Hybrid Appraisals

[frogman]

Just wanted to see who thinks hybrids comply with USPAP. Thanks

 

[shrubberyvaluation]

Just wanted to see who thinks hybrids comply with USPAP. Thanks

They can. No where in USPAP do you need to inspect, but you should be using the most reliable source. If you are forced to use PDC info over more reliable sources...

 

[J Grant]

Yes, the hybrid form complies with USPAP - though USPAP compliance lies within the content of the appraisal, not a form or format (in this case, pairing the inspection done by someone other than the appraiser doing the appraisal.)

A better question might be: why is the appraiser, who will be responsible for the appraisal, not the same person who inspects the property?

 

[sputnam]

The appraiser must comply with USPAP. Hybrid appraisals can comply.... or not. Just exactly the same as any other appraisal. Hybrid or not, there are two written report options.

I haven't yet figured out what the attraction is.. for Lender/Clients. I get reports based on hybrid appraisals for review. I also get to see the fees and the turn times. They don't seem to be cheaper or faster, most of the time. Yeah, the appraiser gets less... but the property inspector gets paid too... and the AMC, if there is one.

 

[Tom D]

USPAP has already addressed it as being alright. The question is how comfortable you feel about what info you are being given. And how degrading the fee will be to your overall income. The hybrid is like working on a hourly assemble line in a factory. But, there will not be enough per week to make a living better than home depot employee. And i guarantee the time required to do one properly will be double of what they say. AMC are smart enough to have their low paid staff do them, they don't need no stinking over paid fee appraisers.

My one direct lender hated them, always reordered them as 1004's. They had to order hybrid thru an AMC, to which it took longer and cost more, and was more aggravation for them.

But we, the walking dead, already know this. Some younger here are hoping that the hybrid plantation will take care of them.

 

[chad hampton]

Maybe they could be, but numerous USPAP instructors on Facebook groups say they’ve reviewed hundreds of them and haven’t seen one yet.

 

[alebrewer]

That's a trick question. Report format is not the litmus test of USPAP compliance. The information contained within the report is the measure.

 

[George Hatch]

Maybe they could be, but numerous USPAP instructors on Facebook groups say they’ve reviewed hundreds of them and haven’t seen one yet.

Citation needed for "haven't seen one yet". Post an example of one of those individuals saying that and we'll check/see if they're on the list. You've got one current instructor in this thread who just said he has seen lots of hybrid reports. Why don't you ask him if he's ever seen one that is USPAP compliant?

 

[chad hampton]

I encourage you to go on Facebook groups and debate them.

 

[George Hatch]

I'm not interested in debating the allegation itself. I'm just checking on your basic honesty. I doubt any well-formed appraiser who has seen a bunch of these can say "never seen one" that's compliant.

And no, based on your previous remarks on the topic I definitely don't consider you to be well informed as to what is/isn't USPAP compliant.