Desktop appraisals officially rolling out

[Tim The Enchanter]

...............I guess they forgot about the 2008 market crash.

The what now?
No, they did not pay attention to stuff like that in elementary school or high school.
Prices are a one way street.

 

[sputnam]

Fannie is making Desktops an OPTION on more loans. They are not requiring Desktops. For the Lender, when they have a choice, it will be about fee and turn time. They will expect the fees to be lower and the turn around to be quicker for Desktop appraisals. How much you charge and how fast you will produce credible assignment results that comply with USPAP, are up to you. My fee will not be lower and I suspect that it won't be much, if any, faster.

 

[ucbruin]

There's a new thread titled, Do You Review Adjustments....
No one seems cranky about not physically inspecting the subject's interior in that thread....
Yet they're willing to agree with the appraised value....
Or disagree with the appraised value and too also provide a "new/their own" appraised value based solely on someone else's provided interior inspection....
Go figure....

 

[glenn walker]

I can't imagine hiring someone to create a floor plan is that expensive....
But if it is, the agent can just get a copy of the assessor sketch and sketch in the interior walls themselves....charge by size and complexity

$75.00 to $150.00 in my area. Fine with me I hate measuring large complex homes with weird floor plans. As far as liability no big deal nobody will get sued LMAO

 

[glenn walker]

You guys are missing part of the puzzle--This eliminates racial and gender accusations as the appraise never meet the borrowers or homeowners and it takes liability off both the appraiser and lender. I dont see a big deal as on the 2055 we never measured or inspected the interior and re used public records for GLA. .

As far as loan defaults those happen when markets start to go down and when people lose employment so no defaults will be because of someone else's measuring the house. Next we need them to allow us to use MLS photos for comes and life will be eay. In my area where its a traffic nightmare going to inspect and measure and take comp photos and can easely kill half a day or more

As I always say an Appraisals are only good the day they are signed and in almost all cases it has no bearing on loan defaults. In 2008 -2012 we did hundreds of reviews on defaulted properties and didn't matter if it was a 2055 or a 1004 almost all had lost 20% or more in 36 months and at bottom nay were 50% or more lower than in 2006. Th e1004-Has become a 45 Page paper Weight and as we move forward peoples business models will change.

 

[shrubberyvaluation]

There's a new thread titled, Do You Review Adjustments....
No one seems cranky about not physically inspecting the subject's interior in that thread....
Yet they're willing to agree with the appraised value....
Or disagree with the appraised value and too also provide a "new/their own" appraised value based solely on someone else's provided interior inspection....
Go figure....

Well commenting on a forum we are assuming the information is true. We are not signing a report saying we verified it all.

 

[ucbruin]

Well commenting on a forum we are assuming the information is true. We are not signing a report saying we verified it all.

"Well commenting on a forum we are assuming the information is true."

This comment/opinion appears to be, to be kind, a very weak excuse to be inconsistent....

"We are not signing a report saying we verified it all."

I admit that when it come to reviews I'm probably the least experienced of all AF members....
And I don't know if the 2000 form (or whatever form(s) is employed for reviews) has changed in recent years....
But I did just look at the 2000 form circa 2005 and the form's boiler plate statements do include the term "verify" in several places....

Again, I'm at a major disadvantage as I've probably performed less than 100 reviews in over 30+ years of appraising....
So I bow to your expertise but as all inexperienced appraisers should do....
I question it....

 

[J Grant]

There's a new thread titled, Do You Review Adjustments....
No one seems cranky about not physically inspecting the subject's interior in that thread....
Yet they're willing to agree with the appraised value....
Or disagree with the appraised value and too also provide a "new/their own" appraised value based solely on someone else's provided interior inspection....
Go figure....

Go figure - a licensed appraiser already inspected and measured or verified Sf for their appraisal so yes it is a good source for a reviewer to rely on ,as far as the physical characteristics of the property. It is extremely rare for an appraiser to get the physical characteristics wrong , or wrong enough to matter - if it happens to a degree that impacts results the reviewer could usually find it.

AND the reviewer drives by the property for an exterior inspection on a field review.
The appraiser does not drive by for exterior inspection a desktop 1004.

 

[alebrewer]

Go figure - a licensed appraiser already inspected and measured or verified Sf for their appraisal so yes it is a good source for a reviewer to rely on ,as far as the physical characteristics of the property. It is extremely rare for an appraiser to get the physical characteristics wrong, if it happens to a large enough degree that impacts results the reviewer could usually find it.

Forgive me for continually having to question your authority, J, but what documentation have you to demonstrate that it is 'extremely rare' for an appraiser to get physical characteristics wrong? Is it possible that the agencies are seeing something that you haven't? You throw these statements around as if they're fact when, IRL, they may not be correlated to the real world at all...

 

[ucbruin]

Go figure - a licensed appraiser already inspected and measured or verified Sf for their appraisal so yes it is a good source for a reviewer to rely on ,as far as the physical characteristics of the property. It is extremely rare for an appraiser to get the physical characteristics wrong , or wrong enough to matter - if it happens to a degree that impacts results the reviewer could usually find it.

AND the reviewer drives by the property for an exterior inspection on a field review.
The appraiser does not drive by for exterior inspection a desktop 1004.

Another inconsistent comment....

3 maybe 4 years ago when the hybrid product was being b****ed about here....
Several if not nearly all AF members who opposed the hybrid pointed out the reason for their opposition was that a licensed appraiser whom they didn't know would be completing the inspection portion of the product....
And you couldn't/shouldn't/mustn't/etc. trust the data/information collected and provided by this unknown (to you) licensed appraiser....
Even if the licensed appraiser was the same licensed appraiser that you trusted when you completed a review on his/her appraisal months or even years ago....

Now in 2022, the same AF complainers are still complaining but in 180 degrees that we could/should/must/etc. trust the unknown licensed appraiser....
Yeah go figure....