Appraisal With No Inspection By Appraiser?

[hastalavista]

Oh please.

Everyone who knows me knows I'm an appraiser.
So,
when they hire me to watch a kid, I guess USPAP applies too? Couldn't be just a granny thing, it must be an appraiser thing, because they all know I'm an appraiser, and they hired me, because they know me.

That's not what I said and you know it; but misrepresenting others to fit your narrative is fast becoming your hallmark.

Valuation Service: "valuation services" are services pertaining to aspects of property value.
If you've leveraged your appraisal bona fides to get baby sitting gigs as part of your appraisal business, I salute you (that's a niche I wouldn't have thought of). But if you have, you are OK since that wouldn't pertain to property value.

 

[ucbruin]

You have no point, which is pretty much usually the case

Than what's this needed for????

This post solely represents my personal opinion which may not reflect the policies of my employer

It should be obvious why that is in my tag line, it does not take a genius to figure it out...It is to make it very clear that the opinions that I express may not represent official company policy.

Again, what is your point (if you even have one)?

Is that because you are on company time??
On company property???
Using company equipment???

You tell me....

 

[Joe Flacco]

As I said before, the greatest fear appraisers should have with regard to hybrids is the number of other appraisers who will apply the simple math that you did in your example. If one looks at the prevailing appraiser pricing for the 2055 and the 1004D Update, one should quake in fear at what level market fees for "hybrids" might settle at.

You keep saying that but as the chief appraiser of one of the larger AMC's that is active in this product, why are you not concerned about the impact on overall reliability of attracting the cheapest 20% of appraisers? How is starting the fee as low as possible and raising it until there are just enough takers good practice?

I don't understand why any chief appraiser or risk officer promotes or defends this fee practice.

 

[DWiley]

a number of mentors have construction or home inspection and related backgrounds.

Yes, but what is that number? 5%? Less? More?

At least be honest and admit that no formal inspection training is required, and that does work against the argument that appraiser inspections are superior. I can tell you that in my time with the state board I saw more than one report that would have been helped with some inspection training for the appraiser.

What you "feel" based on experience is likely a widely held view among appraisers, but that doe snot change the FACT that appraisers are not required to have any formal training in the inspection process. There are companies out there (not appraisal companies) who have been offering these inspection services a long time. Some even have very good training programs that deal with nothing but inspections. You think they are promoting that now? Hint - they sure are.

 

[timd354]

Than what's this needed for????

This post solely represents my personal opinion which may not reflect the policies of my employer


Is that because you are on company time??
On company property???
Using company equipment???

You tell me....

Do you not realize that my company sees everything I do on their system (which is typical of any large, regulated institution these days)? You are even more clueless than I thought, but have a great day anyhow.

 

[J Grant]

Seriously? Your wife seems to be pretty clueless then. Anyone with any sort of real estate background or minimal expertise (including realtors, appraisers, property investors and home inspectors) would have noticed all of those things very quickly.

BS, I've seen RE agents glowingly describe these kinds of flips. Appraisers are Not doing the inspections on hybrids right? Property investors are the very same people who flip homes with cheap cosmetic makeover.

Home inspectors are trained to look for repair items , though they can recognize quality to what extent they would be concerned with that on a rote inspection (for them ) hard to predict. They vary in experience , and observation skills , many states d(o not require a license or formal training to call themselves a home inspector.

 

[timd354]

BS, I've seen RE agents glowingly describe these kinds of flips.

Of course they do, it is the listing agent's job to puff a property and obtain the highest possible selling price...that does not mean that they don't know what the deal is and cannot do a competent property inspection for a hybrid on a property in which they have no interest

 

[timd354]

They vary in experience , and observation skills

And appraisers don't?

 

[George Hatch]

The point has been made by several posters (and I actually wrote an article on the topic over the weekend) about the distinction between how the reader of an appraisal report *uses* the descriptions and exhibits in conjunction with the appraiser's analysis, in making whatever decisions they're making about the property vs how an appraiser will be using that information in developing their opinions about the property for valuation purposes. I think the appraiser will need *more* information about the subject site and improvements than will show up in any appraisal report or MLS listing.

 

[J Grant]

No matter what kind of "formal training" or related experience a non appraiser inspector has, they do not view a home with valuation similar in mind, and their impressions /what they overlook or include will differ from ours. Again, in some assignments it won't matter but in others it can matter and since appraiser will not visit the property it will not be known ( till after the fact when too late report based results on it ).

And despite a good work ethic they may have, one inspection is just like the rest to them. Do it , get paid, on to the next. They have nothing invested in any one particular inspection, whereas an appraiser has a lot invested in every inspection.