Desktop Appraisals Becoming the New Normal

[shrubberyvaluation]

Floor plan can be provided by other sources. Homeowner using mobile app or something like Matterport. You can even do a virtual inspection with homeowner. Check the link in the OP

Don't we have to verify with a disinterested source? It still seems to be a PITA to try to make a floorplan with interior walls based on a virtual inspection compared to just seeing the property.

 

[Dublin ohio]

Don't we have to verify with a disinterested source? It still seems to be a PITA to try to make a floorplan with interior walls based on a virtual inspection compared to just seeing the property.

It is going to be interesting. A floor plan off of MLS is usually one that was done by the agent using an app. So is that considered something that has to be verified. If so. How? I agree on the virtual inspection. Seems like it could be just as time consuming as an actual physical inspection in some instances

 

[J Grant]

Floor plan can be provided by other sources. Homeowner using mobile app or something like Matterport. You can even do a virtual inspection with homeowner. Check the link in the OP

I am wary of the amount of interaction an appraiser would have with a homeowner directing them puppet style to virtually inspect together. And then an owner could later complain the appraiser did not explain it properly or made them do it wrong.

 

[cstu11]

That sounds more like the covid desktop

"<AMC> has contracted with a third-party resource to provide the floorplan and date/geocode labeled interior and exterior photos of the property. This information will be uploaded as supplemental data to assist in meeting the requirements below.
The appraiser is not required to physically inspect the subject property or view the comparable sales, but the GSEs do require that the appraiser obtain adequate verifiable information for credible assignment results to complete the assignment."

Appears to be more work than a COVID desktop because the appraiser is required to put all of these AMC-provided photos and sketch into the report.

 

[djd09]

Sorry jumping around in too many topics. I was thinking hybrids and typing desktops.

confused about ansi , too?

 

[djd09]

hybrid rubber stampers

 

[cstu11]

There is a finite level of "quality " an appraisal is ever to achieve. It is what it is. The quality of the people doing appraisers, can vary tremendously, and much of that I blame on lowering the bar for entry as well as not having mandated reviews of work to ferret out the truly bad appraisers, as well as the greed system which sees clients tolerate sub standard work. I don't think an appraisal has to be perfect, or biblical length , but it should show reasoning, logic, good comp selection, narrative. Clients will not $3000 for an SRA demo level report . On the other hand the super tight turn times can affect adversely the work even for an experienced appraiser, the norm of 48 hours after inspection in much of residential end is impairing quality.

In the same vein, technology also hits a wall in the level of "quality" it can achieve, though quality is the wrong word it should be credibility and reliability, It has different limitations. If technology was the solution, human problems would have been solved by now, but since technology creates its own set of problems and potential for abuse, that is far from the case.

It's difficult enough to produce credible reports now with the turnaround time pressure and now they expect us to produce credible reports without seeing the subject in person. There's no way this doesn't end up a problem.

 

[Non Sequitur]

Survey says...appraisers are ready!!!!!!!

 

[Jackie Lozano]

The end result won’t be the State Licensed Appraiser’s work. Too much risk at stake. I will not be signing my name to completed appraisals that I myself did not engage in from strat to finish. Good luck to those appraisers who think that unqualified personnel will perform excellent framework with your license in their best interest. Possibly only good for cookie cutter, tract homes, with a max value less than a million dollar threshold.

 

[Tiffany Gibbons]

The end result won’t be the State Licensed Appraiser’s work. Too much risk at stake. I will not be signing my name to completed appraisals that I myself did not engage in from strat to finish. Good luck to those appraisers who think that unqualified personnel will perform excellent framework with your license in their best interest. Possibly only good for cookie cutter, tract homes, with a max value less than a million dollar threshold.

Yes, and homeowners will not want unlicensed "3D" scanners with 1 or 2 years customer service experience in their homes anymore than they would want unlicensed contractors, pest control operators, home inspectors or unlicensed real estate agents in their homes. Even my pet sitter and my landscaper are icensed. I had the "question" I've been asked many times before today, " so, how many of these do you do a day? Large custom home on 16 acres in an outlying county. I went through my whole spiel explaining about this is the easy part etc. while thinking "what's the out of work Uber driver going to say with this new gig?" I can't wait to read those stories in the news.