Freddie Mac vs Appraiser Bias

[Zoe]

For those who disagree that in 2020 and 2021 that the bottle neck was the inspection...
What was the bottle neck in your opinions....

So what? They can wait for appraisal inspection or other qualified licensed and insured professional for inspection.

 

[George Hatch]

I appreciate your confirmation that inspection is not required by USPAP.

Yes, by necessity, a personal inspection has been commonly conducted. For decades photos were commonly taken with a camera that used film and reports were delivered on paper. As technology changes the things that were formerly common and/or necessary also change. And I can tell you from first hand experience, because I was an appraiser when both of those changes happened, many appraisers resisted those changes as well. Heck, I remember the uproar when my firm bought forms software - the appraisers could not fathom typing their own reports.

I think we might both have skipped past one of the points she was making - that when appraisers do inspect there is an expectation of technical competency. But there are apparently no obvious expectations for technical competency for the 3rd party inspections. No barrier to entry and no training whatsoever.

Still not responsive to the comment she was directing it at but also not a non-issue on it's own.

 

[ucbruin]

So what? They can wait for appraisal inspection or other qualified licensed and insured professional for inspection.

Zoe....
Where was the bottle neck during 2020 and 2021....

 

[Zoe]

I think we might both have skipped past one of the points she was making - that when appraisers do inspect there is an expectation of technical competency. But there are apparently no obvious expectations for technical competency for the 3rd party inspections. No barrier to entry and no training whatsoever.

Still not responsive to the comment she was directing it at but also not a non-issue on it's own.

I am with you there. If appraiser could rely on a licensed and bonded or insured inspector, it would be different. I have done so on many commercial appraisals and incorporated them in my analysis.

 

[ucbruin]

The AMC trying to get the lowest bid. My opinion only of course.

Could be....
During 2020 and 2021 I didn't experience any push back when requesting a higher fee....

 

[Dublin ohio]

Could be....
During 2020 and 2021 I didn't experience any push back when requesting a higher fee....

Neither did I. I would guess that the majority of the bottleneck problems was simply too much volume at one time. I know there were months where I turned down as many as I took and it wasn't because of the fee.

 

[glenn walker]

Could be....
During 2020 and 2021 I didn't experience any push back when requesting a higher fee....

Thats because many appraisers in my area went Into covid panic. Some old ones were so crazy they would not even go Into a vacant home.

 

[Zoe]

Zoe....
Where was the bottle neck during 2020 and 2021....

I don't think it was inspection of property. Inspection might take 30 minutes to 3 hours max on average That don't count driving time. I have done some inspections that took like 7 hours.

 

[Tiffany Gibbons]

I don't think it was inspection of property. Inspection might take 30 minutes to 3 hours max on average That don't count driving time. I have done some inspections that took like 7 hours.

Oh, I'm sure it will be much faster when some unlicensed, uninsured moron does the inspection. Considering I have to explain in detail to realtors that have been in the business 20 years what it means to replace rotten wood, scrape and paint all peeling, flaking paint and put a photo of every single necessary repair in the report or it won't get done. Who'll be doing that part of the job? Still the appraiser who didn't get to see it? Or the unlicensed, uninsured moron?

 

[glenn walker]

Oh, I'm sure it will be much faster when some unlicensed, uninsured moron does the inspection. Considering I have to explain in detail to realtors that have been in the business 20 years what it means to replace rotten wood, scrape and paint all peeling, flaking paint and put a photo of every single necessary repair in the report or it won't get done. Who'll be doing that part of the job? Still the appraiser who didn't get to see it? Or the unlicensed, uninsured moron?

I don't think these are being done on VA or FHA..at least not right now.