1004p Inspections

[Babyshark64]

Curious who's doing them with what clients and AMCs? And let's see some of those beautiful sketches the uber driver is doing.

 

[Overimprovement]

Perhaps the whole thing is a big conspiracy and no one is actually doing them. Just some vicious rumor invented to get us all riled up.

Seriously gang--its easy to redact a report and share, most if not all of us have learned a tremendous amount on this forum, time to give back a little bit! I, too would love to see some actual inspection reports appraisers are given to work from. We already know some AMC's were requiring inspectors to opine on issues like quality and condition...

 

[glenn walker]

The "UBER" drivers are the appraisers and appraising real estate is just a side hustle : )

 

[Econobot]

This would involve self admission of being a hack appraiser who had no choice but to succumb to AMC demands. Its also a moot point as I guarantee of there is a sketch it came from the county...

 

[Tim Hicks (Texas)]

I don't know anybody doing them. Every few years we get some "sky is falling" addition to our profession. AMCs have been around since the 1980's. AVMs have been around since the 1990's. Yet we still soldier on as there is a basic need for a full appraisal by a licensed appraiser. If you live and work in a cookie cutter environment, then these items might be more relevant and more of a threat. However, none of these innovations have worked well in the rural environment or in areas with sketchy public data. Also, if the AVM or hybrid does not hit the sales price, you can bet your bottom dollar that the lenders and agents involved will be demanding a full appraisal. AVMs and Hybrids can't do relocation appraisals, REO appraisals, divorce/estate/legal appraisals, etc. Not to mention, if the real estate market ever goes south, they will expect a more reliable product in their chase to place blame on appraisers, banks, lenders and the use of AVMs and hybrids in the place of full appraisals. One of these days, they may come up with a better option than the full appraisal by a licensed appraiser, but until they are prepared to accept the blame for this better option there will be a need for appraisers. Now, until we weed out the bad appraisers who are still a problem in our industry, we will always be dealing with the threat of replacement for a better option. For those that complain that the appraiser holds up the loan process, I claim BS on that. I have seen it take weeks even months for loans to close after the appraisal has been completed.

 

[bnmappraisal]

Its also a moot point as I guarantee of there is a sketch it came from the county...

(my bold) That's a pretty big statement to make. Any proof to back it up?

And if the sketch does come from the County, so what? If the SOW allows the appraiser to use the County sketch/GLA, why would that be an issue?
I use County sketches in my desktop reports where the client acknowledges and accepts that as part of the SOW agreed upon for the assignment

 

[George Hatch]

Say what you do, do what you say. It's just not that complicated.

 

[CANative]

Say what you do, do what you say. It's just not that complicated.

Most appraisers still don't get that this comprises almost all of the first part of USPAP.

 

[Overimprovement]

(my bold) That's a pretty big statement to make. Any proof to back it up?

And if the sketch does come from the County, so what? If the SOW allows the appraiser to use the County sketch/GLA, why would that be an issue?
I use County sketches in my desktop reports where the client acknowledges and accepts that as part of the SOW agreed upon for the assignment

In a 1004P the data collector measures the home anyway, so sketch and GLA reporting is relying on that anyway is it not?

 

[bnmappraisal]

OI, I have not done a 1004p, so I cannot say for certain if they all require the home be measured by the data collector

If the SOW does require that for the assignment, I would hope that person does measure the dwelling and provides a sketch.

But again, I guess it comes down to the SOW (I've glanced at a 1004p that was uploaded here once - nothing filled out, just an example report - I forget exactly who shared it)