Appraisal With No Inspection By Appraiser?

[J Grant]

And appraisers don't?

RE agents and home inspectors vary far more in experience/skills than licensed appraisers. A RE agent can get licensed and out working after a 3 week class/pass test. A home inspector can hang a sign on his truck and do a HI next day. In any case, see my above post on it.

Appraisers have a lot at stake in each inspection since it will form the basis of the appraisal. In the past till now to get licensed they needed at least 2 years supervised training period and X hours / # of reports/work for log.

 

[ucbruin]

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.

I'm not privy to your company's policy but I would have assumed that that is the case....

Thanks for acknowledging....

Still doesn't answer my question....
In your position do you allow all your employees to waste as much time during business hours to search the web, read a book, text friends, etc.

You seem to me that you'd be a hard-@ss manager...

People really shouldn't take advantage of their position and/or the company they work for....
Right???

That's my point....

 

[Michigan CG]

Seriously? Your wife may be highly intelligent but it seems that she is pretty clueless about real estate.

The average Realtor sells six houses a year and that is who is going to be doing these inspections, or their teenagers. The Realtor selling 50 houses a year isn't going to be doing inspections for $70.

 

[ucbruin]

The average Realtor sells six houses a year and that is who is going to be doing these inspections, or their teenagers. The Realtor selling 50 houses a year isn't going to be doing inspections for $70.

But how many properties do you think the average agent sees during the year????

And interview other agents, sells/buyers/contactors/etc.???

 

[J Grant]

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.

Yes, appraisers do not have a "formal training." in inspection requirement. Why is it only now, to pave way for hybrids is this being raised ....to discredit them? f?

How did the highest level of appraising (MAI) manage to get that designation without a formal inspection requirement,? Because the apprentice training period, 2 years for res and 3 for commercial taught inspecting, and Text books/FHA cover inspections as well. All these years this has been recognized, wth billions of dollars of properties inspected year after year by appraisers. )

What "formal " training to inspect does a RE agent have ? (zero). Same for a number of home inspectors ( zero, they learn on the job )

What would "formal training " consist of , for folks willing to run around for $20 each,,,..a 2 day workshop?

 

[timd354]

I'm not privy to your company's policy but I would have assumed that that is the case....

Thanks for acknowledging....

Still doesn't answer my question....
In your position do you allow all your employees to waste as much time during business hours to search the web, read a book, text friends, etc.

You seem to me that you'd be a hard-@ss manager...

People really shouldn't take advantage of their position and/or the company they work for....
Right???

That's my point....

Just as I thought, you have no salient point...Your concern my company is so touching, so I am sure that you will be extremely relieved to know that my company knows that I participate in and monitor various appraisal and valuation related forums and web sites as a part of my job duties. Also, I am sure that you will very glad to know that I am not an hourly employee, but I am a salaried employee who rarely works less than 60-70 per week...so my company is rightly more than satisfied with the value I provide them, which is reflected in the fact that I have been paid no less than 125% of my target bonus every year that I have worked here (last year it was 150%). Again, I appreciate your obvious very sincere concern you have about me taking advantage of my company...I hope that you have a really, really great day.

 

[Terrel L. Shields]

Actually a lot of appraisers were trained on ANSI, trained how to comply with FHA, etc. and were taught basic materials and construction. I taught a class that focused on construction methods and materials for agricultural buildings. I cannot think of any Realtor with that kind of training. I can think of a few who were knowledgeable because they came from the construction industry.

 

[Mr Rex]

I did a Home Inspection on Friday. A flip by a local investor. New metal roofing, new cement fiber siding, new deck and stoop, granite counters in the kitchen and baths, new tile floors and back splash in kitchen and baths, new light fixtures, switches and receptacles, new laminate in all areas without tile. A typical "walk through" appraisal inspection would not have noted that the siding was not properly installed in numerous locations, the metal roofing was poorly done, flooring was a poor install, tile and laminate not properly terminated at the exterior doors, there was a sloppy repair of some termite damage in the floor system, 3 prong outlets installed in a 2 wire non grounded system and on an on... My point is that the level of an appraisal "inspection" is not nearly what some here proclaim it to be and they should be careful how much they stick out their chest about it. MHO.

 

[ucbruin]

Just as I thought, you have no salient point...Your concern my company is so touching, so I am sure that you will be extremely relieved to know that my company knows that I participate in and monitor various appraisal and valuation related forums and web sites as a part of my job duties. Also, I am sure that you will very glad to know that I am not an hourly employee, but I am a salaried employee who rarely works less than 60-70 per week...so my company is rightly more than satisfied with the value I provide them, which is reflected in the fact that I have been paid no less than 125% of my target bonus every year that I have worked here (last year it was 150%). Again, I appreciate your obvious very sincere concern you have about me taking advantage of my company...I hope that you have a really, really great day.

Of course I know you're the best of the best....

Again you ignore my point regarding your employees having the ability to waste time while working....
It doesn't take appraisers long to figure out why....

 

[J Grant]

I did a Home Inspection on Friday. A flip by a local investor. New metal roofing, new cement fiber siding, new deck and stoop, granite counters in the kitchen and baths, new tile floors and back splash in kitchen and baths, new light fixtures, switches and receptacles, new laminate in all areas without tile. A typical "walk through" appraisal inspection would not have noted that the siding was not properly installed in numerous locations, the metal roofing was poorly done, flooring was a poor install, tile and laminate not properly terminated at the exterior doors, there was a sloppy repair of some termite damage in the floor system, 3 prong outlets installed in a 2 wire non grounded system and on an on... My point is that the level of an appraisal "inspection" is not nearly what some here proclaim it to be and they should be careful how much they stick out their chest about it. MHO.

Imo nearly every experienced appraiser would notice most (or all ) of this,, why assume otherwise?

Whatever the level of finish, upgrades or shortcuts done in a flip become basis of evaluation of the quality of the subject, then later compared to other homes in the SC, reflected in cost approach..if a SC price was buyer well informed did they over pay etc.

That is the purpose of the inspection by an appraiser: to put things such as not properly installed siding into a value perspective (unless it is a health/safety issue )