Desktop Appraisals Becoming the New Normal

[alebrewer]

But since there is a finite number of orders, either the appraiser will only have 30 assigned a month, or the appraiser doing 50 a month took the orders away from another appraiser, who now does 10 a month.

And how is that different from today?

 

[J Grant]

Spoke to nephew yesterday he is a business and real estate attorney. My questions were related to liability on a Desk top "V" full 1004. He is of the opinion that the lowest liability appraisal is the desk top and 2055 exterior drive Bye. He then asked has anyone every questioned your use of MLS photos and details on how you arrived at a Physical condition on a comparable ? I said no we base our condition on interior MLS photos and driving by the comps. He responds with exactly you also carry almost zero liability because you never physically inspected those comparables. Finally as liking to suck up as much free time out of him as possible because he owes me money which I will never see except to suck it out of-him one cut at a time.

I now digress and I asked how about racial issues ? He responds like all appraisers that is not hi area of expertise but like us he reads all the latest news on lawsuits involving charges of white appraisal biases.
His beady little eyes open and he says yeah nobody can make a race case if they ever even saw you and you didn't go inside their home. We finish up and he says yeah do you know that now almost 75% of all our clients consultations are virtual and on zoom and its no longer a Covid-19 temporary thing as we can do more consultations at lower prices and make the same or more money. CHANGE IS A COMING and so we all have to get used to it.

doh we are not appraising the comparables so why would be liable for mis reporting them?

Idk what more or less liability we have but there will be more cases of where lack of inspection impact results, and more cases (imo) of parties complaining and not accepting outcome of ROV because after all, the appraiser never even saw the property.

 

[djd09]

Spoke to nephew yesterday he is a business and real estate attorney. My questions were related to liability on a Desk top "V" full 1004. He is of the opinion that the lowest liability appraisal is the desk top and 2055 exterior drive Bye. He then asked has anyone every questioned your use of MLS photos and details on how you arrived at a Physical condition on a comparable ? I said no we base our condition on interior MLS photos and driving by the comps. He responds with exactly you also carry almost zero liability because you never physically inspected those comparables. Finally as liking to suck up as much free time out of him as possible because he owes me money which I will never see except to suck it out of-him one cut at a time.

I now digress and I asked how about racial issues ? He responds like all appraisers that is not hi area of expertise but like us he reads all the latest news on lawsuits involving charges of white appraisal biases.
His beady little eyes open and he says yeah nobody can make a race case if they ever even saw you and you didn't go inside their home. We finish up and he says yeah do you know that now almost 75% of all our clients consultations are virtual and on zoom and its no longer a Covid-19 temporary thing as we can do more consultations at lower prices and make the same or more money. CHANGE IS A COMING and so we all have to get used to it.

are you estimating value of the comparables?

 

[alebrewer]

there will be more cases of where lack of inspection impact results

"IMO, there will be more cases of where lack of inspection impact(s) results." There, fixed it for ya.

 

[Non Sequitur]

Well, some are - it's just not the appraisers...

True. On the lender side VA appraisers who refuse to develop/report the cost approach in new construction assignments cause a whole lot of drama for regulated lenders and their OTC lines. But the deals still get done, just costs the vet a little more money.

 

[J Grant]

And how is that different from today?

finite number of orders at lower fees each are what will make it different from today

 

[Terrel L. Shields]

Licensing is probably not the best way to go however they did agree with me on many other points.
Completely agree with your AMC comment.

Since it is a paid occupational effort, the legislature could regulate it. Perhaps requiring either a RE, Appraisal, or Home Inspector license, or at least for someone to be required to take a course in the art of inspecting a house.

 

[George Hatch]

finite number of orders at lower fees each are what will make it different from today

The money.

 

[Terrel L. Shields]

who refuse to develop/report the cost approach in new construction assignments

Do they refuse because they don't believe the standard SOP of the textbooks that the cost approach is most applicable in new construction or that they are simply incompetent and cannot do a credible cost approach?

 

[J Grant]

The money.

so what ? Appraisers are human and are concerned about money. is this another appraisers are hypocrites because they say it is about credibility when all they care about is the fee posts ?Must have been hundreds by now. Amazing how appraisers like to undermine their own.

Appraisers are concerned about the fees, AND concerned about credible results. One does not negate the other