Crappy Hybrid Inspection

[jay trotta]

Do you see alot of typoes?

No such word as "alot" why do you continue to use it? It appears to be your claim to fame and a box of jellybeans

 

[djd09]

who cares the appraisal is garbage, the intended user got what they deserved i mean wanted

 

[Tim Hicks (Texas)]

I still fail to see how the appraisal holds up any loan. I see loans not closing for weeks after the appraisal was completed. And they take weeks to order the appraisal. The hybrid and desktop appraisal is not really about decreasing the loan process time. Thye need to have hybrid mortgages and desktop mortgages to do that.

 

[Elliott]

Sorry if this has been observed before, but you aren't doing a hybrid, you are reviewing a hybrid, right? So standard review requirement would apply. You didn't look up the address before accepting the assignment? Why would you continue with the assignment when you discovered the assignment was way beyond what you thought it was? I'd think most appraisers would bail on this property as it is much more complex than a standard assignment.

 

[Terrel L. Shields]

Do you see alot of typoes?

of coarse knot

 

[Terrel L. Shields]

more complex than a standard assignment.

The punch line - be it appraisal or review - is that the time spent is going to be about the same as if you drove there and inspected yourself. So why the cut in fee? Why these $80-125 offers? Turn them down. Forgeddaboudit

 

[sputnam]

All you can do is write up what you found in your review and send it to your Client. Of course, depending on your state, you can send it to the appraisal board with a complaint however, a lot of boards will then also review your review and pick it apart for every error that they can find.

As for the ANSI issue, ANSI is only for appraisals of single family dwellings with full interior/exterior inspections. I don't know if that means the appraiser has to inspect personally... or if it applies to 3rd party inspections that the appraisal is based on. If I had to guess, I'd guess that there is a loophole for hybrids.

 

[Carnivore]

I would go so far as to suggest that if the inspections from Fly-By-Night-Inspectors are known to be unreliable that the appraiser is getting into a situation were they would be unable to claim they had a reasonable basis to believe the accuracy of the facts asserted in those inspections.

The appraiser isn't responsible for the accuracy of those inspection reports (obviously), but they ARE responsible for the choices they make as to which inspections they believe to be accurate vs which they don't. "I had reason to believe this inspection report was accurate", so I used it; vs "I didn't believe the accuracy of that inspection report so that's why I declined to use it".

If the appraisers can't use an inspection company's inspection reports then that renders that company's reports unmarketable for the purposes of use in an appraisal assignment. If appraisers continue to use data they know to be error prone then that's on them. Moreover, those decisions undermines the legitimacy of their complaints about those types of assignments.

BOOM! Exactly correcto Mundo. I have an example. Received called from Purchaser of a simple rectangle one level home. It very close to my office and good sale in the Subject Hood. The man told me he was getting a loan and needed an appraisal. Hmmmm I am thinking. OK, buyer does not understand the conventional process for loan origination. I explained it to him. He Replied Yes, I know but my loan is qualified for a No Appraisal Needed! So I am thinking this is not that unusual. Most buyers just march along an go with the flow. The House was marketed via Zillow by Owner(aka FSBO). While I was talking with him I pulled up old prior MLS sale and the current Zillow Listing. The prior MLS was six years ago. So some data may still be valid. i.e room/bedroom/bath count. Google earth aerials were poor at best(foliage). The reason I was considering a Desktop are obvious. He needed report is asap because due diligence period was expiring .

To make a long story short. I just did not have enough data for credible results. Plus this was a purchase so I needed Contract for analyses. I needed a Floor Plan for obvious reasons. There was none except county perimeter sketch. The List goes on and on. If the purchaser had called me the day before I could of helped him. Then I would have completed an exterior interior inspection.

I guess my point goes with what you have been saying above and the thread topic.

 

[Carnivore]

The punch line - be it appraisal or review - is that the time spent is going to be about the same as if you drove there and inspected yourself. So why the cut in fee? Why these $80-125 offers? Turn them down. Forgeddaboudit

AGREE! The Problem is many residential appraisers as a group are poor business people. We are exactly where the AMC's and Lenders want us. Sadly many have no idea of their true value.

 

[J Grant]

BOOM! Exactly correcto Mundo. I have an example. Received called from Purchaser of a simple rectangle one level home. It very close to my office and good sale in the Subject Hood. The man told me he was getting a loan and needed an appraisal. Hmmmm I am thinking. OK, buyer does not understand the conventional process for loan origination. I explained it to him. He Replied Yes, I know but my loan is qualified for a No Appraisal Needed! So I am thinking this is not that unusual. Most buyers just march along an go with the flow. The House was marketed via Zillow by Owner(aka FSBO). While I was talking with him I pulled up old prior MLS sale and the current Zillow Listing. The prior MLS was six years ago. So some data may still be valid. i.e room/bedroom/bath count. Google earth aerials were poor at best(foliage). The reason I was considering a Desktop are obvious. He needed report is asap because due diligence period was expiring .

To make a long story short. I just did not have enough data for credible results. Plus this was a purchase so I needed Contract for analyses. I needed a Floor Plan for obvious reasons. There was none except county perimeter sketch. The List goes on and on. If the purchaser had called me the day before I could of helped him. Then I would have completed an exterior interior inspection.

I guess my point goes with what you have been saying above and the thread topic.

No buyer is forced to take a waiver. He/she could tell the loan officer they want an appraisal and the lender would order an appraisal ( and charge the buyer for it of course)