Hybrid Appraisals

[frogman]

Uniform Property Dataset.

Uniform Property Dataset | Fannie Mae

To enhance data quality and consistency in property data collection, Fannie Mae and Freddie Mac (the government-sponsored enterprises or GSEs) have worked together to develop the Uniform Property Dataset (UPD).

singlefamily.fanniemae.com

So not the appraiser......

 

[shrubberyvaluation]

Just put your head in this here noose...

Its ok, I'm sure FNMA will come to the defense of the appraiser....not that I recall that ever happening.

 

[Dublin ohio]

So not the appraiser......

Not for the inspection, but the appraiser can decide whether or not they consider the data accurate or credible. Look at the guidelines for the inspection part, very comprehensive and they are required to provide numerous photos. I don't do hybrids myself, but relying on a PDR is really not that much different from relying on an MLS description and photos for comparable sales or for subject info on a 2055 exterior

 

[Non Sequitur]

So not the appraiser......

Since the appraiser doesn’t engage the third party real estate agent, uber driver, etc. how is that a surprise?

 

[chad hampton]

What about all the subjective opinions that are developed during the appraisal inspection? Surely no appraisal professional thinks you just collect data doing the inspection portion of the appraisal.

The leadership in this profession is nothing but snake oil salesman. Want to feel dirty? Go attend a conference with these people. Listen to them for a few days then try to wash the filth off of you. Won’t be easy. They spent a decade strong arming and threatening state boards, getting USPAP revised multiple times, etc so they could push their plan to help their AMC friends out and allowing unlicensed runners all over the country under the guise of "appraisal reform".

And good, honest, ethical individual fee appraisers had their businesses destroyed.

I take comfort in knowing that karma will get them all eventually. Always does.

 

[sputnam]

Really, I would like to see one where the appraiser determined the scope of work for the inspection.

Appraisers only determine the scope of work for the inspection IF the Scope of Work for the appraisal requires that the appraiser inspect the subject property. USPAP has never required that the appraiser inspect the subject property.

 

[Tom D]

Not for the inspection, but the appraiser can decide whether or not they consider the data accurate or credible. Look at the guidelines for the inspection part, very comprehensive and they are required to provide numerous photos. I don't do hybrids myself, but relying on a PDR is really not that much different from relying on an MLS description and photos for comparable sales or for subject info on a 2055 exterior

There is a difference here. A realtor MLS is like a nurse giving a general description. A pdr is like a doctor giving a more detailed description of each part. The doctor should be more qualified to do that than the nurse is. However, FHA recently reiterated the we do an observation, not an inspection. Is this change in anticipation of the split hybrid.
A 2055 is assumed to not have been seen, with that assumption being a limiting condition. With the user knowing up front what wasn't going to be done.

And good, honest, ethical individual fee appraisers had their businesses destroyed.

Sorry, that happened with hvcc. This is just more dirt on your coffin, in case you were wondering what that sound is your hearing.

 

[chad hampton]

I love how people use that USPAP never required an inspection and bend it to meaning now anybody can do the inspection when one is required. That’s a hell of a stretch. I no longer give a **** about USPAP, but for the first 10 editions of the book I was required to buy, it said the appraisal inspection and things like measuring the subject Property are considered examples of significant appraisal assistance. Now the unethical stakeholders probably lobby to get that removed. For a book supposedly based on ethics, they sure do compromise themselves all the time.

 

[J Grant]

Appraisers only determine the scope of work for the inspection IF the Scope of Work for the appraisal requires that the appraiser inspect the subject property. USPAP has never required that the appraiser inspect the subject property.

We all know this, and I, for one, am sick of it being pointed out in these threads on the topic - as if appraisers so stupid that we can not read and understand USPAP does not require an inspection.

GSE origination loans with a valuation usually require a subject inspection, and now the hybrid is a barrier to the appraiser personally inspecting the subject of the appraisal. This means the appraiser is now less well-informed than the buyer or RE agent, both of whom HAVE visited the subject personally if at all possible to do so. ( in most cases )

If a property was a list of data, then buyers would not feel a need to see the property in person or drive through the neighborhood. A listing agent would not need to inspect it either. Why bother? Because parties know there are less tangible or surface visible aspects to a property that are extremely important and affect appeal and value and which can only be experienced in person. No matter how many photos or videos or notes are available.

 

[Justinjla]

Not for the inspection, but the appraiser can decide whether or not they consider the data accurate or credible. Look at the guidelines for the inspection part, very comprehensive and they are required to provide numerous photos. I don't do hybrids myself, but relying on a PDR is really not that much different from relying on an MLS description and photos for comparable sales or for subject info on a 2055 exterior

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report is subject to the following assumptions and limiting conditions:

3. The appraiser has relied on data provided by third-parties in this appraisal report. Such data may include, but is not limited to, flood maps, multiple listing real estate services, tax assessment records, public land records, satellite imagery, virtual street views, property data services, surveys, engineering reports, and property data aggregations. After examination of the data and data sources, the appraiser has used only the data he or she considers reliable. The appraiser makes no guarantees, express or implied, regarding the accuracy of this data.