Gold Supporting Member
- Sep 3, 2011
- Professional Status
- Certified General Appraiser
See minute 3:40 "...assignment conditions affecting credibility of appraisal..."
I think you are correct, but not for the reasons that some believe. This is certainly not new ground for us. We have been doing them for over a decade, and we use agents. We looked at using home inspectors, but the problem is that home inspectors are not licensed in all states. Same for insurance inspectors. Having a credential, of some kind, matters.I seriously doubt home inspectors will be the 'go to guys' for hybrid inspections. More likely to be realtors or uber drivers.
Exactly. If one did a cell-by-cell breakdown, I am quite sure that well north of 50% (like 70% to 80%, at least) of the data on a typical Fannie form report is third party data that was collected/assembled by a non-appraiser. We have been using third party data for a long time. Using third party data for the subject is just an extension of SR 1-2 and the SOWR Rule. The only difference is that we are accustomed to collecting the subject data ourselves. It is the "but we have always done it this way" argument.Appraisers *constantly* use data aggregated by 3rd party sources. Almost nobody pulls their own flood maps, many appraisers don't look properties up on the zoning jurisdiction's zoning maps - in many areas of the nation (including 100% of my region) appraisers are paying a 3rd party data provider for their portals into the public records databases. Appraisers are constantly using MLS listing info for their subject's prior sale and for all their comps and for their rental surveys and the like. The commercial appraisers subscribe to COMPS and Loopnet and other commercial databases for their info, much of that info aggregated by non-appraisers.
I recently heard of this talking point: "ALL appraisals are hybrids".
By that standard there should be no issue with hybrids, as there are multiple companies who have been doing them over 10 years. Is 10+ years not long enough to be considered a “recognized” product?When a recognized product or service that our peers use (or have to use) is relied upon, that is one thing.
When we have to rely on a single human who is not us, that is different.
Is this a surprise to anyone? This is who we are and it's why we can be relied upon to operate independently.
I think you are correct, but not for the reasons that some believe. This is certainly not new ground for us. We have been doing them for over a decade, and we use agents. We looked at using home inspectors, but the problem is that home inspectors are not licensed in all states. Same for insurance inspectors. Having a credential, of some kind, matters.