Drive by appraisals

[Mike Kennedy]

DO you inspect the interior of your comps? What's the difference?

If you own the home you currently reside in did you buy it without "getting under the hood"?
:icon_idea:

 

[Mike Boyd]

Makes more sense. I just think the lack of an interior inspection leaves way too much room for error. There have been several times over the last few years where I have made an initerior inspection on a drive by assignment and included the photos in the report. I think it's more fair to the lender and the owner.

How about fair to YOU? Did you get the appropriate fee for a full report? You have the same liability.

 

[RSW]

If you own the home you currently reside in did you buy it without "getting under the hood"?
:icon_idea:

I don't see the relevance to your question.

 

[The Argus]

Yes Mike, I did get my full fee. Thanks for your concern.

All of my residential clients are Credit Unions and portfolio lenders or divorce and tax appeal work. We work for OUR fee in my partnership.

 

[Don Clark]

I suggest reading the Scope of Work Rule.

 

[Mike Kennedy]

I don't see the relevance to your question.

Clearly the Fed and State Regulators who purportedly were elected to protect and preserve the Public Trust yet allow Wizard of OZ Methodologies which do the exact opposite to exist agree with you. :icon_idea:

 

[RSW]

Clearly the Fed and State Regulators who purportedly were elected to protect and preserve the Public Trust yet allow Wizard of OZ Methodologies which do the exact opposite to exist agree with you. :icon_idea:

So, you inspect the interior of your comps: I don't think so!

 

[Michigan CG]

I remember threads from a few years ago where this topic came up and the majority who posted thought drive-bys were great for any assignment. Turn out quick.

The pendulum has swung.

 

[residentialguy]

A desktop came up with a 250k value
A drive-by came up with a 225k value
A full interior came up with a 260k value.
It sold for 245k.

Which appraisal was correct?

They all were. They were all opinions. Any facts and/or lack of facts (extraordinary assumptions) should be disclosed so that there is no confusion of the findings.

Which appraisal should be done? That's up to the appraiser to decided.

 

[Mike Kennedy]

http://images.search.yahoo.com/images/view?back=http%3A%2F%2Fimages.search.yahoo.com%2Fsearch%2Fimages%3Fp%3Dmortgage%2Bfraud%2Bhouse%2Bphotos%26js%3D1%26b%3D101%26ni%3D20%26ei%3Dutf-8%26pstart%3D1%26fr%3Dslv8-&w=470&h=164&imgurl=blog.seattlepi.com%2Frealestatenews%2Flibrary%2Ffraud.jpg&rurl=http%3A%2F%2Fblog.seattlepi.nwsource.com%2Fprint.asp%3FentryID%3D123285&size=78k&name=fraud+jpg&p=mortgage+fraud+house+photos&oid=8d74c8ebe802bde8&fr2=&no=119&tt=272&b=101&ni=20&sigr=11r0friis&sigi=11j31phe0&sigb=13m3jmbra