sells if it were for sale.

WHEN IS THE BEST TIME FOR THE SUBJECT PROPERTY TO SELL?
Click on the image to see a sample graph
This chart shows the previous years "Buying Pattern" for the neighborhood. It shows the actual Sold data for the homes in the subdivision. There is a data point for each Sold property that shows the date it sold and the price it sold at. This chart is a great overview of when homes have sold in the subject property's neighborhood. You can get a good indication of when the best time for you to list homes (and get them sold in a timely fashion) from these charts. Data points are grouped together as it best makes sense. Please be aware that these are Closed dates and not the date when the property was put under contract. Most home close 30-45 days after going under contract. So to take advantage of any pattern homes should be listed 30-45 days before hand. This chart will be important when doing your appraisal. The time of year, when you are doing your appraisal and how it matched up with the buying pattern can give varied results that you need to be aware of when providing the market conditions data.

As you create these charts, and use them in your appraisal, your lenders will acknowledge you as a neighborhood and Real Estate expert. You will help them understand and set realistic expectations.

"TO CREATE YOUR BUYING PATTERNS, SELECT YOUR DATA USING YOUR LOCAL MLS AND THEN EXPORT THE DATA INTO THE BUYING PATTERN APPLICATION!"

System Requirements: This application requires the Microsoft Excel 2003 or later (assumes that Macro security is in place).