Crappy Hybrid Inspection

[djd09]

djd09​

Elite Member​

​

Joined May 20, 2009 Professional Status Licensed Appraiser State Ohio

wtf does it say as my professional status duh...ignoring the data quite comical

 

[George Hatch]

There are a couple former licensees on this forum whose avatars still show as licensed/certified.

 

[djd09]

Professional Status Licensed Appraiser State Ohio

reading is fundamental

 

[George Hatch]

Like I said, I've seen inaccurate status on this forum before.

 

[djd09]

I'm closing in on he/she/it. Pretty sure that "It" is using a VPN hosted by "The Gateway Pundit."

what no drag show tonite

 

[djd09]

Like I said, I've seen inaccurate status on this forum before.

just one more time read really slow Professional Status Licensed Appraiser.

are you saying i am lying...its djd not AMC

 

[shrubberyvaluation]

Companies such as ProxyPics stand to benefit from a major Freddie Mac policy change, which goes into effect this month. Starting in July, the government-sponsored enterprise will allow remote inspections on some refinance loans it buys.

But while desktop appraisals may save a few gas miles, and certainly will provide opportunities for a coterie of private sector companies, it’s not yet clear whether they are superior to traditional appraisals, and if they ultimately will reduce racial bias, a key GSE policy goal.

A Freddie Mac representative declined to comment for this story.

​

Fannie Mae also plans to use hybrid appraisals more often in 2022, as part of its equity plan, which is intended to “reduce costs to the borrower and reduce potential risk of bias by creating greater separation between the appraiser and borrower.”

Fannie Mae representatives said the GSE has evidence alternative appraisal approaches result in fewer instances of confirmation bias. Its appraisal modernization pilot, which used hybrid appraisals, showed an 18% point reduction in confirmation bias compared with traditional appraisals, which rely on human observations and, as such, potentially could be riddled with overt or subconscious bias. Alternative appraisals, however, rely more on objective data and an “arm’s-length” process between the appraiser and the homeowner or buyer, sometimes assisted by technology, a spokesperson for the GSE said.

Both desktop and hybrid appraisals, according to Fannie Mae, “have the benefit of reducing contact between borrowers and appraisers, thus lowering the likelihood of valuations being affected by personal or unconscious biases.”

The hybrid appraisal is here. Who benefits?

Freddie Mac now allows remote appraisals on some refis, but it remains to be seen if they will reduce racial bias, a key GSE policy goal.

www.housingwire.com

View attachment 70754

appraiser bad...bankman good

If anything there is more likelihood of bias from the inspector. He doesn't have to worry about being taken off panels for lowballing. He can claim the condition is worse and focus on the defects even if there are not that many.

 

[shrubberyvaluation]

4. Unless noted otherwise, the appraiser has relied on interior and exterior subject property data obtained through a
property data report. Such data includes, but is not limited to, a floor plan, photographs, and property characteristics. After
examination of the data and data sources, the appraiser has used only the data he or she considers reliable. The appraiser
assumes there are no material omissions and makes no guarantees, express or implied, regarding the accuracy of this
data. The appraiser assumes that the property characteristics have not changed since the date of the property data report.

maybe the hybrid inspection is right maybe its wrong...but who cares the taxpayer will cover it and oh misleading is intentional or not

dont drink the kool aid

And if it comes in low because of the inspector not showing the property characteristics correctly who do you think is going to get blamed.

 

[djd09]

Comparing Hybrid Appraisals with a 1004 Report​

by George Hatch

5. Next you get to the subject site and start analyzing the property, starting with the various physical attributes of the site itself. Even if you aren’t writing it down in your notes or later conveying it in your reports, you are taking mental notes of lot utility issues like the topography, terracing setbacks for the improvements and other factors. For view amenities you are considering type, quality, direction and orientation to the public zones of the house, not just ticking off a checkbox “view-yes” and so on.


Then you’re using a similar process in your inspection of the subject interior. Adding interior walls with floor plans in your diagrams is not done as much today, so many of you may not be doing that in your notes, but you’re still collecting that information mentally. You’ll also routinely make other observations that will eventually contribute to the development of your opinions about quality, condition, functionality and overall appeal.

The third-party “property inspector” who is driving to your subject isn’t doing everything that you would do during that drive either. They’re probably not engaged and certainly not to the level you are. They’re just driving to the property and performing the site inspection to the extent it takes to fill out the form. I would bet that their drive adds little or nothing to the process. They’re not “seeing” because they’re not looking, and they’re not looking because unlike an appraiser, they have no reason to look. The information about the subject neighborhood that you need to collect in order to perform your analysis isn’t germane to what they’re doing, which is limited to simply “inspecting” the subject and possibly photographing potential comparables.


Likewise, if they measure and diagram a structure, they probably are not making observations about floor plans and other subtle but important details that you would normally collect. They aren’t self directed in seeking out the information to be used in the analysis; they’re simply answering a limited number of questions on a one-size-fits-all checklist. This isn’t due to laziness or misconduct on their part but instead because nobody expects them to do anything beyond the form.

Comparing Hybrid Appraisals with a 1004 Report

Appraisers should not enable their readers to labor under the mistaken assumption that a hybrid assignment, where the appraiser doesn't consider certain elements, is of the same value as a conventional 1004.

www.workingre.com

well well well...and a spoon full of sugar helps the medicine go down

 

[TC]

I think there a quite few appraisers and home inspectors who do hybrids. At the very least real estate agents. Why do so many posters think the quality of the inspector is low?