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Bifurcated appraisals...inspection reports

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DWiley

Elite Member
Joined
Apr 4, 2007
Professional Status
Certified Residential Appraiser
State
Tennessee
Your company can order them. You can cite a habit or history of doing them and, in so doing, assert acceptance of them. It is just not for me. I guess, Danny, I got trust issues. :leeann2:
Cool. So what do you to today about all the third party data that you already use?
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
Your company can order them. You can cite a habit or history of doing them and, in so doing, assert acceptance of them. It is just not for me. I guess, Danny, I got trust issues. :leeann2:


And of course it's perfectly fine for you and everyone else to have your own preferences. There are appraisers who decided way back when that they won't do a 2055 because of their trust issues so it's no surprise when some appraisers or even most appraisers look at these desktop assignments and decide the risk are too great and/or the fees are too low.

Not that it's going to much matter what 80% or 85% of the appraisers decide. The bankers can prolly still get all of those assignments completed even if only 10% or 15% of the appraisers participate in those assignments.

10000 appraisers performing these assignments every day may have the capacity to cover the same number of assignments that 20,000-30,000 appraisers were previously performing using the conventional 1004.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
My 1004 fees are 'way up there.' I charge $100 less to do a 2055. If someone were to supply me with a downloadable file that would pre-fill out a 1004p, then it would save some time, but then I'd have to do a level of due diligence (look up MLS record/Assessor records), then I'd knock off $75 or $100, but then were still at about $450. That is where there is probably a deal breaker because I assume the fee is about 1/2 that and the "report" will need to be transferred.
 

Renee Healion

Elite Member
Gold Supporting Member
Joined
Feb 21, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
I like primary sources. I use public record. Here, for deeds and mortgages and anything recorded, we can read the entire document, unlike some states that only pass on a very redacted title abstract (in some older cases, I am turning the hand-inked page). I do use MLS and try to corroborate data, especially the often subjective stuff.

How many times on here have I criticized Realist because when I check it, it is often wrong? Other appraisers have no such qualms. Either. in their markets, their records are more centralized and so it is easier for aggregators like Realist to get right, or they figure good enough because using it is accepted. No one who is happy with it on this forum has ever replied that they checked it for accuracy--even once.

I read the zoning regs every time, and it is work here because every town makes its own regs.

When appraisal software automatically offered flood map citations, I disclaimed errors from that source. Never heard of any, so I do not go check that.

Third-party: MLS, fsbo sites, realist while eyerolling, flood mapping.
Primary sources from the authorities who compile or maintain the records for the public: land records, zoning regulations, assessor records and sketches, building office files on the property (I often compare data from MLS comps to these records), parcel mapping by the local authority

Am I working harder and taking more time than your rostered folk? Probably so, but your company and its peers have made risk decisions on what is acceptable. And some appraisers accept sources I would not because those fit their risk tolerance. For hybrids, I would have a hard time accepting data from someone not picked by me, or whose work had never been seen by me.

This is a basic list off the top of my head because now I am leaving to inspect because I agreed to meet an owner after they and their tenants got out of work. Last property of his I inspected, I got a lot of information from this investor which went into my files for appraising multi's in this specific market. I don't think your inspector would have asked those sort in-depth questions, nor would it have been passed onto me as the signing appraiser.
 
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